Mumbai, October 07, 2025 — India’s residential real estate market maintained steady growth in the third quarter of 2025, driven by strong demand for premium homes. According to Knight Frank India’s quarterly update, 87,603 housing units were sold across the top eight cities in Q3 2025 — a 1% year-on-year (YoY) increase, defying expectations of a slowdown.

Supply remained stable, with 88,655 new units launched, a marginal 2% YoY decline. Price growth persisted across all markets, underpinned by easing inflation, improved liquidity, and supportive macroeconomic conditions.

Inflation cooled to 2.07% in August 2025, down from 3.65% a year ago. The RBI’s FY 2026 GDP forecast was raised to 6.8%, and the repo rate stood 100 bps lower than end-2024 — factors that bolstered end-user confidence and homebuying sentiment.

City-wise Residential Sales Performance — Q3 2025

Mumbai led with 24,706 units sold, contributing 28% of total sales. Chennai stood out with 12% YoY growth, its highest post-pandemic performance. NCR and Bengaluru maintained steady volumes, while Pune was the only laggard with an 8% decline.

Premium Housing Emerges as Growth Driver

Premium housing continued its upward trajectory, marking a structural shift in buyer demand. Units priced below ₹1 crore saw their share of sales decline to 48% in Q3 2025 from 54% a year earlier. In contrast, sales of homes priced over ₹1 crore rose to 52%, growing 15% YoY.

The ₹1–2 crore segment accounted for 28% of total sales, making it the largest by volume. Ultra-luxury categories like ₹10–20 crore recorded a 170% surge YoY, albeit on a lower base.

Ticket-Size Segment Sales — Q3 2025

Gulam Zia, Senior Executive Director – Valuation, Advisory and Research, Knight Frank India, observed that premium housing has “decisively taken centre stage,” reflecting changing urban aspirations for larger, better-quality homes.

New Launches See Mixed Trends

New residential launches across the top eight markets dipped slightly by 2% YoY to 88,655 units. Growth was led by Chennai (+44%) and Bengaluru (+28%), while Mumbai and NCR saw sharp declines of 19% each, weighing on overall supply.

Price Growth Remains Broad-Based

Average residential prices rose across all markets in Q3 2025, led by NCR (+19%), followed by Bengaluru (+15%) and Hyderabad (+13%). Even with moderate sales growth, robust price appreciation points to sustained demand and limited immediate supply pressures.

Inventory Health Stays Stable

The Quarters to Sell (QTS) — a key indicator of market health — remained stable at 5.8 quarters, equivalent to less than 18 months of inventory. Unsold inventory rose 4% YoY to 506,400 units, but stable sales velocity over the past eight quarters indicates healthy absorption.

Notably, unsold inventory in higher ticket-size segments (above ₹2 crore) has risen faster than in the affordable categories, particularly in the ₹20–50 crore range where QTS stretched to 14.4 quarters, indicating slower absorption in ultra-luxury homes.

Market Outlook: Plateau Phase Likely Ahead

Shishir Baijal, Chairman & Managing Director, Knight Frank India, noted that India’s housing market is now in its fifth year of an upcycle, and the YoY growth rates are beginning to rationalise. He indicated the market may be entering a prolonged plateau phase, supported by stable macroeconomic conditions and evolving buyer preferences.

Financing innovations, subvention schemes, and fiscal incentives continue to channel demand toward higher-value segments, ensuring resilience even amid geopolitical uncertainties.

Also Read: Home Sales Up By 12% In India.

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Among the top seven cities, Noida’s Sector-150 saw the highest jump in capital values, surging by 128%, while rental values in the area increased by 66%. Similar trends were observed in major cities like Hyderabad, Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR), where home prices rose faster than rental values.

Top Markets Where Home Prices Outpaced Rent Growth

• Noida (Sector-150): Capital values soared by 128%, while rental values rose by 66%.
• NCR (Sohna Road): Property prices increased by 59%, with rental growth at 47%.
• Mumbai (Chembur & Mulund): Capital values rose by 48% and 43%, respectively, while rental appreciation was lower at 42% and 29%.
• Hyderabad (HITECH City & Gachibowli): Capital values increased by 62% and 78%, compared to rental growth of 54% and 62%, respectively.
• Bengaluru (Thanisandra Main Road): Home prices climbed by 67%, while rental values grew 62%.

