Housing Sales Dip 20% YoY in Q2 2025 Across Top 7 Cities: ANAROCK

Mumbai, June 26, 2025: Inexorably rising property prices, geopolitical tensions, including Operation Sindoor and the Iran-Israel War, impacted housing sales in the top seven cities in Q2 2025, according to the latest ANAROCK Research data. There was an annual sales drop of 20 per cent with around 96,285 units sold in the quarter against about 1,20,335 units in Q2 2024. However, housing sales rose three per cent QoQ.
 
MMR and Pune together accounted for over 48 per cent of total sales in the top seven cities, with around 46,685 units cumulatively sold in these cities in Q2 2025. Chennai was the only city to see a yearly rise (11 per cent) in housing sales in the quarter against Q2 2024 from about 5,100 units in Q2 2024 to around 5,660 units in Q2 2025. QoQ, Chennai saw sales jump by 40 per cent with around 4,050 units sold in the city in Q1 2025.
 
New launches decelerated by 16 per cent YoY from approximately 1,17,165 units in Q2 2024 to around 98,625 units in Q2 2025. Realty hotspots MMR and NCR saw the maximum new supply accounting for 48 per cent of the total new supply additions across the top seven cities. Individually, MMR witnessed a 36 per cent yearly decline and a 8 per cent quarterly decline in new supply. 
 
Notably, NCR witnessed a 69 per cent QoQ jump in new supply in Q2 2025 against Q1 2025 and a 10 per cent yearly rise.

Anuj Puri, Chairman, ANAROCK Group, says, “The second quarter of 2025 was a rollercoaster for the Indian housing market, rocked by major military actions at home and abroad. The war-like climate pushed homebuyers into wait-and-watch mode, compounding the impact of soaring property prices over the past two years.”

He adds, “Now, with domestic tensions easing and the RBI’s repo rate cut injecting fresh optimism, buyer sentiment is rebounding. Despite a 20 per cent year-on-year dip in sales across the top seven cities, a 3 per cent uptick this quarter signals renewed momentum.”

With home loan rates softening and developers largely holding prices steady, “the stage is set for a potential upswing in housing sales in the coming quarters”.
 
Average Price Movement
 
Average residential prices rose by a meagre 1 per cent quarterly, but the annual rise has been 11 per cent in the top seven cities. The annual growth rate has certainly seen a downward trend in the quarter.
 
“NCR led the pack in Q2 2025 with a striking 27 per cent year-on-year surge and a 4 per cent quarterly rise in residential prices,” says Puri. “Bengaluru followed with a robust 12 per cent annual jump, underscoring strong momentum in key markets. If prices remain in check, expect housing sales across major cities to accelerate in the coming quarters.”
 
New Launches
 
The top seven cities saw around 98,625 new units launched in Q2 2025 against 1,17,165 units in Q2 2024—a 16 per cent decline. The key cities contributing to new launches in Q2 2025 were MMR (Mumbai Metropolitan Region), NCR, Pune and Bengaluru, which together accounted for 78 per cent of the supply addition.

MMR saw 28,165 units launched in Q2 2025, decreasing by 8 per cent over Q1 2025 and over 36 per centon yearly basis. More than 59 per centof the new supply was added in the sub-INR 80 lakh budget segment.

NCR saw a whopping 69 per cent increase in new launches against Q1 2025 with 18,760 units launched in Q2 2025. On yearly basis, there was a 10 per cent increase. A whopping 82per cent new supply in Q2 was added in the luxury segments (priced >INR 1.5 crore).

Bengaluru added 15,345 units in Q2 2025, declining quarterly by 26 per cent. On a yearly basis, there was 4 per cent decline.  Approximately, 92 per cent of the new supply was in the premium and luxury segments (INR 80 lakh onwards).

Pune added 14,220 new units in Q2 2025 compared to 16,860 units in Q1 2025, a decrease of 16 per cent. Annually, the city recorded a 25 per cent supply decline. Over 77 per cent of the new supply in Q2 2025 was added in the mid and premium segments (INR 40 lakh-INR 1.5 crore).

Hyderabad added 11,105 units in Q2 2025, a quarterly increase of 8 per cent but a 19 per cent decline against the corresponding period in 2024. Over 50 per cent of the new supply was in the ultra-luxury segment (>INR 2.5 crore)

Chennai added 8,525 units in Q2 2025, a quarterly increase of 79 per cent against Q1 2025 and an annual increase of 65 per cent. Over 79 per cent of new supply was added in the mid and premium segments.

Kolkata added 2,505 units in Q2 2025, a decrease of 54 per cent over Q1 2025 and a 17 per cent rise against Q2 2024. Approximately, 48 per cent of the new supply was added in the mid segment (INR 40 lakh–INR 80 lakh.)

Source: ANAROCK Research

Overall Sales Overview

Approximately, 96,285 units were sold in Q2 2025 across the top seven cities—a quarterly increase of 3 per cent over Q1 2025. NCR, MMR, Bengaluru, Pune and Hyderabad together accounted for 90 per centsales in the quarter. Annually, the top seven cities recorded a 20 per cent sales decline (around 1,20,335 units were sold in Q2 2024.)

• NCR saw sales grow 14 per cent QoQ from 12,520 units in Q1 2025 to 14,255 units in Q2 2025.
• MMR witnessed the highest sales of 31,275 units in Q2 2025 against 31,610 in Q1 2025, declining by 1 per cent QoQ and 25 per cent annually.
• Pune saw 15,410 units sold in Q2 2025, down by 4 per cent over in Q1 2025 and 27 per cent annually.
• Bengaluru saw housing sales increase by 1 per cent in Q2 2025 against Q1 2025 with 15,120 units sold in the quarter. Annually, sales declined by 8 per cent.
• Chennai saw around 5,660 units sold in Q2 2025, increasing by 40 per cent against Q1 2025. Annually, it saw a 11 per cent rise in sales.
• Hyderabad saw 11,040 units sold in the quarter, rising by 9 per cent over Q1 2025. Annually, sales declined by 27 per cent.
• Kolkata saw housing sales decrease by 10 per cent in the quarter against Q1 2025 with 3,525 units sold in Q2 2025. Annually, the city saw sales decline by 23 per cent.

Source: ANAROCK Research

Unsold Inventory

Unsold inventory across the top seven cities saw a marginal quarterly increase in the quarter to 5.62 lakh units by Q2 2025-end against 5.60 lakh units in Q1 2025. Annually, unsold inventory decreased by 3 per cent across the top seven cities with Pune witnessing the highest yearly decline of 15 per cent from 94,770 units by Q2 2024-end to 80,240 units by Q2 2025-end.