Q3 2025 Housing Sales Down 9 Percent But Value Rises 14 %

Despite global economic uncertainties and geopolitical tensions, residential demand in India has remained reasonably resilient, supported by rising incomes, urbanisation, and aspirational homeownership sentiment. However, the sector faces headwinds in affordability, costs, and uneven demand across markets.

Anuj Puri, Chairman – ANAROCK Group, says, “ANAROCK data shows as 9 percent annual housing sales decline in the top 7 cities, clocking in at approx. 97,080 units in Q3 2025 against 1,07,060 units in Q3 2024. However, sales continued to outstrip new supply in the quarter, reflecting continued market health.”

Notably, despite a dip in overall sales volume, the total sales value in the period rose by 14 percent - from approx. Rs. 1.33 lakh Cr in Q3 2024 to approx. INR 1.52 lakh Cr in Q3 2025. This suggests high volume sales in the luxury and ultra-luxury segments.

Also Read: Luxury Housing Sales in India Surge 85 percent in H1 2025

“Among the top 7 cities, MMR recorded the highest sales of approx. 30,260 units, followed by Pune with approx. 16,620 units,” says Puri. “Cumulatively, the two western cities accounted for 48 percent of the total sales in the top 7 cities in Q3 2025. All top cities individually recorded a dip in yearly housing sales - except Chennai and Kolkata, which witnessed 33 percent and 4 percent yearly jumps, respectively.”

These cities saw a marginal 3 percent increase in new housing supply, with approx. 96,690 units launched in Q3 2025 against 93,750 units in the corresponding period in 2024. Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust.

City-wise, MMR topped new supply with approx. 29,565 units launched in the quarter, followed by Pune with approx. 19,375 units. Interestingly, while the other cities saw new supply decline annually, Pune, Kolkata and Chennai saw it increase by a whopping 56 percent and 38 percent, respectively.

In terms of budget segments, the Rs. 1.5 Cr luxury housing category witnessed the highest new supply of 38 percent, followed by the premium (Rs. 80 lakh – Rs. 1.5 Cr) segment with a 24 percent share. The mid-segment (Rs. 40–80 lakh) contributed a 23 percent share of the total new supply in the quarter, while the affordable segment's share was the lowest at 16 percent.

Available housing inventory saw only a marginal yearly decline in the top 7 cities – from approx. 5,64,415 lakh units by Q3 2024-end to approx. 5,61,756 lakh units by Q3 2025-end.

Average residential prices in these cities collectively saw single-digit growth of 9 percent in Q3 2025 against Q3 2024. At 24 percent, NCR recorded the highest annual growth, followed by Bengaluru with a 10 percent increase.

Interestingly, despite the monsoons and the perceived inauspicious ‘shraad’ period, housing sales in Q3 rose 1 percent quarterly. Overall, the housing market is so far reasonably steady in 2025, with expectations for a festive boost ahead for which developers have several projects lined up.

“The impact, if any, of the new H1-B visa norms announced by the US on Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years, when we saw double-digit yearly growth in the top 7 cities,” says Puri.

Also Read: India's Housing sales in Top 9 Cities Drop 4% YoY in Q3 2025

New Supply Overview

The top 7 cities saw approx. 96,690 units launched in Q3 2025, against 93,750 units in Q3 2024 – a 3 percent annual increase. On a quarterly basis, there was a 2 percent drop. In Q2 2025, approx. 98,630 units were launched across the top 7 cities.

The key cities contributing to new supply in Q3 2025 were MMR (Mumbai Metropolitan Region), Pune, Bengaluru and NCR (National Capital Region) which together accounted for 78 percent of the total addition.

• MMR saw approx. 29,565 units launched in Q3 2025 – similar on a yearly basis and a 5 percent quarterly increase. Over 35 percent of the new supply during the quarter was added in the affordable segment priced <Rs. 40 lakh.

• Pune added approx. 19,375 units in Q3 2025, witnessing a huge yearly jump of 56 percent and a 36 percent quarterly supply increase. Over 74 percent of the new supply was added in the mid and upper-mid-segment (Rs. 40 lakh – Rs. 1.5 Cr)
• Bengaluru added approx. 15,190 units in Q3 2025 - a yearly decline of 5 percent and a 1 percent quarterly drop. Approx. 79 percent of the new supply was added in the Rs. 80 lakh – Rs. 2.5 Cr budget segment.
• NCR saw a 11 percent yearly drop in new launches, with approx. 12,645 units added in Q3 2025. On a quarterly basis, the market saw a 33 percent decline compared to Q2 2025. A massive 70 percent of the new supply in the quarter was added in the luxury segment (>Rs. 1.5 Cr)
• Hyderabad added approx. 8,630 units in Q3 2025 compared to 13,890 units in Q3 2024 – a 38 percent yearly decline and a 22 percent quarterly drop in new launches. A whopping 87 percent of the new supply was added in the premium, luxury, and ultra-luxury segments (priced upward of Rs. 80 lakh)
• Chennai added approx. 6,395 units in Q3 2025, seeing an 38 percent yearly rise decline but a 25 percent quarterly decline. Over 93 percent of the new supply was added in the mid, upper-mid and luxury segment priced within Rs. 40 lakh – Rs. 2.5 Cr.
• Kolkata added approx. 4,890 units in Q3 2025, a whopping 56 percent annual increase and a significant 95 percent rise over the previous quarter. Approx. 75 percent of the new supply was added in the mid and upper mid segments priced within Rs. 40 lakh to Rs. 1.5 Cr.

Housing Sales Overview

Approx. 97,080 units were sold in Q3 2025 – a yearly decline of 9 percent and a quarterly increase of 1 percent.  NCR, MMR, Bengaluru, and Pune together accounted for 78 percent of the sales in the quarter.

• MMR recorded the highest sales among the top 7 cities in Q3 2025, with approx. 30,260 units sold - a quarterly decrease of 3 percent and a 16 percent yearly drop
• Pune saw approx. 16,620 units sold in Q3 2025, a decrease of 13 percent over Q3 2024 and an 8 percent quarterly increase over Q2 2025
• NCR saw approx. 13,920 units sold in Q3 2025, a decline of 11 percent over last year and of 2 percent on a quarterly basis
• Bengaluru sold approx. 14,835 units in Q3 2025, a quarterly and yearly decline of 2 percent and 1 percent, respectively
• Hyderabad saw approx. 11,305 units sold in Q3 2025, decreasing by 11 percent over Q3 2024 and increasing marginally by 2 percent over Q2 2025
• Kolkata saw approx. 4,130 units sold in Q3 2025, increasing by 17 percent over the previous quarter and by 4 percent over the corresponding quarter in 2024
• Chennai saw approx. 6,010 units sold during the quarter – increasing by 6 percent quarterly and by significant 33 percent annually

Unsold Inventory

Unsold inventory across the top 7 cities collectively saw only a marginal annual decline, standing at approx. 5,61,756 units by Q3 2025-end. In the previous quarter, inventory remained steady at approx. 5,62,148 units.

Price Movement

After staggering year-on-year average price growth in the last three years, the top 7 cities saw some relief with a collective average price growth of just 9 percent annually - from Rs. 8,390/sq. ft. in Q3 2024 to Rs. 9,105/sq. ft. in Q3 2025. Among the top 7 cities, NCR saw the highest 24 percent annual jump in average prices. On a quarterly basis, average prices in the top 7 cities rose by just 1 percent.