Housing Sales Fall 9% in Q3 2025, But Market Value Rises on Luxury Demand

New Delhi, September 25 – Sales of housing in India’s prime seven cities fell 9 percent annually during the July–September quarter of 2025 as total transactions were estimated at 97,080 units against 1,07,060 units last year. While volumes declined, the overall worth of the market increased by 14 percent to ₹1.52 lakh crore due to rising appetite for high-end properties and increasing prices, as per Anarock’s data.

Premium Homes Cushioning Market

While the overall sales were down, consumers displayed a definite inclination for luxury and high-end homes, especially those in the range above ₹1.5 crore. This trend combined with a near 9 percent average increase in the price of residential properties in major cities pushed overall market value up. NCR witnessed the highest year-on-year growth of 24 percent. Anarock Chairman Anuj Puri expressed that sales continued to outstrip new launches in numerous cities, reflecting robust underlying demand despite growing affordability issues.

City-Wise Performance

The Mumbai Metropolitan Area (MMR) topped the nation in sales volumes, albeit activity dipped 16 percent to 30,260 units, from 36,195 units during the previous year. Pune saw 16,620 units sold, down 13 percent from 19,045 units. Delhi-NCR saw an 11 percent dip to 13,920 units, against 15,570 units in Q3 2024.

Among the southern metros, Bengaluru experienced a modest 1% decline, with sales at 14,835 units compared to 15,025 units last year. Hyderabad saw a sharper drop of 11%, with 11,305 units sold versus 12,735 units previously. Chennai, in contrast, recorded a robust 33% increase, reaching 6,010 units from 4,510 units last year. Kolkata also showed growth, with sales rising 4% to 4,130 units from 3,980 units in the previous year

Quarter-on-Quarter Comparison

Housing demand showed a mild improvement in sequence. Q3 2025 sales reached 97,080 units, slightly up from 96,300 units in Q2 2025, marking a 1% increase. More notably, the transaction value rose from ₹1.47 lakh crore in Q2 to ₹1.52 lakh crore in Q3, an increase of nearly 3%. Inventory across the top seven cities also tightened further, reflecting steady absorption even amid higher prices.

Forecast for the Housing Market

The divergence across markets highlights shifting dynamics—while key hubs such as MMR, Pune, NCR, and Hyderabad recorded notable slowdowns, Chennai and Kolkata defied the trend with healthy growth, led especially by Chennai’s double-digit surge. Analysts expect the luxury and premium segments to continue driving value growth in the near term, while the affordable housing space may remain under pressure due to rising costs and weakening affordability.

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