Housing Sales Volume Dips 9% in Q3 Across Top 7 Cities, But Sales Value up 14%

Mumbai, September 25, 2025: 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.

ANAROCK Group Chairman Anuj Puri says, “ANAROCK data shows as 9 per cent 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 per cent – from approx. INR 1.33 lakh crore in Q3 2024 to approx. INR 1.52 lakh crorein Q3 2025. This suggests high volume sales in the luxury and ultra-luxury segments.

“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 per cent 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 per cent and 4 per cent yearly jumps, respectively.”

These cities saw a marginal 3 per cent 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 per cent and 38 per cent, respectively.

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

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 per cent in Q3 2025 against Q3 2024. At 24 per cent, NCR recorded the highest annual growth, followed by Bengaluru with a 10 per cent increase.

Interestingly, despite the monsoons and the perceived inauspicious ‘shraad’ period, housing sales in Q3 rose 1 per cent 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.

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 per cent annual increase. On a quarterly basis, there was a 2 per cent 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 per cent of the total addition.

• MMR saw approximately 29,565 units launched in Q3 2025 – similar on a yearly basis and a 5 per cent quarterly increase. Over 35 per cent of the new supply during the quarter was added in the affordable segment priced INR 1.5 crore)
• Hyderabad added approximately 8,630 units in Q3 2025 compared to 13,890 units in Q3 2024 – a 38 per cent yearly decline and a 22 per cent quarterly drop in new launches. A whopping 87 per cent of the new supply was added in the premium, luxury, and ultra-luxury segments (priced upward of INR 80 lakh)
• Chennai added approximately 6,395 units in Q3 2025, seeing an 38 per cent yearly rise decline but a 25 per cent quarterly decline. Over 93 per cent of the new supply was added in the mid, upper-mid and luxury segment priced within INR 40 lakh – INR 2.5 crore.
• Kolkata added approximately 4,890 units in Q3 2025, a whopping 56 per cent annual increase and a significant 95 per cent rise over the previous quarter. Approx. 75 per cent of the new supply was added in the mid and upper mid segments priced within INR 40 lakh to INR 1.5 crore.

Housing Sales Overview

• Approximately 97,080 units were sold in Q3 2025 – a yearly decline of 9 per cent and a quarterly increase of 1 per cent. NCR, MMR, Bengaluru, and Pune together accounted for 78 per cent 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 per cent and a 16 per cent yearly drop
• Pune saw approximately 16,620 units sold in Q3 2025, a decrease of 13 per cent over Q3 2024 and an 8 per cent quarterly increase over Q2 2025
• NCR saw approximately 13,920 units sold in Q3 2025, a decline of 11 per cent over last year and of 2 per cent on a quarterly basis
• Bengaluru sold approximately 14,835 units in Q3 2025, a quarterly and yearly decline of 2 per cent and 1 per cent, respectively
• Hyderabad saw approximately 11,305 units sold in Q3 2025, decreasing by 11 per cent over Q3 2024 and increasing marginally by 2 per cent over Q2 2025
• Kolkata saw approximately 4,130 units sold in Q3 2025, increasing by 17 per cent over the previous quarter and by 4 per cent over the corresponding quarter in 2024
• Chennai saw approximately 6,010 units sold during the quarter – increasing by 6 per cent quarterly and by significant 33 per cent 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 per cent annually – from INR 8,390/sq. ft. in Q3 2024 to INR 9,105/sq. ft. in Q3 2025. Among the top 7 cities, NCR saw the highest 24 per cent annual jump in average prices. On a quarterly basis, average prices in the top 7 cities rose by just 1 per cent.