Q3 Housing Sales Decline 9% in Top 7 Cities, but Value Surges 14% on Luxury Demand
Despite a 9% dip in housing sales volume, the total sales value surged 14% in the top 7 cities, driven by strong demand in the luxury and ultra-luxury segments. This indicates a robust demand-supply equation and a healthy market.
Housing SalesLuxury DemandReal EstateMarket HealthAffordable HousingReal Estate NewsSep 25, 2025
Among the top 7 cities, Mumbai Metropolitan Region (MMR) recorded the highest sales with around 30,260 units, followed by Pune with around 16,620 units. These two cities accounted for 48% of the total sales in Q3 2025. All top cities, except Chennai and Kolkata, recorded a dip in yearly housing sales. Chennai saw a 33% yearly jump, and Kolkata witnessed a 4% yearly increase.
Despite the dip in sales volume, the total sales value soared, indicating high-volume sales in the luxury and ultra-luxury segments. Sales continued to outstrip new supply in the quarter, reflecting continued market health and a robust demand-supply equation.
City-wise, MMR topped new supply with around 29,565 units launched in the quarter, followed by Pune with 19,375 units. In terms of budget segments, the over ₹1.5 crore luxury housing category witnessed the highest new supply at 38%, followed by the premium (₹80 lakh–1.5 crore) segment with a 24% share. The mid-segment (₹40–80 lakh) contributed a 23% share of the total new supply in the quarter, while the affordable segment's share was the lowest at 16%.
Available housing inventory saw only a marginal yearly decline in the top 7 cities, from around 5,64,415 lakh units by the end of Q3 2024 to around 5,61,756 lakh units by the end of Q3 2025.
In terms of price movement, after significant year-on-year average price growth in the last three years, the top 7 cities saw some relief with a collective average price growth of just 9% annually, from ₹8,390/sq. ft. in Q3 2024 to ₹9,105/sq. ft. in Q3 2025. Among the top 7 cities, NCR saw the highest 24% annual jump in average prices. Quarterly, average prices in the top 7 cities rose by just 1%.
Overall, the housing market remains reasonably steady in 2025, with expectations for a festive boost ahead. Developers have several projects lined up, and the impact of new H1-B visa norms announced by the US on the Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years, when we saw double-digit yearly growth in the top 7 cities, according to Anuj Puri, Chairman of ANAROCK Group.
The top 7 cities saw around 96,690 units launched in Q3 2025, a 3% annual increase from 93,750 units in Q3 2024. Quarterly, there was a 2% drop. In Q2 2025, around 98,630 units were launched across the top 7 cities. The key cities contributing to new supply in Q3 2025 were MMR, Pune, Bengaluru, and NCR, which together accounted for 78% of the total addition.
Frequently Asked Questions
What is the overall trend in housing sales in the top 7 cities in Q3 2025?
Housing sales volume dipped 9% Y-o-Y in the top 7 cities, with 97,080 units sold in Q3 2025 compared to 107,000 units in Q3 2024. However, the total sales value increased by 14% to ₹1.52 lakh crore from ₹1.33 lakh crore in the year-ago period.
Which cities saw the highest housing sales in Q3 2025?
Mumbai Metropolitan Region (MMR) recorded the highest sales with around 30,260 units, followed by Pune with around 16,620 units. These two cities accounted for 48% of the total sales in Q3 2025.
What segments saw the highest new supply in Q3 2025?
The over ₹1.5 crore luxury housing category witnessed the highest new supply at 38%, followed by the premium (₹80 lakh–1.5 crore) segment with a 24% share. The mid-segment (₹40–80 lakh) contributed a 23% share, while the affordable segment's share was the lowest at 16%.
How did the average property prices change in Q3 2025 compared to Q3 2024?
The top 7 cities saw a collective average price growth of just 9% annually, from ₹8,390/sq. ft. in Q3 2024 to ₹9,105/sq. ft. in Q3 2025. NCR saw the highest 24% annual jump in average prices.
What are the expectations for the housing market in the coming festive season?
The housing market is expected to see a festive boost, with developers lining up several projects. However, the impact of new H1-B visa norms announced by the US on the Indian residential market bears close monitoring, and housing affordability remains a challenge across cities.
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