Housing sales across India’s top seven cities fell 14% year-on-year in 2025 to about 3.96 lakh units, weighed down by rising property prices, layoffs in the information technology sector and broader economic uncertainty, according to data released by real estate consultancy Anarock.
On one side, while the volume declines, the total value of homes sold rose to over Rs 6 lakh crore, from Rs 5.68 lakh crore in 2024, marking a 6% increase.
The average residential price across the seven cities increased 8% year-on-year to Rs 9,260 per sq. ft., compared with Rs 8,590 per sq. ft. at the end of last year, Anarock said.
Six cities see decline, Chennai an outlier
Sales declined in six of the seven major markets, Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, Hyderabad and Kolkata, with Chennai the sole exception, where housing demand grew.
Mumbai, the country’s largest housing market, recorded an 18% drop in sales to 1,27,875 units in 2025 from 1,55,335 units a year earlier. Pune experienced a 20% decline to 65, 135 units, while in Bengaluru, it was a 5% fall to 62,205 units. In Delhi-NCR, sales slipped 8% to 57,220 units, while Hyderabad witnessed the steepest decline of 23%, with sales falling to 44,885 units. Kolkata recorded a 12% drop to 16,125 units.
By contrast, Chennai bucked the trend, with sales rising 15% to 22,180 units in 2025 from 19,220 units last year.
Prices remain firm amid uncertainty
Anarock attributed the decline in sales volumes to a combination of hardening property prices, IT-sector layoffs, geopolitical tensions and other macroeconomic uncertainties.
“2025 has been a year of broad-spectrum upheaval, including geopolitical turmoil, layoffs in the IT sector, tariff tensions and other uncertainties,” Anuj Puri, chairman of Anarock, said.
He added that while prices continued to rise, the pace of increase has moderated. “Interestingly, the average residential price growth rate has tapered down from double digits in previous years to single digits in 2025,” Puri said.
Looking ahead, Puri said the sector’s performance in 2026 would depend largely on Reserve Bank of India (RBI) rate cuts and the extent to which developers exercise price discipline.