Where Rents Rose Faster Than Home Prices

In contrast, cities like Pune, Kolkata, and Chennai saw rental values increase more than property prices.

• Pune (Hinjewadi & Wagholi): Rental values grew 57% and 65%, while capital appreciation was 37% in both areas.
• Kolkata (EM Bypass & Rajarhat): Rents increased by 51% and 37%, while property values appreciated by 19% and 32%.
• Chennai (Pallavaram & Perambur): Rental growth outpaced capital value growth by 44% vs. 21% and 36% vs. 23%, respectively.

What This Means for Homebuyers and Investors

The report highlights that investors looking for long-term property appreciation should focus on cities where capital values are rising faster. Meanwhile, those prioritizing rental income should consider markets where rental values are growing steadily.

“More than ever, investors must align their strategy with specific locations,” says Anuj Puri, Chairman – ANAROCK Group. “Those looking for long-term capital appreciation can target markets with high appreciation, while rental-focused investors should focus on areas where rents are rising consistently.”

This trend underscores a key decision for homebuyers—whether to buy or rent—based on how property prices and rental values are evolving in their preferred locations.

SFI Analysis

The latest ANAROCK data reveals a clear trend: in key Indian cities, home prices are rising faster than rental values, making ownership more lucrative in select markets. Noida’s Sector-150 saw a massive 128% increase in capital values, while Hyderabad, NCR, and MMR also witnessed strong property price growth. In contrast, cities like Pune, Kolkata, and Chennai experienced higher rental appreciation than capital growth. This divergence suggests that investors should focus on capital growth markets, while rental-focused buyers should target cities where rents are rising steadily. The data underscores the importance of location-specific investment strategies for homebuyers and investors alike.

Also Read: Rising property prices have boosted present homeowners’ home equity

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This surge reflects growing consumer confidence in newly launched properties, as homebuyers prioritize affordability and potential returns over ready-to-move-in (RTMI) homes. The trend has been steadily rising over the past five years:

• 2020: Of 1.38 lakh units sold, 28% were fresh launches.
• 2021: 34% of 2.37 lakh sold units were newly launched.
• 2022: 36% of 3.65 lakh sold units were from new launches.
• 2023: 40% of 4.77 lakh sold units were newly launched.

Bengaluru & Chennai Lead in New Launch Absorption

Among the top seven cities, Bengaluru and Chennai recorded the highest share of new supply absorption in 2024, with 53% each. Of approximately 65,230 units sold in Bengaluru, 53% were newly launched, while in Chennai, 53% of 19,220 sold units were from new launches.

NCR also saw a significant rise in new launch absorption, with over 44% of 61,900 units sold in 2024 coming from projects launched in the same year. This marks a sharp increase from just 22% of newly launched homes sold in 2019. The shift highlights a growing preference among NCR homebuyers for fresh supply, backed by financially strong developers and improved regulatory oversight post-RERA.

Investors Shift Focus to Southern Cities

Investor sentiment is also fueling the demand for fresh launches, particularly in Bengaluru, Hyderabad, and Chennai. These cities have seen a notable rise in new launch sales share, indicating increasing investor interest in properties at lower entry points.

Unlike previous years, developers are now focusing on launching projects that align with market demand, offering prime locations, optimal unit sizes, and desirable configurations. This has driven large and listed developers to actively acquire land for new residential developments. In 2024 alone, ANAROCK reported 133 land deals covering 2,515 acres, with 1,948 acres dedicated to residential projects.

City-Wise Absorption Trends

Kolkata recorded the lowest share of fresh supply absorption at 31% of approximately 18,330 units sold in 2024. However, this was still an improvement from 23% in 2019, indicating a gradual increase in new project demand.

Conclusion

The rise in new launch sales across India’s top cities signals a transformative shift in homebuyer behavior. With the dominance of reputed developers, improved market transparency, and favorable pricing in fresh launches, new projects are gaining unprecedented traction. As the demand for residential real estate continues to evolve, the preference for newly launched homes over RTMI properties is expected to remain strong, shaping the future of India’s housing market in the years ahead.

