In a sign of a sharp slowdown in the residential real estate market, housing sales in India’s top 9 cities fell below the 1 lakh mark in Q2 2025 (April–June) for the first time in nearly four years, according to a report by real estate data analytics firm PropEquity.
Sales have dropped 19% year-on-year to 94,864 units, while new supply plunged 30% to 82,027 units during the same period. Mumbai and Thane led the decline, with a steep 34% drop in sales each, while Delhi-NCR and Chennai bucked the trend with moderate gains.
Housing sales stood at 1,16,432 units and supply stood at 1,17,208 units in the April-June period of 2024, the report said.
Similarly, housing supply fell Y-o-Y in 6 out of the 9 cities with Mumbai recording the sharpest fall at 61%, while three cities saw rise in supply, namely Delhi NCR at 37%, Hyderabad at 19% and Chennai at 6% in April-June of 2025.
Total housing sales in top 9 cities (Q2 2025 Vs Q1 2025 and Q2 2024)
| Location | Q2-2024 | Q1-2025 | Q2-2025 | Q-o-Q Change | Y-o-Y Change |
| Bengaluru | 15,582 | 18,508 | 14,676 | -21% | -6% |
| Chennai | 4,927 | 4,858 | 5,354 | 10% | 9% |
| Hyderabad | 14,704 | 11,114 | 11,815 | 6% | -20% |
| Kolkata | 4,826 | 4,219 | 4,449 | 5% | -8% |
| Mumbai | 12,114 | 10,432 | 8,006 | -23% | -34% |
| Navi Mumbai | 8,224 | 8,551 | 6,833 | -20% | -17% |
| Pune | 23,429 | 17,634 | 17,196 | -2% | -27% |
| Thane | 22,512 | 19,254 | 14,832 | -23% | -34% |
| Delhi NCR | 10,114 | 11,221 | 11,703 | 4% | 16% |
| Total | 1,16,432 | 1,05,791 | 94,864 | -10% | -19% |
Housing supply in top 9 Indian cities (Q2 2025 Vs Q1 2025 and Q2 2024)
| Location | Q2-2024 | Q1-2025 | Q2-2025 | Q-o-Q Change | Y-o-Y Change |
| Bengaluru | 16,356 | 20,227 | 14,243 | -30% | -13% |
| Chennai | 6,123 | 3,946 | 6,463 | 64% | 6% |
| Hyderabad | 8,886 | 8,773 | 10,544 | 20% | 19% |
| Kolkata | 4,131 | 1,874 | 2,672 | 43% | -35% |
| Mumbai | 12,610 | 6,359 | 4,949 | -22% | -61% |
| Navi Mumbai | 10,421 | 5,810 | 4,592 | -21% | -56% |
| Pune | 24,803 | 12,479 | 14,845 | 19% | -40% |
| Thane | 23,794 | 11,205 | 9,896 | -12% | -58% |
| Delhi NCR | 10,084 | 10,101 | 13,823 | 37% | 37% |
| Total | 1,17,208 | 80,774 | 82,027 | 2% | -30% |
(Source: PropEquity)
Samir Jasuja, Founder and CEO, PropEquity said, “This is for the first time since Q3 2021 (July-September) that housing sales have fallen below 1 lakh unit mark. Supply, too, has stayed below 1 lakh unit mark for the fourth consecutive quarter. There has been a decline in both sales and supply on Q-o-Q basis in Mumbai, Bengaluru and Navi Mumbai as these cities recorded their high in 2023 and 2024, and are now stabilising to their normal pace.”
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Delhi-NCR has witnessed the maximum growth in this quarter owing to rise in supply in Ghaziabad and Greater Noida, the report showed.
According to the report, housing sales in top 9 cities fell by 10% while supply rose by 2% on Q-o-Q basis. While Chennai, Hyderabad, Kolkata, Pune and Delhi-NCR saw a rise in supply, the sales rose in Chennai, Hyderabad, Kolkata and Delhi-NCR.