Summary of this article
Housing sales in the top nine Indian cities dropped 4 per cent year-on-year in Q3 2025, settling at 1,00,370 units, according to PropEquity. The decline was led by Mumbai, Pune, Navi Mumbai and Thane, which saw contractions of up to 28%. Bengaluru, Chennai and Kolkata bucked the trend with double-digit growth. New launches stayed flat at 92,229 units but slipped 10% on a sequential basis. Analysts expect festive demand in the coming quarter to lift both sales and supply.
Housing sales in India’s top nine cities fell for the tenth straight quarter, slipping 4 per cent year-on-year in the July-September quarter 2025, according to a report by real estate analytics firm PropEquity. Total absorption stood at 1,00,370 units, just above the one-lakh mark, compared with 1,05,081 units in the same quarter last year.
New housing launches, meanwhile, stayed flat at 92,229 units, but dropped 10 per cent sequentially.
The year-on-year decline was largely driven by Western markets. The Maharashtra cluster, Mumbai, Navi Mumbai, Thane and Pune, reported contractions ranging between 6 per cent and 28 per cent:
In Thane, the sales dropped by 28 per cent while Pune slipped 16 per cent and Navi Mumbai by 6 per cent. Mumbai registered a relatively moderate 8 per cent decline.
In contrast, southern and eastern markets held steady where Bengaluru, the IT Capital of India, saw sales rise by 21 per cent 16,840 units sold in Q3 2025. Chennai also recorded a rise of 16 per cent, while Kolkata jumped around 25 per cent in terms of sales.
Hyderabad and Delhi-NCR both edged higher by 4 per cent.
On a sequential basis, sales across the nine cities dropped only 1 per cent. The overall number was weighed down mainly by Delhi-NCR, where absorption fell 24 per cent quarter-on-quarter, and Thane, which saw an 11 per cent dip. The rest of the cities posted gains, with Mumbai up 18 per cent and Bengaluru and Hyderabad rising 7 per cent each.
“Despite new launches moderating, the sales-to-launch ratio continues to indicate a healthy market,” says Samir Jasuja, Founder and CEO of PropEquity. “We expect 2025 to close with around 4 lakh unit launches and 4.5 lakh sales, slightly below 2024 but still reflecting solid demand.”
New Supply Trends
On the supply side, launches stayed below the one-lakh threshold, with mixed trends across regions. Kolkata led with a sharp 173 per cent year-on-year surge, while Chennai and Pune saw 61 per cent and 49 per cent growth respectively. Navi Mumbai also rose 12 per cent.
In contrast, Mumbai (-40 per cent), Thane (-28 per cent), Bengaluru (-10 per cent) and Hyderabad (-5 per cent) registered declines. Delhi-NCR dipped 8 per cent over the year.
Not just sales, but the new supply also dropped 10 per cent overall in these cities. Delhi-NCR saw the steepest quarter-on-quarter fall at 31 per cent, followed by Chennai at 29 per cent and Pune at 15 per cent. On the other hand, Hyderabad (+14 per cent), Kolkata (+24 per cent) and Navi Mumbai (+6 per cent) managed to post fresh gains.
According to Jasuja, the upcoming months could see a reversal. “The festive quarter typically drives stronger demand. We expect improved launch momentum and higher absorption in Q4 2025.”
