Mumbai, Thane, Navi Mumbai, and Pune see a decline in housing sales and supply in Q2 2025
While housing sales and supply declined in several cities in Maharashtra, including Mumbai, they rose in Delhi NCR and Chennai, according to PropEquity data
The Mumbai real estate market, along with Thane, Navi Mumbai, and Pune, saw a decline in housing sales and new launches in Q2 2025, according to data from analytics firm PropEquity.
In Mumbai, housing sales dropped 34% year-on-year to 8,006 units in Q2 2025 from 12,114 units in Q2 2024. New launches also fell sharply by 61% to 4,949 units, compared to 12,610 units in the same quarter last year.
The data showed that sales in the satellite cities of Thane and Navi Mumbai declined by 34% and 17%, respectively, while new supply dropped by 58% in Thane and 56% in Navi Mumbai.
The Pune real estate market was the third most affected city among the top nine cities in India. Sales fell by 27% in Q2 2025, and supply dipped by 40%, Propequity data stated.
Are Hyderabad and Bengaluru seeing a slowdown in sales?
According to PropEquity data, Hyderabad’s real estate market saw a 20% decline in sales in Q2 2025, even as new supply increased by 19%. In contrast, Bengaluru reported a more moderate dip, with sales down 6% and supply falling by 13%.
In eastern India, Kolkata witnessed an 8% drop in sales and a significant 35% decline in new launches during the same period.
Delhi NCR and Chennai were the only major cities to record positive growth in both sales and supply, the data showed.
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According to the data, Delhi NCR reported a 16% jump YoY in sales to 11,703 units in Q2 2025 compared to 10,114 units in Q2 2024. In terms of supply, the same increased by 37% YoY in Q2 2025 to 13,823 units from 10,084 units in Q2 2024.
The Chennai real estate market recorded a 9% year-on-year increase in sales in Q2 2025, rising to 5,354 units from 4,927 units in Q2 2024. According to the data, new supply also grew by 6% during the same period, reaching 6,463 units compared to 6,123 units a year earlier.
Why are housing sales and supply down in the top 9 cities?
Housing sales across India’s top nine cities are projected to decline by at least 19% year-on-year in Q2 2025 (April–June), while new supply is expected to fall by 30% during the same period, according to data.
Experts attribute the dip in sales to an ongoing market correction, which they expect to persist in the near term. However, activity may rebound during the upcoming festive season.
“There has been a decline in both sales and supply on a QoQ basis in Mumbai, Bengaluru and Navi Mumbai as these cities recorded their highs in 2023 and 2024, and are now stabilising to their normal pace. Delhi-NCR has witnessed the maximum growth in this quarter owing to a rise in supply in Ghaziabad and Greater Noida. The rise in Chennai is due to its existing limited supply and relatively smaller real estate market," said Samir Jasuja, founder and CEO, PropEquity.
"After a historical high and prices having risen phenomenally, there is a healthy correction that is happening in many real estate markets. Prices have risen 50-200% between 2021 and 2025, so investors are also backing off. Correction will continue, though things may pick up during the festive season," Jasuja said.
Geo-political tensions and impact on the real estate market
"There may be a slight dip in certain pockets at the moment either due to the global political scenario or the forthcoming festivities as potential homebuyers will be following a wait and watch period as the festive season in real estate brings in better offers and most importantly the auspicious time to buy one of their dream home or their greatest asset," said Bhavesh Shah, Joint Managing Director, Today Group.
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"We feel that the current market conditions are temporary and micro-market specific. Real estate in 2025 will set a new record altogether. We might get surprised by how it shapes up by the end of the financial year 2025-2026 in a more optimal way. We have not witnessed the decline in any of our projects in Navi Mumbai. There has been a steady response across our projects, the reason being the location and the equity we have built over the period of time," Shah said.
