Housing Sales Vol. Falls 14% Y-o-Y in 2025, But Sales Value Rises 6% in Top 7 Cities – ANAROCK

• Approx. 3,95,625 units worth over INR 6 lakh Cr were sold in 2025 in the top 7 cities, against 4,59,645 units worth more than INR 5.68 lakh Cr in 2024
• MMR records highest sales of approx. 1,27,875 units in 2025, followed by Pune with approx. 65,135 units; Chennai is the only city to see a yearly rise in 2025 (of 15%)
• Approx. 4,19,170 new units launched in 2025 against 4,12,520 units in 2024 – 2% y-o-y gain
• MMR & Bengaluru saw maximum new launches, together accounting for approx. 48% of total new supply in 2025
• MMR & Hyderabad only cities to see new launch supply decline by 6% & 26%, respectively
• 37% of total new supply was within <INR 75 lakh price bracket, 24% in INR 75 Lakh-1.5 Cr bracket, 17% in INR 1.5 Cr– INR 2.5 Cr bracket, 11% in INR 2.5 Cr– INR 4 Cr bracket & 10% in >INR 4 Cr
• Available inventory up by 4% in 2025 over 2024 amid relatively generous new supply during the year
• Residential prices collectively rose in single-digit (8%) annually in top 7 cities; Delhi-NCR saw highest double-digit 23% annual rise

Mumbai, 26 December 2025: Hardening property prices, layoffs in the IT sector, geopolitical tensions and other uncertainties dented India’s residential growth momentum in 2025. ANAROCK Research data indicates that housing sales in the top 7 cities witnessed a 14% decline in 2025, with approx. 3,95,625 units sold in the year against 4,59,645 units in 2024.

However, the overall sales value of housing units saw a 6% yearly jump – from approx. INR 5.68 lakh Cr in 2024 to over INR 6 lakh Cr in 2025.

MMR witnessed the highest sales of approx. 1,27,875 units, registering an 18% yearly decline. Pune followed with approx. 65,135 units sold, declining by 20% y-o-y. The two western markets together led residential sales in 2025, comprising a 49% overall share.

New launches in the top 7 cities saw a 2% annual increase – from approx. 4,12,520 units in 2024 to approx. 4,19,170 units in 2025. MMR and Bengaluru saw the maximum new launches, together accounting for an almost 48% of the new supply in the year.

“2025 has been a year of broad-spectrum upheaval including geopolitical turmoil, layoffs in the IT sector, tariff tensions and other uncertainties,” says Anuj Puri, Chairman – ANAROCK Group. “The year’s trend was of sale volumes stabilizing 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 INR 2.5 Cr price bracket.”

“Interestingly, the average residential price growth rate has tapered down from double digits in previous years to single digits in 2025,” adds Puri. “Prices in the top 7 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 INR 2.5 Cr.”

“The sector’s performance in 2026 hinges on several key factors, most notably rate cuts by the RBI and price control by developers. Amid the currently favourable economic outlook, further repo rate cuts leading to lower home loan interest rates can cause demand to revive significantly,” he says.

Among budget categories, both the demand for and supply of luxury housing rose in 2025 – the post-pandemic trend toward bigger, better homes by branded developers continues. The share of new supply of homes priced >INR 2.5 Cr in the top 7 cities was a significant 21% in 2025, against 18% in 2024. There is every reason to expect this trend to endure in 2026, as well.

City-wise Housing Sales Overview 

Source: ANAROCK Research & Advisory

MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 90% of overall sales in 2025 across the top 7 cities.

• MMR saw the highest sales with approx. 1,27,875 units sold in 2025; declining by 18% against 2024.
• Pune saw approx. 65,135 units sold in 2025 – a yearly decline of 20% over 2024.
• Bengaluru also saw just a marginal yearly decline of 5% in housing sales, with approx. 62,205 units sold in 2025.
• NCR recorded sales of approx. 57,220 units in 2025, declining by 8% over last one year.
• Hyderabad saw approx. 44,885 units sold in 2025 – a significant 23% decline over 2024.
• Kolkata recorded sales of approx. 16,125 units in 2025 – a decline of 12% over the previous year.
• Chennai is the only city to witness a jump of 15% in sales in 2025 – approx. 22,180 units were sold in 2025.

City-wise New Launches Overview 

Source: ANAROCK Research & Advisory

The top 7 cities saw approx. 4,19,170 new units launched in 2025, against 4,12,520 units in 2024 – a 2% annual increase. The 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.

• MMR saw the most (approx. 1,26,140) new units launched in 2025 among the top 7 cities, however declining by 6% against 2024. Over 72% of the new supply was in the sub-INR 1.5 Cr budget segment.
• Bengaluru added approx. 74,260 units in 2025, a yearly increase of 5%. Approx. 79% of the new supply was added in the INR 75 lakhs – INR 2.5 Cr budget segment.
• Pune added approx. 67,955 units in 2025, an annual increase of 12% over the previous year. Over 86% of the new supply was in the sub-INR 1.5 Cr budget segment.
• NCR launched approx. 61,775 new units in 2025 – a 14% rise over 2024. Over 55% of the new supply was in the luxury & ultra-luxury segment priced >INR 2.5 Cr.
• Hyderabad added approx. 43,260 new units in 2025, declining by 26% over 2024. Over 65% of the new supply was in the sub-INR 2.5 Cr budget segment.
• Chennai added approx. 27,190 units in 2025, an annual increase of 30% against the previous year. Over 71% of the new supply was in the sub-INR 2.5 Cr budget segment.
• Kolkata added approx. 18,590 units in 2025, a 31% increase over 2024. Approx. 87% of the new supply was in the sub-INR 1.5 Cr budget segment. 

Price Movement 

On an annual basis, the collective average housing price rose by 8% in the top 7 cities – from INR 8,590/sq. ft. by Q4 2024-end to around INR 9,260/sq. ft. at Q4 2025-end. At 23%, Delhi-NCR recorded the highest yearly average residential price rise – from INR 7,550/sq. ft. in 2024 to about INR 9,300/sq. ft. in 2025. The other major cities recorded single-digit price appreciation, ranging between 4-9% in 2025 as against last year’s 13-27% in 2024.

Unsold Inventory – 2025-end 

Annually, unsold inventory in the top 7 cities rose 4% by 2025-end, largely because of tapered demand and increased new supply in the year. Approx. 5.77 lakh units are currently on the primary sales market in these cities. Notably, thanks to restricted new supply in the city, Hyderabad saw a marginal decline of 2% in unsold stock in 2025 – from approx. 97,765 units by 2024-end to approx. 96,140 units by 2025-end. 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.