PropEquity report shows India’s housing sales fell for the 10th straight quarter, though markets like Bengaluru, Chennai, and Kolkata bucked the trend with double-digit growth. Festive season expected to revive demand.
New Delhi [India], September 21: India’s housing market witnessed another dip in Q3 2025 (July–September), as sales across the country’s top nine cities fell by 4% year-on-year, marking the 10th consecutive quarterly decline, according to a fresh report by NSE-listed real estate analytics firm PropEquity.
Despite the slowdown, overall sales stayed just above the 1 lakh-unit mark at 1,00,370 units, reflecting subdued demand in some key markets. Meanwhile, new launches remained flat, slipping 10% quarter-on-quarter to 92,229 units, staying below the 1 lakh mark.
The nine cities under review were Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR.
The Maharashtra region bore the brunt of the slump, with Mumbai, Navi Mumbai, Thane, and Pune reporting contractions ranging from 6% to 28% year-on-year. In contrast, Bengaluru (21%), Chennai (16%), and Kolkata (25%) posted impressive gains, while Delhi-NCR and Hyderabad recorded modest growth of 4% YoY each.
On a quarter-on-quarter (QoQ) basis, sales across the top nine cities dipped slightly by 1%. Interestingly, only Delhi-NCR (24% decline) and Thane (11% decline) dragged the numbers down, while the other seven markets showed positive movement.
Speaking on the findings, Samir Jasuja, Founder and CEO of PropEquity, struck a balanced note:
“The reason why we feel the housing market remains healthy even though new launches are consecutively declining is because sales continue to outpace new launches. We expect 2025 to mirror 2024 with around 4 lakh unit launches and approximately 4.5 lakh sales, only marginally lower than last year.”
On the new supply front, launches in Q3 2025 stayed largely flat year-on-year at 92,229 units. While Chennai, Navi Mumbai, Pune, and Kolkata saw an uptick in fresh supply, Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR experienced declines.
The QoQ numbers revealed sharper contrasts: Delhi-NCR (-31%), Pune (-15%), and Chennai (-29%) recorded steep falls in new launches, while Hyderabad (+14%), Kolkata (+24%), and Navi Mumbai (+6%) showed resilience.
Jasuja added that the market may bounce back in the upcoming quarter:
“While the current quarter has seen subdued activity, we expect a rebound in the festive season, which traditionally drives stronger demand. This should translate into better launch momentum and improved absorption levels.”
As India’s housing sector continues to adjust to fluctuating demand patterns, the coming festive quarter will be a critical test for developers and buyers alike.