Housing sales across India’s top seven cities dipped by 9 percent in the July-September quarter of 2025 compared to a year ago, even as overall sales value rose by 14 percent on demand from premium segment, data from ANAROCK Research & Advisory showed, with trend indicating that the growth in property prices may be moderating.
Around 97,080 units were sold in Q3CY25, down from over 1.07 lakh units in Q3CY24, however, the total sales value rose from about Rs 1.33 lakh crore to nearly Rs 1.52 lakh crore, riding on strong activity in luxury and ultra-luxury housing.
“…sales continued to outstrip new supply in the quarter, reflecting continued market health,” Anuj Puri, Chairman of ANAROCK Group said.
City-wise Sales Trend
The Mumbai Metropolitan Region (MMR) registered highest sales at 30,260 units, followed by Pune with nearly 16,620 units. Together, these two cities accounted for 48 percent of all sales in Q3CY25. While most major cities saw a decline in yearly sales, Chennai and Kolkata were exceptions, recording growth of 33 percent and 4 percent respectively.
On a quarterly basis, overall housing sales rose by one percent, despite the impact of the monsoon and the traditionally slow ‘shraadh’ period.
MMR, Pune Drive New Launches
New housing supply rose modestly by 3 percent on year, with about 96,690 units launched across the top seven cities in Q3CY25. MMR led with nearly 29,565 new units, while Pune added around 19,375 units, up 56 percent annually. Chennai and Kolkata also recorded sharp annual increases of 38 percent and 56 percent respectively, while Hyderabad and NCR saw significant declines.
NCR added around 12,645 new units, an 11 percent yearly decline, with 70 percent of supply in the luxury segment. Bengaluru launched about 15,190 units, mostly in the Rs 80 lakh to Rs 2.5 crore range. Hyderabad added 8,630 units, down 38 percent on year with 87 percent in premium and luxury categories. Kolkata doubled its quarterly launches to 4,890 units, while Chennai added 6,395 units, which is 38 percent higher than last year, though 25 percent lower than a quarter ago.
Budget-wise, luxury homes priced above Rs 1.5 crore made up the largest share of new launches at 38 percent, with premium housing in the Rs 80 lakh to Rs 1.5 crore bracket forming 24 percent. This was followed by the mid-segment (Rs 40-80 lakh) with 23 percent share, while the affordable segment had the smallest share at 16 percent.
Inventory Steady, Prices Rising
Unsold inventory across the top seven cities stood at nearly 5.62 lakh units by the end of Q3CY25, a marginal decline from last year’s 5.64 lakh units.
Average residential prices rose 9 percent annually, from Rs 8,390 per sq ft in Q3 2024 to Rs 9,105 per sq ft in Q3 2025. NCR saw the sharpest increase at 24 percent, while Bengaluru recorded a 10 percent rise. Other cities reported single-digit growth.
Puri added, “Among the top 7 cities, MMR recorded the highest sales of approx. 30,260 units, followed by Pune with approx. 16,620 units. Together, the two western cities accounted for 48 percent of total sales. All top cities recorded a dip in yearly housing sales—except Chennai and Kolkata, which witnessed 33 percent and 4 percent yearly jumps, respectively.”
Outlook Ahead
Going forward, ANAROCK said immigration-related newsflow could affect the movement of human capital across the border.
“The impact, if any, of the new H1-B visa norms announced by the US on 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,” Anuj Puri said.
Overall, despite affordability pressures and uneven demand, India’s housing sector in 2025 has remained steady, and developers are now hopeful of some form of festive boost for the next few weeks.
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