Housing sales across India’s top seven cities declined by 9 per cent year-on-year during the July–September quarter of 2025, as affordability pressures, high prices, and geopolitical headwinds weighed on demand.
According to data from ANAROCK Research & Advisory, the total sales value surged by 14 per cent to Rs 1.52 lakh crore during the same period, majorly driven by robust transactions in the segments of luxury and ultra-luxury houses.
Around 97,080 units were sold during Q3 of 2025 among these top cities as compared to over 1.07 lakh units in Q3 of 2024. Despite the drop in volumes, the total sales value went up from Rs 1.33 lakh crore to Rs 1.52 lakh crore. “Sales continued to outstrip new supply in the quarter, reflecting continued market health,” said Anuj Puri, chairman, ANAROCK Group.
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“The impact, if any, of the new H1-B visa norms announced by the US on the Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years,” Puri added.
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Mumbai, Pune lead housing sales
Among cities, the Mumbai Metropolitan Region (MMR) recorded the highest sales with nearly 30,260 units, followed by Pune at 16,620 units. Together, the two western cities accounted for 48 per cent of total sales. While most top cities reported annual declines, Chennai and Kolkata bucked the trend with yearly growth of 33 per cent and 4 per cent, respectively.
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New launches rose marginally by 3 per cent year-on-year to 96,690 units. MMR topped new supply with 29,565 units, followed by Pune with 19,375 units. Interestingly, Pune, Kolkata and Chennai saw sharp annual increases in fresh launches. In terms of budget segments, luxury housing priced above Rs 1.5 crore contributed the largest share at 38 per cent, while the affordable category accounted for just 16 per cent.
Prices continue to climb, NCR tops growth
Average residential prices across the seven cities rose 9 per cent annually in Q3 2025. The National Capital Region (NCR) led the surge with a 24 per cent rise, while Bengaluru saw a 10 per cent increase. Other cities reported single-digit price growth.
Unsold inventory across the top cities declined marginally to 5.61 lakh units in Q3 2025 from 5.64 lakh units a year earlier. Despite the monsoon season and the traditionally weak ‘shraad’ period, sales inched up 1 per cent sequentially from Q2 2025.
