India’s housing market continued to see a drop in sales for the tenth straight quarter in the July-September period, with sales in top nine cities falling by 4% in the ongoing quarter, according to a report by real estate data analytics firm PropEquity.
These top nine cities are: Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata and Delhi-NCR.
The aggregate number of units sold in these nine cities stood at 1,00,370 units during the quarter under review against 1,05,081 units in the corresponding period a year ago, the PropEquity report showed.
New launches remained flat, coming in below the 1 lakh mark at 92,229 units, declining by 10% on Q-o-Q basis.
This sales decline y-o-y across the top 9 cities during Q3 2025 was primarily led by the Maharashtra region – including Mumbai, Navi Mumbai, Thane, and Pune – which experienced a contraction ranging from 6% to 28%, the report said.
“Bengaluru, Chennai and Kolkata, however, witnessed a rise of 21%, 16% and 25%, respectively in Q3 2025. Delhi-NCR and Hyderabad, too, saw 4% YoY each rise in sales in Q3 2025,” it said.
On a Q-o-Q basis, sales in top 9 cities fell marginally by 1% with only Delhi-NCR (24%) and Thane (11%) seeing a drop. The other seven cities witnessed a rise.
Housing market remains “healthy” even as new launches shrink
Samir Jasuja, Founder and CEO, PropEquity said, “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
Housing market performance on the supply front
On the new housing supply front, the report said that new launches in India’s top nine cities remained flat Y-o-Y, remaining below the 1 lakh unit mark at 92,229 units in Q3 2025.
Jasuja noted, “While the current quarter has seen subdued activity, we anticipate a rebound in the upcoming quarter due to the festive season, which is expected to drive stronger demand, leading to improved launch momentum and a higher absorption level.”
There is a Y-o-Y rise in new launches in Chennai, Navi Mumbai, Pune, and Kolkata and there is a decline in Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR.
However, new supply fell 10% Q-o-Q with a 31% decline in Delhi-NCR, followed by 15% in Pune and 29% in Chennai.
However, Hyderabad, Kolkata and Navi Mumbai saw a rise of 14%, 24% and 6%.