Also Read: Bhushan Kumar Of T-Series Paid Rs 167 Crore For Juhu Bungalow

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Despite a slight decline in overall unit sales by 3%, the total sales value has surged by 18%, underscoring a growing demand for luxury homes. In H1 FY2025, approximately 2,27,400 units worth INR 2.79 lakh crore were sold, compared to 2,35,200 units valued at INR 2.36 lakh crore in H1 FY2024.

NCR Leads the Growth

The National Capital Region (NCR) saw the highest growth in average ticket size, up by 56%, from INR 93 lakh in H1 FY2024 to over INR 1.45 crore in H1 FY2025. In this period, NCR sold 32,120 units worth INR 46,611 crore, compared to 32,315 units worth INR 30,154 crore in the previous year. While the number of units sold remained almost the same, the sales value saw a sharp 55% increase.

Steady Growth Across Other Cities

Bengaluru witnessed a 44% jump in average ticket size, from INR 84 lakh in H1 FY2024 to INR 1.21 crore in H1 FY2025. The city saw approximately 31,381 units sold, with a total sales value of INR 37,863 crore, compared to 31,440 units worth INR 26,274 crore in the same period last year.

Hyderabad also saw a significant rise, with the average ticket size increasing by 37% from INR 84 lakh to INR 1.15 crore. The city’s total sales value rose from INR 25,059 crore in H1 FY2024 to INR 31,993 crore in H1 FY2025, although unit sales slightly dropped from 29,940 to 27,820 units.

Chennai and Pune also experienced growth, with average ticket sizes rising by 31% and 29%, respectively. In Chennai, the average price increased from INR 72 lakh to INR 95 lakh, while in Pune, it rose from INR 66 lakh to INR 85 lakh. Both cities saw a dip in the number of units sold, but the sales value remained higher compared to the previous year.

Mumbai Remains Stable

Mumbai, which traditionally sees some of the highest property prices, reported no change in the average ticket size, which remained steady at INR 1.47 crore. The city saw an increase in sales value, from INR 1.12 lakh crore in H1 FY2024 to INR 1.14 lakh crore in H1 FY2025, with unit sales growing marginally from 76,410 to 77,735 units.

Kolkata Sees a Dip in Sales

In contrast to other cities, Kolkata experienced a modest 16% rise in the average ticket size, from INR 53 lakh to INR 61 lakh. However, the number of units sold fell sharply from 11,095 to 8,620, and the total sales value decreased from INR 5,851 crore to INR 5,265 crore.

Conclusion: A Shift Toward Luxury Homes

ANAROCK’s Chairman, Anuj Puri, commented, “The trend toward luxury homes continues to dominate the market, as evident from the rising ticket sizes across major cities. While the overall number of units sold has seen a slight dip, the total sales value has reached new heights, driven by the growing demand for high-end residential properties.”

The data highlights a continuing shift in India’s real estate market toward larger and more expensive homes, driven by post-pandemic demand and an increasingly affluent buyer base. As cities continue to recover from the pandemic’s impact, the luxury housing segment is poised for sustained growth.

Also Read: Lifestyle Amenities Redefine Luxury in Delhi-NCR’s Real Estate Market

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The initial portfolio for the joint venture includes two large-scale facilities located in Gurgaon, Haryana, within the National Capital Region (NCR). Covering a total area of 29 hectares, these projects offer an effective area of 179,000 square meters and are designed to support various industries, including manufacturing and e-commerce.

These facilities, developed by Pragati Warehousing—a subsidiary of Logicap—have been fully occupied since their completion in 2021 and 2022, indicating strong demand for high-quality logistics infrastructure. Their strategic location provides direct access to major highways and industrial centers, which is crucial for meeting India’s supply chain needs.

Logicap operates Pragati Warehousing, known for its extensive experience in developing logistics facilities. The company has previously developed over 12 million square feet of Grade-A warehouses.

Col Jitender Yadav, Founder of Pragati Warehousing, emphasized the importance of this collaboration in creating facilities that meet global standards and address the current and future infrastructure challenges in India.

The joint venture aims to enhance India’s logistics capacity by offering environmentally certified facilities that align with international requirements. Both companies are committed to creating a network of high-quality assets that will contribute to the country’s economic growth.

