Housing sales in top 9 cities fall 16% YoY; two metros defy the trend

As the year 2025 draws to a close, India’s housing market appears to be losing momentum as sales across the country’s nine largest cities fell to 98,019 units in Q4 2025, marking a 16 per cent year-on-year decline and the lowest quarterly volume since Q3 2021, according to a report by PropEquity.

Navi Mumbai, Delhi-NCR saw growth in sales

Among the nine cities, only Navi Mumbai and Delhi-NCR posted growth in sales during this quarter, rising 13 per cent and 4 per cent, respectively. The remaining seven cities recorded declines, with sales falling by as much as 31 per cent. On a quarter-on-quarter basis, overall housing sales dipped just 2 per cent this quarter.

Homebuyer demand fell to 98,019 units, a 16 per cent year-on-year decline and a 2 per cent drop compared to Q3 2025. 

Bengaluru, one of the country’s largest housing markets, saw 15,603 units, down 7 per cent quarter-on-quarter but nearly flat on an annual basis. Chennai and Kolkata reported a sharper sequential decline of 16 per cent, while sales were down 3 per cent and 11 per cent, respectively, year-on-year.

Navi Mumbai, on the other hand, emerged as a strong outperformer, with sales rising 17 per cent QoQ and 13 per cent annually. Pune saw the sharpest contraction among major markets, with absorption falling to 15,788 units, down 31 per cent year-on-year.

This highlights a shift towards the premium segment. In 2023, developers launched around 4.81 lakh homes with a combined value of Rs 6.3 lakh crore and the launches in 2024 declined to 4.11 lakh units, yet the total launch value increased to Rs 6.8 lakh crore.

Not just the sales but the supply too weakened this quarter. It fell 4 per cent and saw a 10 per cent year-on-year to 88,427 units. This points to a cautious approach by developers amid a slump in sales, higher input costs, and demand for premium segments.

Supply growth limited to three cities

Supply growth was limited to just three cities – Delhi-NCR, Navi Mumbai, and Chennai, accounting for 29 per cent, 15 per cent, and 9 per cent, respectively. The remaining cities on the list saw a sharp decline of up to 30 per cent. On a quarterly basis, housing supply slipped 4 per cent in Q4 2025.

While Chennai was among the cities that recorded year-on-year growth, it is the only growth market to witness a sequential decline, with new supply seeing a sharp decline of 55 per cent quarter-on-quarter basis.

Bengaluru, the largest contributor, witnessed a 16 per cent decline both quarter-on-quarter and year-on-year, as launches fell to 15,587 units. Hyderabad also saw supply down 21 per cent QoQ and 7 per cent YoY. On the other hand, Kolkata’s new supply dropped to 3,742 units, registering a 17 per cent QoQ and 23 pr cent YoY decline. 

While Mumbai recorded a 31 per cent QoQ rebound in launches to 7,643 units, supply was still 16 per cent lower than a year ago. Thane, despite a 34 per cent QoQ surge, reported the steepest annual decline at 30 per cent.