The total housing stock or housing inventory registered a 3 percent annual decline from approximately 577,000 units in Q2 2024 to 562,000 units by Q2 2025 across India's top seven cities.
According to data by ANAROCK, Mumbai Metropolitan Region (MMR), Hyderabad, National Capital Region (NCR), and Pune collectively held 79 percent of the total housing inventory in these major markets. MMR had the highest available housing stock at 177,000 units, followed by Hyderabad at 98,000 units, NCR at 89,000 housing units, and Pune at 80,250 units at the end of Q2 CY2025.
The unsold inventory stood at 58,900 units in Bengaluru, 32,000 units in Chennai, and was the lowest in Kolkata at 27,000 units. The residential markets across the top seven cities exhibit a clear predominance of high-end homes (Rs 80 lakh–Rs 1.5 crore) inventory, accounting for approximately 30 percent of the total available inventory.
The mid-end (Rs 40 lakh–Rs 80 lakh) and affordable segments (houses under Rs 40 lakh) followed at 28 percent and 19 percent, respectively. The luxury (Rs 1.5 crore–Rs 2.5 crore) and ultra-luxury (above Rs 2.5 crore) categories represented smaller shares at 13 percent and 10 percent of the available inventory, respectively, data from the ‘ANAROCK Q2 2025 Real Estate Market Viewpoint’ report showed.
When examining the distribution of available inventory across price brackets, MMR emerged as the city with the highest volume of available units in the affordable, mid, and luxury segments. Hyderabad maintained its position at the forefront of the high-end segment inventory.
NCR, MMR, and Kolkata showed the greatest concentration of affordable housing units, while Pune and Chennai led in the mid-end segment. Bengaluru and Hyderabad stood out with the most significant proportion of high-end residential units among their available inventory.
Market observers said that the elevated available inventory levels in Hyderabad and NCR primarily resulted from aggressive previous launch cycles and buyers' price sensitivity. MMR continues to face headwinds, recording the highest available inventory across major Indian markets, with inventory overhang rising by one month compared to Q1 2025 and Q2 2025.
Inventory overhang
By the end of Q2 CY2025, the top seven cities experienced an increase in inventory overhang both quarterly and annually. Quarter-on-quarter, six cities saw their inventory overhang rise by one to two months. A similar trend is observed annually — the inventory overhang increased, ranging from one to nine months.
Hyderabad led with the highest inventory overhang at 26 months — an increase of two months QoQ. Bengaluru and Pune continued to maintain the lowest inventory overhang levels at 12 months and 14 months respectively, despite a QoQ rise of one month each.
Chennai and Kolkata both faced the second-highest overhang of 21 months each. NCR, with increased inventory positions of 5 percent on a QoQ basis, resulted in an increase in the overhang period by two months, from 17 to 19 months, on a QoQ basis.
Anuj Puri, Chairman, ANAROCK, said that India’s residential real estate sector appears to be undergoing a strategic pause — a shift from rapid expansion to more grounded growth.
“This quarter, the emphasis has noticeably shifted to completing ongoing projects and refining delivery standards rather than aggressively adding to supply. The tempered pace of new launches reflects a maturing market — one where supply is increasingly aligned with end-user demand and decisions are made with a sharper eye on prevailing global uncertainties,” he said.
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