Priyank Shah, Head of Fund Management at Logicap Management, expressed enthusiasm for partnering with MEC and highlighted plans to expand their portfolio by acquiring and building an additional 15 million square feet of logistics capacity in the coming year.

India’s industrial and logistics sector is poised for growth, fueled by economic expansion and increasing demand for efficient infrastructure. By 2025, India is expected to emerge as the world’s fourth-largest consumer market, further driving the need for scalable logistics solutions.

As regions like Chennai and Pune develop under the “Make in India” initiative, demand for modern industrial facilities is expected to rise. The joint venture aims to capitalize on these opportunities, with a focus on sustainability and innovative design. Both facilities in the NCR have achieved LEED Gold and Indian Green Building Council Gold certifications, reflecting their commitment to minimizing environmental impact.

Also Read: India’s Logistics and Industrial Sector Shows Robust Growth in H1 2024

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According to the report, average residential rentals across these cities have surged by as much as 72% between the end of 2021 and the first half of 2024, while capital values have experienced lower growth rates. Notably, in Bengaluru, Sarjapur Road witnessed a staggering 67% increase in average monthly rentals, compared to a 54% rise in capital values. Similarly, Pune’s Hinjewadi saw rental values climb by 52%, whereas capital values rose just 31%.

Conversely, in regions like the National Capital Region (NCR), Mumbai Metropolitan Region (MMR), and Hyderabad, capital values have outpaced rental growth. For instance, Sohna Road in NCR saw rental values increase by 40% while capital values jumped 54%. In Hyderabad’s HITECH City, rental growth was 46%, but capital appreciation reached 59%.

Dr. Prashant Thakur, Regional Director and Head of Research at ANAROCK Group, stated, “The analysis shows a clear divergence in rental and capital growth trends across various cities. While Bengaluru, Pune, Kolkata, and Chennai are witnessing stronger rental growth, markets in NCR, MMR, and Hyderabad are seeing capital values appreciate more significantly.”

Key Findings

• Bengaluru’s Sarjapur Road: Rentals rose by 67%, capital values by 54%.
• Pune’s Hinjewadi: Rentals increased by 52%, while capital values went up by only 31%.
• NCR’s Sohna Road: Rentals grew by 40%, capital values by 54%.
• Hyderabad’s HITECH City: Rentals increased by 46%, but capital values appreciated by 59%.

Dr. Thakur emphasized that while these data points are crucial in guiding decisions between renting and buying, they represent just one aspect of a multifaceted evaluation. Factors such as job stability, financial situation, lifestyle preferences, and long-term plans significantly influence individual choices.

For example, a potential homebuyer in Bengaluru considering a standard 2 BHK worth INR 1.2 crore with a monthly rent of INR 50,000 faces a dilemma. If they opt to rent, they could end up paying nearly INR 83 lakh over ten years, which is a substantial cost without any asset ownership.

In contrast, purchasing the property with a 20% down payment financed through a home loan could lead to long-term financial benefits, including asset ownership and various tax deductions.

The desire for homeownership has gained momentum, particularly following the COVID-19 pandemic, as many view property ownership as a safeguard against economic uncertainty. Current home loan interest rates, averaging between 8.75% and 9.5%, further support this trend.

As individuals weigh their options, the decision to rent or buy remains deeply personal and contextual, influenced by market conditions and individual circumstances. Dr. Thakur concludes, “Understanding personal preferences and the local market dynamics is essential when navigating the rent versus buy conundrum.”

Also Read: Rents Rise by 2.6% QoQ Across 13 Key Indian Cities; Ahmedabad, Pune, and Kolkata Lead in Rental Yields: Magicbricks Report

The post Rent vs. Buy: Analysis of Residential Trends in India’s Top 7 Cities appeared first on Square Feat India.

Regional Insights

Mumbai and Pune dominated the warehousing and logistics sector in H1 2024, collectively accounting for 63% of the total absorption. Mumbai’s share surged from 25% in H1 2023 to 41% in H1 2024, driven by heightened demand for grade-A warehouses in areas such as Bhiwandi, Panvel, Uran, Taloja, and Ambernath. In contrast, NCR’s share plummeted from 31% to just 6%, reflecting a significant drop in activity. Chennai, however, experienced a remarkable 191% increase in absorption, reaching 1.5 million square feet due to the low base effect from the previous year.

