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According to the latest PropTiger report, total housing sales across the top eight cities fell by 12% in 2025, with 3,86,365 units sold compared to 4,36,992 units in 2024. Major metros like Mumbai, Delhi-NCR, Pune, and Ahmedabad contributed to this decline, reflecting a phase of recalibration rather than a structural demand slump.
Market experts note that buyers in 2025 were more deliberate and selective, while developers exercised disciplined supply management. This approach prevented inventory overhang and helped maintain price stability, even amid softer transaction volumes.
“While housing sales dip in 2025 across key cities, southern metros showcased resilience, signaling a shift in residential demand patterns,” said Onkar Shetye, Executive Director of Aurum PropTech.
Southern Cities Lead Growth
Despite the overall slowdown, Bengaluru, Hyderabad, and Chennai witnessed strong sales growth, collectively recording 1.33 lakh units, up 15.5% from the previous year.
- Bengaluru: 54,414 units sold, up 13% from 48,272 units in 2024
- Chennai: 24,892 units, up 55% from 16,044 units
- Hyderabad: 54,271 units, up 6% from 51,337 units
The growth in these cities was driven by enhanced housing supply, robust demand, and infrastructure-led developments, making them the key outperformers in the otherwise subdued national market.
Quarterly Trends in 2025
In Q4 2025, housing sales contracted by 10% YoY and 0.5% QoQ to 95,049 units, marking the lowest quarterly sales since Q2 2023. This moderation reflects a re-timing of demand, as buyers postponed purchases to evaluate options, rather than a fundamental market slowdown.
Quarterly sales for 2025 gradually declined from 98,095 units in Q1 to 95,049 units in Q4, indicating a steady, measured adjustment rather than abrupt market weakness.
Housing Supply and Pricing Trends
Total new supply across the top eight cities fell 6% to 3,61,096 units in 2025, the lowest annual supply since 2021. However, Q4 2025 supply slightly increased by 4% YoY to 92,007 units, showing developers’ cautious approach to balancing inventory.
Despite softer sales, residential prices continued to rise due to limited ready inventory, rising construction costs, and calibrated supply additions. Developers largely avoided aggressive discounting, maintaining pricing discipline across all major cities.
Also Read: Pune Real Estate 2025: Registrations Dip 2.3%, Stamp Duty Hits ₹7,119 Cr
City-wise Insights
- Southern Cities: Bengaluru, Hyderabad, and Chennai sustained growth, supported by strong infrastructure, expanding micro-markets, and buyer confidence.
- Mumbai & Delhi-NCR: Sales moderated as buyers became selective, reflecting a pause in high-volume transactions.
- Pune: Observed softer sales, aligning with broader national trends.
- Emerging Markets: Smaller micro-markets continued to witness selective demand, particularly for affordable and mid-segment housing.
Developers are increasingly focusing on city-specific strategies rather than uniform nationwide approaches, tailoring offerings to local affordability, infrastructure, and demand patterns.
Expert Commentary and Market Outlook
Experts view 2025 as a year of recalibration, not of demand destruction. The market is gradually transitioning to a mature, execution-led phase, where growth in 2026 is expected to be driven by:
- Affordability-focused housing
- Infrastructure-linked micro-markets
- City-specific demand fundamentals
“Growth will now be guided by local conditions and execution capabilities rather than broad-based acceleration,” said Onkar Shetye.
Southern cities are likely to sustain their momentum into 2026, while developers across metros are expected to maintain disciplined supply, ensuring prices remain stable and inventory stress is avoided.
Conclusion
In summary, while housing sales dip in 2025 across most top Indian cities, Bengaluru, Hyderabad, and Chennai bucked the trend with strong sales growth.
- Buyers were deliberate, and developers maintained supply discipline
- Prices remained resilient despite a decline in total transactions
- City-specific strategies and infrastructure-led growth drove southern markets
- The market is entering a more mature, execution-focused phase, with growth expected to be localized and sustainable in 2026
As the residential sector moves forward, developers, investors, and buyers will need to align strategies with evolving city-level demand patterns, ensuring stability and long-term growth.
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Ans 1. Housing sales across India’s top eight cities fell by 12% in 2025, with 3,86,365 units sold compared to 4,36,992 units in 2024. Experts say this was a phase of recalibration rather than a demand slump. Buyers were more selective, and developers managed supply cautiously, preventing inventory overhang and supporting price stability despite lower transaction volumes.
Ans 2. Southern metros Bengaluru, Hyderabad, and Chennai showed strong growth. Together, they recorded 1.33 lakh units sold, up 15.5% from 2024. Bengaluru sold 54,414 units (+13%), Chennai 24,892 units (+55%), and Hyderabad 54,271 units (+6%). Growth was driven by robust infrastructure, increasing housing supply, and rising buyer confidence.
Ans 3. Total new housing supply across the top eight cities fell 6% to 3,61,096 units, the lowest annual supply since 2021. However, Q4 2025 supply rose slightly by 4% YoY to 92,007 units, showing that developers were cautiously adding inventory to balance demand and avoid oversupply.
Ans 4. No. Despite softer sales, residential prices continued to rise due to limited ready inventory, increasing construction costs, and disciplined supply additions by developers. Aggressive discounting was largely avoided, keeping prices stable across all major cities.
Ans 5. Quarterly sales gradually declined from 98,095 units in Q1 to 95,049 units in Q4, a 10% YoY and 0.5% QoQ drop in the last quarter. This reflects buyers postponing purchases to evaluate options rather than a structural market slowdown, indicating a measured adjustment.
Ans 6. Developers are tailoring offerings to local affordability, infrastructure, and demand patterns instead of applying uniform strategies nationwide. This approach ensures that inventory meets genuine demand, prices remain stable, and projects align with each city’s growth drivers.
Ans 7. Experts expect growth in 2026 to be driven by city-specific demand fundamentals, affordable housing, and infrastructure-linked micro-markets. Southern cities are likely to continue outperforming, while metros are expected to maintain disciplined supply, ensuring price stability and sustainable, execution-led growth.
Ans 8. The dip in housing sales reflects a market transition to a mature, execution-focused phase. Buyers are more deliberate, developers are supply-disciplined, and growth is becoming localized. This trend signals long-term stability and more sustainable development rather than short-term demand loss.