Top Indian cities see 10th consecutive drop in housing sales
What's the story
India's leading nine cities witnessed a year-on-year (YoY) decline of four percent in housing sales during the July-September quarter of 2025. The data, released by PropEquity, a real estate analytics firm listed on the National Stock Exchange (NSE), shows that total sales stood at 1,00,370 units. This marks the 10th consecutive quarterly decline for India's housing market.
Market dynamics
Mumbai, Navi Mumbai, and Thane lead YoY declines
The number of new housing launches remained unchanged during this period at 92,229 units, a 10% drop from the previous quarter. The decline in sales was mainly driven by Maharashtra's Mumbai, Navi Mumbai, Thane, and Pune markets, where YoY contractions ranged between 6% and 28% YoY. Pune recorded sales of 17,762 units but witnessed a significant drop of 16% compared to last year's 21,066 units.
Regional growth
Southern cities report gains
Unlike some northern counterparts, cities such as Bengaluru and Chennai in the south, and Kolkata in the east, witnessed a surge in housing sales. Bengaluru recorded an impressive 21% increase with 16,840 units sold, while Chennai saw a 16% rise to 5,406 units. Kolkata also witnessed a remarkable jump of 25%, selling 4,732 units during this period. Delhi-NCR and Hyderabad too saw modest YoY gains of 4% each.
Market fluctuations
Quarterly performance across cities
On a quarterly basis, sales across the nine cities saw a slight dip of 1%. Delhi-NCR witnessed the steepest fall at 24%, while Thane saw an 11% decline. Other markets like Bengaluru, Hyderabad, and Mumbai reported increases. New housing supply remained flat in top cities, with Bengaluru accounting for nearly one-fifth of new launches despite a 10% decline.
Market prediction
PropEquity CEO optimistic about upcoming festive season demand
Samir Jasuja, the founder and CEO of PropEquity, believes that despite a decline in new launches, the housing market remains healthy as sales continue to outpace them. He predicts that 2025 will be similar to 2024, with around four lakh unit launches and approximately 4.5 lakh sales. Jasuja also expects the festive season to boost demand, supporting stronger launches and absorption levels in the coming quarter.