Housing Sales Slide Across Metros In Q4 2025 Despite Festive Season

Housing sales in India have fallen sharply in the October-December quarter of 2025 across nine top residential markets. This is a showdown in volume-driven demand despite the resilience in property values. According to a report by PropEquity, housing sales have declined by 16 per cent year-on-year (YoY), with a total of 98,019 units sold in Q4 2025, marking the lowest quarterly report since Q3 2021. This decline marks a departure from the festive season boost that typically drives sales during the October-December months.

On a quarter-on-quarter (Q-o-Q) basis, sales in housing have fallen by two per cent, indicating that the slowdown is not just a yearly effect but a part of a cooling trend experienced through urban markets.

Two Markets Defy Downturn

Of all the nine cities tracked, only Delhi NCR and Navi Mumbai have managed to register growth in sales during Q4 of 2025 on both Y-o-Y and Q-o-Q basis. Navi Mumbai has reported a 13 per cent annual increase in sales of housing deals, while Delhi tracked a simple rise of 4 per cent.

The other image, for the remaining seven cities, showed a decline in housing sales. Pune showed up as the weakest performer, with sales dropping to 31 per cent YoY, followed by Mumbai and Thane with 25 per cent and 26 per cent. Hyderabad noted a 19 per cent fall. Bengaluru and Chennai saw relatively low declines of one per cent and three per cent.

Total sales across the nine cities fell from 1,11,137 units in Q4 2024 to 98,019 units in Q4 2025.

Festive Season Fails To Lift Volumes

As per old patterns, the October-December quarter has been one of the strongest periods for residential sales, driven by festive offers and new project launches. However, this pattern has failed to play out in 2025.

Samir Jasuja, Founder and CEO of PropEquity, has quoted this decline as a “structural shift” rather than a temporary disruption. He highlighted that developers are focusing on coming up with higher-value homes in overall transaction contracts.

Supply Contraction

This slowdown is a reflection of a lower supply; housing launches in these nine cities have declined by 10 per cent YoY to 88,427 units in Q4 2025. On a QoQ basis, the supply has decreased by four per cent, which indicates the caution by developers. This caution is about bringing new inventory into a soft absorption market.

Out of the top nine cities, Delhi NCR, Navi Mumbai, and Chennai have recorded growth in new supply during the quarter. Delhi NCR has seen the sharpest increase, with supply growing to 29 per cent YoY, followed by Mumbai at 15 per cent and Chennai at 9 per cent.

The Q4 2025 data indicate that the Indian housing market is now under a structural transition rather than a cyclical pause, which is affected by any external factor.