Housing sales in India’s top nine cities fell below the one lakh mark in the April–June quarter of 2025 for the first time since Q3 2021, indicating a significant slowdown in the residential real estate market. According to a report by NSE-listed real estate data analytics firm PropEquity, housing sales dropped 19% year-on-year (YoY) to 94,864 units, while new supply declined 30% YoY to 82,027 units.
In comparison, housing sales stood at 1,16,432 units and new supply at 1,17,208 units during the same quarter last year.
The report revealed that seven out of the nine major cities recorded a year-on-year decline in housing sales, with Mumbai and Thane registering the steepest fall at 34% each. Meanwhile, Delhi-NCR and Chennai were the only markets to witness positive sales growth, rising by 16% and 9%, respectively.
On the supply side, six cities reported a decline, led by Mumbai, which saw a sharp 61% fall. However, Delhi-NCR (+37%), Hyderabad (+19%), and Chennai (+6%) bucked the trend with an increase in new project launches.
On a sequential (QoQ) basis, overall housing sales in the top 9 cities fell by 10%, while new supply saw a modest 2% rise.
In Bengaluru, housing sales declined by 6% year-on-year to 14,676 units during Q2 2025, while new supply dropped by 13% to 14,243 units. Chennai bucked the national trend with sales increasing by 9% to 5,354 units and supply rising by 6% to 6,463 units. Hyderabad, in contrast, witnessed a 20% fall in sales to 11,815 units, although new supply grew by 19% to 10,544 units.
Kolkata recorded an 8% decline in sales, which stood at 4,449 units, and a steep 35% drop in supply to 2,672 units. Mumbai saw one of the sharpest contractions, with sales plummeting by 34% to 8,006 units and new launches declining by a significant 61% to 4,949 units. Similarly, Navi Mumbai reported a 17% fall in sales to 6,833 units and a 56% reduction in supply to 4,592 units.
In Pune, housing sales were down by 27% to 17,196 units, accompanied by a 40% decline in supply to 14,845 units. Thane mirrored Mumbai’s trajectory, with sales dropping 34% to 14,832 units and supply falling 58% to 9,896 units. On a positive note, Delhi-NCR emerged as the best-performing market, with sales increasing by 16% to 11,703 units and new supply surging by 37% to 13,823 units.
The consistent undersupply over the last four quarters also points to a wait-and-watch approach by developers, possibly due to inventory overhangs in certain markets.
With Delhi-NCR and Chennai showing signs of resilience, and select southern markets maintaining steady supply, stakeholders will closely monitor Q3 trends for early signs of revival.