E-Paper
Housing sales dip 9% in Q3 2025, but value rises; MMR, Pune lead sales, NCR sees highest price jump
Housing sales across the top seven cities dipped over 9% due to affordability pressures. Luxury homes led new supply at 38%, affordable housing made up just 16%
Housing sales across seven top cities fell by over 9% on the back of affordability pressures, rising costs, uneven demand, monsoon and inauspicious Shradh period. As many as 97,080 housing units were sold across these cities in Q3 2025, compared to over 1.07 lakh units in Q3 2024.
However, the total sales value rose by 14% from around ₹1.33 lakh crore in Q3 2024 to ₹1.52 lakh crore in Q3 2025, a report by Anarock showed. This suggests high volume sales in the luxury and ultra-luxury segments, it noted.
The Mumbai Metropolitan Region (MMR) led the market with about 30,260 units sold, followed by Pune with roughly 16,620 units. Together, these two cities contributed 48% of total housing sales in the quarter. MMR also topped new supply with around 29,565 units launched, followed by Pune with 19,375 units, it said.
Luxury housing (priced above ₹1.5 crore) dominated new supply, accounting for the highest share at 38%, while affordable housing had the lowest share at 16%.
Housing prices up by 9% year-on-year in Q3 2025, NCR sees highest price increase at 24%
Average residential prices across the top 7 cities grew by 9% year-on-year in Q3 2025. NCR saw the highest annual price increase at 24%, followed by Bengaluru at 10%, while the remaining cities recorded single-digit growth.
“The real estate sector faces headwinds in affordability, costs, and uneven demand across markets. Also, despite the monsoons and the perceived inauspicious ‘shraad’ period, housing sales in Q3 rose 1% quarterly. Overall, the housing market is so far reasonably steady in 2025, with expectations for a festive boost ahead for which developers have several projects lined up,” said Anuj Puri, chairman, ANAROCK Group.
Also Read: Top 9 Indian cities expected to see a 4% dip in housing sales in the September quarter
“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, when we saw double-digit yearly growth in the top 7 cities,” he said.
“Among the top 7 cities, MMR recorded the highest sales of approximately 30,260 units, followed by Pune with approximately 16,620 units,” says Puri. “Cumulatively, the two western cities accounted for 48% of the total sales in the top 7 cities in Q3 2025. All top cities individually recorded a dip in yearly housing sales - except Chennai and Kolkata, which witnessed 33% and 4% yearly jumps, respectively.”
Luxury segment witnessed the highest new supply
In terms of budget segments, the more than ₹1.5 crore luxury housing category witnessed the highest new supply of 38%, followed by the premium ( ₹80 lakh – ₹1.5 cr) segment with a 24% share. The mid-segment ( ₹40–80 lakh) contributed a 23% share of the total new supply in the quarter, while the affordable segment's share was the lowest at 16%, the report noted.
NCR saw a 11% yearly drop in new launches, with approximately 12,645 units added in Q3 2025. On a quarterly basis, the market saw a 33% decline compared to Q2 2025. A massive 70% of the new supply in the quarter was added in the luxury segment ( ₹1.5 crore).
Bengaluru added approximately 15,190 units in Q3 2025 - a yearly decline of 5% and a 1% quarterly drop. Approximately 79% of the new supply was added in the ₹80 lakh to ₹2.5 crore budget segment, the report said.
Available housing inventory saw only a marginal yearly decline in the top 7 cities from approximately 5,64,415 lakh units by Q3 2024-end to approximately 5,61,756 lakh units by Q3 2025-end.
