- Maharashtra (Mumbai, Navi Mumbai, Pune, Thane) saw nearly 11,000 lesser units being sold in Q3 2025 as compared to Q3 2024.
- Bengaluru, Mumbai, Thane and Delhi-NCR saw about 10,000 lesser units being launched in Q3 2025 as compared to Q3 2024.
- Bengaluru is the top city with respect to new launches and accounted for approximately 1/5th of the new supply in Q3 2025; however it recorded a 10% YoY decline.
- Bengaluru witnessed the 2nd highest sales in terms of number of units (16,840) with a 21% increase; however, Pune continues to be the leading market with 17,762 units of sales but witnessed a decline of 16% in Q3 2025 compared to Q3 2024.
- Delhi-NCR saw the highest Q-o-Q decline among top 9 cities in both launches (31%) and sales (24%) in Q3 2025 as compared to Q2 2025.
New Delhi, September 21, 2025: Housing sales in India’s top nine cities fell by 4% and consecutive declined for the 10th quarter, in Q3 (July-September) 2025, settling just above the 1 lakh-unit mark at 1,00,370 units, according to a report by NSE-listed real estate data analytics firm PropEquity. New launches, however, remained flat, coming in below the 1 lakh mark at 92,229 units declining by 10% on Q-o-Q basis.
The top 9 cities are Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata and Delhi-NCR.
The Y-o-Y decline in sales across the top 9 cities during Q3 2025 was primarily led by the Maharashtra region – including Mumbai, Navi Mumbai, Thane, and Pune – which experienced a contraction ranging from 6% to 28%.
Bengaluru, Chennai and Kolkata, however, witnessed a rise of 21%, 16% and 25% respectively in Q3 2025. Delhi-NCR and Hyderabad, too, saw 4% YoY each rise in sales in Q3 2025.
On a Q-o-Q basis, sales in top 9 cities fell marginally by 1% with only Delhi-NCR (24%) and Thane (11%) seeing a drop. The other 7 cities witnessed a rise.
Samir Jasuja, Founder and CEO, PropEquity said, “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
| Total Absorption | |||||
| Q3 2024 | Q2 2025 | Q3 2025 | Q-o-Q | Y-o-Y | |
| Bengaluru | 13966 | 15743 | 16840 | 7% | 21% |
| Chennai | 4675 | 5292 | 5406 | 2% | 16% |
| Hyderabad | 12311 | 12017 | 12860 | 7% | 4% |
| Kolkata | 3774 | 3828 | 4732 | 24% | 25% |
| Mumbai | 10480 | 8244 | 9691 | 18% | -8% |
| Navi Mumbai | 7650 | 7114 | 7212 | 1% | -6% |
| Pune | 21066 | 17808 | 17762 | 0% | -16% |
| Thane | 20620 | 16644 | 14877 | -11% | -28% |
| Delhi NCR | 10539 | 14481 | 10990 | -24% | 4% |
| Total | 105081 | 101171 | 100370 | -1% | -4% |
On the new housing supply front, the report said that new launches in India’s top 9 cities remained flat YoY, remaining below the 1 lakh unit mark, at 92,229 units in Q3 2025.
Jasuja noted, “While the current quarter has seen subdued activity, we anticipate a rebound in the upcoming quarter due to the festive season, which is expected to drive stronger demand, leading to improved launch momentum and a higher absorption level.”
| New Supply | |||||
| Q3 2024 | Q2 2025 | Q3 2025 | Q-o-Q | Y-o-Y | |
| Bengaluru | 20539 | 18617 | 18453 | -1% | -10% |
| Chennai | 4800 | 10857 | 7708 | -29% | 61% |
| Hyderabad | 13121 | 10939 | 12424 | 14% | -5% |
| Kolkata | 1650 | 3642 | 4512 | 24% | 173% |
| Mumbai | 9774 | 6064 | 5820 | -4% | -40% |
| Navi Mumbai | 5396 | 5723 | 6056 | 6% | 12% |
| Pune | 10615 | 18628 | 15799 | -15% | 49% |
| Thane | 13228 | 10175 | 9521 | -6% | -28% |
| Delhi NCR | 12906 | 17323 | 11936 | -31% | -8% |
| Total | 92029 | 101968 | 92229 | -10% | 0% |
There is a YoY rise in new launches in Chennai, Navi Mumbai, Pune, and Kolkata, and there is a decline in Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR.
However, new supply fell 10% Q-o-Q with a 31% decline in Delhi-NCR, followed by 15% in Pune and 29% in Chennai.
However Hyderabad, Kolkata and Navi Mumbai saw a rise of 14%, 24% and 6%.