Residential Registrations Skyrocket Since FY2019: Primary Sales Lead, But Secondary Gains Ground

India's residential real estate market is riding a powerful post-pandemic wave. According to a new report by Square Yards, registered housing transactions in major Indian cities surged by 77 per cent between FY2019 and FY2025, from 3.07 lakh units to 5.44 lakh units. Over 57 per cent of all deals registered in FY2025 were primary transactions, purchases made directly from developers. However, the secondary market, which includes resale properties, has grown considerably. During FY2025, its share grew from 38 per cent to 43 per cent, while transaction volumes rose from 1.22 lakh to 2.33 lakh.

"The momentum isn't just with new launches anymore," said Tanuj Shori, CEO and Founder of Square Yards, in an official release. Buyers' interest increased towards ready-to-move-in homes in well-connected areas, which is driving the secondary market's rise, he added.

City Trends Reflect Shifting Buyer Behaviour

Bengaluru witnessed secondary transactions increase drastically, increasing from 31 per cent to 46 per cent of all deals. Out of 72,000 homes registered in FY2025, approximately half consisted of resales.

Mumbai, dominated by resales, saw its secondary transactions hit 69,000 units, and primary sales also doubled to 71,000, triggered by new redevelopment projects in central areas, as per the report.

Pune remains tilted toward the primary market (76 per cent share), but resale activity has also picked up. Launches in hubs like Hinjewadi and Kharadi continue to attract homebuyers looking for new options, the report added.

Navi Mumbai recorded the sharpest secondary market shift, resale share increased by 7 per cent, likely boosted by progress on the Navi Mumbai International Airport.

Thane followed a similar path. Of 79,000 total deals, 38 per cent were secondary, up from 32 per cent in FY2019.

Noida and Greater Noida witnessed a 40 per cent share in secondary transactions, up from 29 per cent, as the market capitalises on infrastructure growth tied to the upcoming Jewar Airport.

Hyderabad was the exception. Secondary activity dipped slightly as developers flooded the market with new supply, particularly in the wester