📊 Key Highlights (Q3 2025 vs Q3 2024):
- 97,080 homes sold across top 7 cities, down 9% YoY
- But total sales value up 14% – from ₹1.33 lakh Cr to ₹1.52 lakh Cr, driven by luxury homes
- MMR & Pune lead sales with ~30,260 and ~16,620 units, accounting for 48% of all sales
- New launches up 3% YoY at ~96,690 units – MMR & Pune together added half of them
- Luxury homes (>₹1.5 Cr) form 38% of new supply; affordable housing lowest at 16%
- Unsold inventory almost flat at ~5.61 lakh units
- Average home prices rise 9% YoY – with NCR seeing the sharpest hike of 24%
India’s housing market showed a curious divergence in the July–September quarter (Q3 2025): while fewer homes were sold compared to last year, the total value of sales rose sharply, reflecting the rising influence of luxury and premium housing.
According to ANAROCK Research, around 97,080 homes were sold across the top 7 cities in Q3 2025, marking a 9% decline from the 1.07 lakh units sold in the same period last year. Yet, the total sales value jumped 14%, climbing from about ₹1.33 lakh crore in Q3 2024 to ₹1.52 lakh crore in Q3 2025.
“This quarter highlights a clear trend,” said Anuj Puri, Chairman – ANAROCK Group. “While sales volumes moderated, the value of transactions rose because more buyers are opting for premium and luxury homes. This shift underscores the depth and diversity of demand, particularly in markets like Mumbai and Pune, which continue to dominate sales despite affordability challenges.”
Western India Leads in Sales
Among the major cities, the Mumbai Metropolitan Region (MMR) retained its top spot, recording sales of approximately 30,260 units, although this represented a 16% year-on-year dip. Pune came next with 16,620 units, down 13% annually but still showing an 8% increase from the previous quarter, suggesting resilient buyer interest.
Together, MMR and Pune accounted for nearly half (48%) of all sales across the top 7 cities. Other key markets like the NCR (13,920 units), Bengaluru (14,835 units), and Hyderabad (11,305 units) also posted declines compared to last year, while Chennai (+33% YoY) and Kolkata (+4% YoY) bucked the trend with healthy annual growth.
New Launches Edge Higher
Developers responded with caution, adding about 96,690 new units in Q3 2025 – a 3% increase over last year, but slightly lower than the previous quarter. MMR (29,565 units) and Pune (19,375 units) led the supply pipeline, with Pune notably recording a 56% annual surge in new launches, concentrated in the mid to upper-mid segments (₹40 lakh – ₹1.5 crore).
Meanwhile, Hyderabad (-38% YoY) and NCR (-11% YoY) saw significant declines in new supply, though much of the limited stock in these markets was skewed towards luxury homes.
Across the board, luxury housing (>₹1.5 crore) made up the largest share of new launches at 38%, while affordable housing (<₹40 lakh) had the smallest share at just 16%.
Prices Continue to Climb
Despite slower sales, prices maintained their upward momentum. Average residential prices across the top 7 cities rose 9% year-on-year, reaching ₹9,105 per sq. ft. in Q3 2025 from ₹8,390 in Q3 2024.
The National Capital Region (NCR) posted the sharpest increase at 24%, followed by Bengaluru (10%), while other metros recorded single-digit growth. On a quarterly basis, however, prices grew just 1%, indicating some cooling compared to the double-digit surges of recent years.
Unsold Inventory Stable
Unsold housing stock saw only a marginal decline, standing at 5.61 lakh units at the end of Q3 2025 compared to 5.64 lakh units a year earlier. With sales still outpacing new launches in most cities, the overall demand-supply balance remains relatively healthy.
What This Means for Buyers
For end-users, the message is mixed: while fewer homes are being sold, prices continue to edge higher, especially in premium locations. The festive season ahead could bring some relief as developers launch new projects and announce schemes to attract buyers.
“The festive quarter will be crucial,” Puri added. “Developers have lined up several launches, and if demand holds steady, we could see momentum pick up again despite the broader economic headwinds.”
Also Read: Mumbai Sees A Decline Of 3% In Home Prices.
