Top 9 Indian Cities Witness 4% Decline in Housing Sales in Q3 2025
Housing sales in India's top nine cities fell by 4% year-on-year in the July-September quarter of 2025, totaling 100,370 units, according to PropEquity. The decline was primarily led by the Maharashtra markets, while southern cities saw a rise in sales.
Housing SalesReal EstatePropequityMaharashtraBengaluruReal Estate MaharashtraSep 21, 2025
New launches remained flat during the period at 92,229 units, a 10 per cent fall compared with the previous quarter.
Regional trends: Maharashtra lags, southern cities rise
The decline was primarily led by the Maharashtra markets of Mumbai, Navi Mumbai, Thane, and Pune, which contracted between 6 and 28 per cent Y-o-Y. Pune, the largest market by volume, recorded sales of 17,762 units but saw a 16 per cent drop from a year earlier.
In contrast, Bengaluru posted a 21 per cent rise in sales at 16,840 units, Chennai rose 16 per cent to 5,406 units, and Kolkata surged 25 per cent to 4,732 units. Delhi-NCR and Hyderabad also saw modest Y-o-Y gains of 4 per cent each.
Quarter-on-quarter performance
On a sequential basis, sales dipped marginally by 1 per cent across the nine cities. Delhi-NCR witnessed the steepest fall of 24 per cent, while Thane recorded an 11 per cent decline. Other markets, including Bengaluru, Hyderabad, and Mumbai, reported increases.
Launches see mixed trends
New housing supply across the top cities stayed flat. Bengaluru accounted for nearly one-fifth of new launches, though it saw a 10 per cent decline. Chennai, Navi Mumbai, Pune, and Kolkata registered increases, while Hyderabad, Mumbai, Thane, and Delhi-NCR posted declines. Quarter-on-quarter, new supply fell 10 per cent, with Delhi-NCR and Chennai leading the drop.
Festive demand may lift activity
Samir Jasuja, founder and CEO of PropEquity, said: “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
He added that the festive season is expected to boost demand, supporting stronger launches and absorption levels in the coming quarter.
Frequently Asked Questions
What is the overall trend in housing sales in India's top nine cities?
Housing sales in India's top nine cities fell by 4 per cent year-on-year in the July-September quarter of 2025, marking the tenth consecutive quarterly decline.
Which cities saw the most significant decline in housing sales?
The decline was primarily led by the Maharashtra markets of Mumbai, Navi Mumbai, Thane, and Pune, which contracted between 6 and 28 per cent year-on-year.
Which cities saw an increase in housing sales?
Bengaluru, Chennai, and Kolkata saw increases in housing sales, with Bengaluru posting a 21 per cent rise, Chennai a 16 per cent rise, and Kolkata a 25 per cent rise.
What is the expected impact of the festive season on housing sales?
The festive season is expected to boost demand, supporting stronger launches and absorption levels in the coming quarter, according to Samir Jasuja, founder and CEO of PropEquity.
How did new housing launches perform in the July-September quarter?
New launches remained flat during the period at 92,229 units, a 10 per cent fall compared with the previous quarter. Bengaluru accounted for nearly one-fifth of new launches but saw a 10 per cent decline.
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