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Housing sales across India’s top seven cities declined by 9 per cent year-on-year during the July--September quarter of 2025, as affordability pressures, high prices, and geopolitical headwinds weighed on demand. 

However, total sales value during the same period surged 14 per cent to Rs 1.52 lakh crore, driven largely by robust transactions in the luxury and ultra-luxury housing segments, according to data by ANAROCK Research & Advisory.

Around 97,080 units were sold in Q3 2025 across the top cities, compared with over 1.07 lakh units in Q3 2024. Despite the dip in volumes, the overall sales value rose from Rs 1.33 lakh crore to Rs 1.52 lakh crore. “Sales continued to outstrip new supply in the quarter, reflecting continued market health,” said Anuj Puri, chairman, ANAROCK Group.

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“The impact, if any, of the new H1-B visa norms announced by the US on the Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years,” Puri added.

Also Read: Housing sales rise 23% YoY in August; affordability concerns remain: Nuvama  

Among cities, the Mumbai Metropolitan Region (MMR) recorded the highest sales with nearly 30,260 units, followed by Pune at 16,620 units. Together, the two western cities accounted for 48 per cent of total sales. While most top cities reported annual declines, Chennai and Kolkata bucked the trend with yearly growth of 33 per cent and 4 per cent, respectively.

Also Read: Housing sales drop 9% across 9 major cities to 4.71 lakh units in 2024: PropEquity

New launches rose marginally by 3 per cent year-on-year to 96,690 units. MMR topped new supply with 29,565 units, followed by Pune with 19,375 units. Interestingly, Pune, Kolkata and Chennai saw sharp annual increases in fresh launches. In terms of budget segments, luxury housing priced above Rs 1.5 crore contributed the largest share at 38 per cent, while the affordable category accounted for just 16 per cent.

Average residential prices across the seven cities rose 9 per cent annually in Q3 2025. The National Capital Region (NCR) led the surge with a 24 per cent rise, while Bengaluru saw a 10 per cent increase. Other cities reported single-digit price growth.

Unsold inventory across the top cities declined marginally to 5.61 lakh units in Q3 2025 from 5.64 lakh units a year earlier. Despite the monsoon season and the traditionally weak ‘shraad’ period, sales inched up 1 per cent sequentially from Q2 2025.

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