Top Indian Cities Witness 4% Dip in Housing Sales in Q3 2025
Housing sales in India’s top nine cities declined by 4% year-on-year in the July-September quarter of 2025, with regional trends showing varied performance. Mumbai, Pune, and Thane saw significant drops, while Bengaluru, Chennai, and Kolkata experienced growth.
Real EstateHousing SalesMarket TrendsIndian CitiesPropequityReal EstateSep 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 was the overall trend in housing sales in India's top nine cities in Q3 2025?
Housing sales in India’s top nine cities fell by 4 per cent year-on-year (Y-o-Y) in the July-September quarter of 2025, totalling 1,00,370 units.
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 Y-o-Y.
Which cities experienced growth in housing sales?
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.
How did new launches perform in Q3 2025?
New launches remained flat during the period at 92,229 units, a 10 per cent fall compared with the previous quarter.
What is the outlook for the housing market in the coming quarter?
Samir Jasuja, founder and CEO of PropEquity, anticipates that the festive season will boost demand, supporting stronger launches and absorption levels in the coming quarter.
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