Top 9 Indian cities see 4% dip in housing sales in Q3 2025: Report

Housing sales in India's top nine cities fell 4% Y-o-Y in Q3 2025 to 1,00,370 units, while new launches stayed flat at 92,229 units, says PropEquity report

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, according to data released by NSE-listed real estate analytics firm PropEquity. This marked the tenth consecutive quarterly decline.

 

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