Housing sales in the top seven Indian cities have dropped by 14% in 2025 to 3.95 lakh units compared to 4.59 lakh units sold in 2024, according to a report released by ANAROCK, a real estate consultancy firm.
The report attributes the drop in sales to the hardening of property prices, layoffs in the IT sector, geopolitical tensions, and other uncertainties that have been denting India’s residential growth momentum in 2025.
Although sales have decreased, the overall sales value of housing units saw a 6% yearly increase, from approximately ₹5.68 lakh crore in 2024 to over ₹6 lakh crore in 2025.
The seven cities include Mumbai Metropolitan Region (MMR), Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata.
The MMR witnessed the highest sales of approximately 1,27,875 units, registering an 18% yearly decline. Pune followed with approximately 65,135 units sold, a 20% Year-over-Year Decline. The two Western markets, combined, led residential sales in 2025, accounting for a 49% share of the overall market.
The cities, namely Hyderabad, Pune, and MMR, were hit the hardest in terms of sales decline.
Bengaluru reported a marginal yearly decline of 5% in housing sales, with approximately 62,205 units sold in 2025. Delhi NCR recorded sales of approximately 57,220 units in 2025, representing an 8% decline from the previous year.
Hyderabad saw approximately. 44,885 units were sold in 2025, representing a significant 23% decline from 2024.
Kolkata recorded sales of approximately 16,125 units in 2025, representing a 12% decline from the previous year. Chennai is the only city to witness a 15% increase in sales in 2025, with approximately 22,180 units sold.
According to the report, MMR, Pune, Bengaluru, Hyderabad, and NCR together accounted for 90% of overall sales in 2025 across the top seven cities.
Also Read: Housing sales in India’s top 9 cities fall 16% in Q4 2025; supply declines 10%: Report
Launches
According to the report, new launches in the top seven cities saw a 2% annual increase, from approximately 4.12 lakh units in 2024 to approximately 4.19 lakh units in 2025. MMR and Bengaluru saw the highest number of new launches, together accounting for almost 48% of the new supply in the year.
The report said that key cities contributing to new supply during the year were MMR, Pune, Bengaluru, and NCR, which together accounted for 79% of the total new unit additions.
“2025 has been a year of broad-spectrum upheaval, including geopolitical turmoil, layoffs in the IT sector, tariff tensions and other uncertainties,” said Anuj Puri, Chairman, ANAROCK Group.
“The year’s trend was of sales volumes stabilising at around 4 lakh units across the top 7 cities, but growth in overall sales value. Our data shows that more than 21% of the new supply was launched in the above ₹2.5 crore price bracket,” Puri said.
“Interestingly, the average residential price growth rate has tapered down from double digits in previous years to single digits in 2025. Prices in the top seven cities collectively rose 8% annually, and only NCR saw double-digit growth at 23%. largely due to a higher new supply of pricier homes. Out of NCR’s total new supply of 61,775 units during the year, over 55% was priced over ₹2.5 crore,” Puri said.
2026 Outlook
According to Puri, the sector’s performance in 2026 hinges on several key factors, most notably the RBI’s rate cuts and developers’ price controls. Amid the currently favourable economic outlook, further repo rate cuts leading to lower home loan interest rates can cause demand to revive significantly.
The report further stated that, among budget categories, both the demand for and supply of luxury housing rose in 2025; the post-pandemic trend toward larger, better homes by branded developers continues.
The share of new homes priced above ₹2.5 crore in the top seven cities increased significantly from 18% in 2024 to 21% in 2025. There is every reason to expect this trend to endure in 2026, as well, the report said.
Also Read: Interest rate cuts lift housing affordability in Mumbai, Delhi NCR sees a marginal dip: Report
Price Movement
On an annual basis, the collective average housing price rose by 8% in the top seven cities, from ₹8,590 per sq ft by Q4 2024-end to around ₹9,260 per sq ft at Q4 2025-end. At 23%, Delhi-NCR recorded the highest yearly average residential price rise, from ₹7,550 per sq ft in 2024 to about ₹9,300 per sq ft in 2025.
The other major cities recorded single-digit price appreciation, ranging between 4% and 9% in 2025, as against last year’s 13-27% in 2024, the report said.
Unsold Inventory 2025-end
According to the report, unsold inventory in the top 7 cities is expected to rise 4% by the end of 2025, largely due to tapered demand and increased new supply in the year. Approximately 5.77 lakh units are currently on the primary sales market in these cities.
The report noted that, notably, due to the restricted new supply in the city, Hyderabad saw a marginal decline of 2% in unsold stock in 2025, from approximately 97,765 units at the end of 2024 to approximately 96,140 units at the end of 2025.
MMR also witnessed a marginal 1% decline in unsold stock. All other cities saw their unsold inventory rise over the year, with Bengaluru recording a significant 23% increase.