City-Wise Absorption Data

Sector-wise Absorption Trends

Third-party logistics (3PL) companies led the absorption with a 39% share in H1 2024, up from 26% in the previous year. The engineering & manufacturing sector also saw its share increase to 22% from 16%, while the automobile and auto components sector grew to 9% from 4%.

Investment Highlights

The warehousing and logistics sector attracted USD 1.6 billion in investments during H1 2024, representing 42% of the total institutional investments in real estate. This investment amount equals one-third of the total institutional investment received over the past four years and marks a 4.5-fold increase compared to H1 2023.

Key deals included:

• USD 1.5 billion investment by KKR and Abu Dhabi Investment Authority (ADIA) in Reliance Retail Ventures’ warehousing assets, accounting for 96% of the sector’s total investment.
• CapitaLand India Trust (CLINT) signed a forward purchase agreement with Casa Grande Group for three industrial facilities at OneHub Chennai, valued at approximately USD 32.3 million.
• Goa Investment Promotion and Facilitation Board (Goa-IPB) signed a MoU with TVS Industrial and Logistical Parks (TVS ILP) for developing a grade-A warehousing and logistics park in Verna Industrial Estate with an investment of USD 15.6 million.

Rental Trends

Weighted average rentals slightly declined by 3% to INR 21.6 per square foot per month in H1 2024. Bengaluru saw the highest rental decline of 8%, while Hyderabad experienced a 7% decrease. Conversely, Pune’s rentals surged by 30% to INR 27.1 per square foot per month, and Chennai saw a 22% increase.

Conclusion

The warehousing and logistics sector continues to show strong growth, with significant investments and notable shifts in regional and sectoral absorptions. Despite a decrease in overall absorption compared to the previous half-year, the sector remains dynamic with increased investment and evolving rental trends.

Also Read: Industrial & warehousing demand remains healthy with about 13 mn sq ft of leasing in H1 2024

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In terms of cities, Delhi-NCR emerged as the top destination for private equity investments in Q2, attracting USD 532 million and capturing 19% of the total share of investments. This marks a significant 74% year-on-year increase. 

The city maintained its lead in H1 as well, securing ~USD 633 million of inflows, or 16% share of the record USD 3.9 billion investment in the sector. The surge in investments in Delhi has been primarily driven by the office segment, with major equity buyouts by prominent fund houses. Residential sector in the city has also seen continued interest specially in the high-end and luxury segment.

Delhi was followed by Bengaluru with 13% (USD 509 million) and Hyderabad with 8% (USD 320 million) in investment share for H1. Multi-city deals accounted for the remaining 48% (USD 1,862 million) of the investments, reflecting a diversified investment strategy across various regions.

In terms of sectors, the surge in investments this quarter was dominated by the Logistics & Industrial (L&I) sector, which captured 56% of the total investments (1,542 USD million) and maintained its leading position with 41% of the total H1 inflows. The office sector followed closely for both Q2 and H1 with USD 924 million investments in Q2 and USD 1,196 million in H1. Residential came third with USD 309 million investments in Q2 and USD 1,002 million in H1.

Foreign investors played a crucial role, contributing 76.3% of the total investment volume in Q2 2024, with a significant portion of these investments directed towards L&I sector. Deals involving a combination of equity and structured debt constituted 62% of the total inflows, while pure equity infusion deals made up 25%.

On the macro economic side, the manufacturing sector grew by 9.9% year-on-year, and the tertiary sector grew by 7.6% annually. GST collections for June 2024 rose by 8% year-on-year, indicating robust domestic transaction volumes.

Somy Thomas, Managing Director, Valuation & Advisory and Capital Markets, Cushman & Wakefield said, “USD 3.9 billion of private equity inflows during the first half of 2024, already surpassing 70% of last year’s total, highlights the remarkable growth and investor confidence in India’s real estate market. This surge is primarily driven by infrastructure-related sectors like logistics and industrial, fueled by significant public investments in multi-modal economic corridors. Additionally, strong demand for office and residential spaces further solidifies the market’s appeal. With continued positive momentum, we anticipate a buoyant year for private equity investments in the commercial real estate sector, potentially exceeding initial expectations.”

