India’s residential real estate market witnessed a 14% year-on-year decline in housing sales in 2025 across the top seven cities, even as the overall sales value increased, according to a report by ANAROCK Research & Advisory.
Total housing sales in the top cities fell to 395,625 units in 2025, compared to 459,645 units in 2024. The decline was observed across most major markets, reflecting the impact of higher property prices, layoffs in the IT sector, geopolitical uncertainties, and cautious buyer sentiment.
Among individual cities, MMR (Mumbai Metropolitan Region) recorded one of the steepest declines, with sales dropping from 155,335 units in 2024 to 127,875 units in 2025, a year-on-year fall of 18%. Pune saw sales decline by 20%, while Hyderabad registered the sharpest drop at 23%. Bengaluru experienced a relatively moderate decline of 5%, with sales reducing from 65,225 units to 62,205 units.
In contrast, Chennai stood out as the only city to post growth, with sales rising 15% year-on-year, while Kolkata saw a 12% decline.
Despite lower unit sales, the total value of homes sold increased by 6% in 2025, crossing ₹6 lakh crore, up from nearly ₹5.68 lakh crore in 2024. This growth was driven by higher ticket sizes, sustained demand for premium and luxury housing, and steady price appreciation across key micro-markets.
On the supply side, new housing launches remained largely stable, rising marginally by 2% year-on-year to 419,170 units in 2025, compared to 412,520 units in 2024. Chennai and Kolkata recorded strong growth in new launches, while Hyderabad saw a sharp contraction of 26%. Bengaluru and Pune reported moderate increases in fresh supply.
The report indicates that while affordability pressures have impacted volumes, developer confidence remains intact, supported by stable launches and continued interest in mid-to-premium housing segments. The divergence between sales volumes and value highlights a market transitioning toward higher-priced, end-user-driven demand rather than speculative buying.
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