Also Read: New Frontier in Real Estate Investment: Unlocking the Potential through Fractional Ownership

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Dr. Prashant Thakur, Regional Director & Head – Research & Advisory, ANAROCK Group, states that from across cities, Bengaluru topped in the number of land deals. “The city saw 9 separate deals for approx. 114 acres closed in Q2 2024. All deals are proposed for residential developments. Gurugram followed, remaining a hot market for land deals in Q2 2024. As many as 7 deals for over 77.5 acres were closed here in this period for residential development and agriculture.”

Of the total land deals closed in Q2 2024 (Apr.-June), over 17 for 163+ acres have been proposed for residential developments. Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail saw one deal each.

“While Bengaluru continues to be a hotbed for residential development, Gurugram has also upped its game,” says Dr. Thakur. “Demand has been soaring here in the last couple of years, and developers are able to sell units in new projects very quickly post launch. Mumbai, which topped in land deals in the previous quarters, saw just 2 land deals closed in Q2 2024 – one for industrial purposes and the other for retail development.”

Source: ANAROCK Research

Land Deals in H1 2024

On the other hand, land deals data trends for the first half of 2024 are more upbeat. As many as 54 deals for 1,045+ acres were closed in the period across the country. In contrast, approx. 46 deals for 950+ acres were closed in the corresponding period last year (H1 2023).

• Bengaluru and Gurugram closed maximum deals (15 each) for approx. 216 acres and 162 acres, respectively in H1 2024.
• Mumbai saw 5 land deals for approx. 34 acres in the first half this year.
• Hyderabad and Chennai each closed 3 deals for approx. 63.5 acres and 48 acres, respectively.
• Pune, Ahmedabad, Noida & Thane collectively closed 2 land deals each for approx. 103 acres.
• Ghaziabad and Delhi closed one deal each for approx. 62.5 acres and 5 acres, respectively.
• Ayodhya, Jaipur, and Surat saw one deal each closed in H1 2024 for approx. 353 acres collectively.

Also Read: Acquisition of 12.75-acre land parcel in Thane

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 To say that India’s two leading realty hotspots NCR and MMR (Mumbai Metropolitan Region) have seen off-the-charts housing market activity in the last five years is an understatement. Record-breaking sales have caused unsold inventory to decline and average residential prices to soar by 49% in this period.

“Latest ANAROCK Research data finds that NCR recorded a 49% five-yearly jump in average residential prices between H1 2019 and H1 2024 – from INR 4,565 per sq. ft. to INR 6,800 per sq. ft.,” says Anuj Puri, Chairman – ANAROCK Group. “In MMR, average residential prices appreciated 48% in the period – from INR 10,610 per sq. ft. in H1 2019 to INR 15,650 per sq. ft. in H1 2024.”

Source: ANAROCK Research

The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales. Prices in both regions had maintained status quo from late 2016 to 2019. Just when these two markets were beginning to see green revival shoots, the pandemic struck.

The COVID-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies; but with demand heading north, they gradually increased average prices. Strong sales helped unsold inventory to decline in the period, especially in NCR.

“Paradoxically, the pandemic was an undisguised blessing for the National Capital Region,” says Puri. “Once infamous for high unsold inventory fed by speculative demand and supply, the region has seen a sharp decline of over 52% in its unsold stock in the last five years – from approx. 1.82 lakh units at H1 2019-end to approx. 86,900 units by H1 2024-end. Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.”

Conscious curtailment of fresh supply was a major factor that helped the region to clear its stock. ANAROCK data indicates that only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.

Meanwhile, MMR’s current available stock is at approx. 1.95 lakh units. In the last five years, the region has seen a 13% decline in its unsold stock – largely on account of substantial new launches to meet resurgent demand. MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024 – thrice the new supply in NCR in this period. The inventory overhang in the region came down 14 months as of H1 2024-end from 34 months back in H1 2019-end.

Also Read: Prices of under-construction projects increase 15.2% QoQ across top 13 cities

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