December 27, 2025: Housing sales across India’s top nine cities declined sharply in the October–December quarter of 2025, reflecting a slowdown in volumes even as the overall value of the market remained resilient. According to a report by real estate data analytics firm PropEquity, residential sales fell 16% year-on-year (YoY) to 98,019 units in Q4 2025 — the lowest quarterly level recorded since Q3 2021.
Except for Navi Mumbai and Delhi-NCR, which reported YoY sales growth of 13% and 4%, respectively, all other cities witnessed a contraction in demand. Sales across the remaining seven markets declined by as much as 31%, underlining the uneven recovery across regions.
Explaining the trend, Samir Jasuja, Founder and CEO of PropEquity, said, “Traditionally, the October-December period records strong sales momentum and new launches driven by the festive season. However, the recent decline reflects a shift toward premiumisation in the market, as evidenced by value growth despite a contraction in volumes. This trend has been continuing from 2024.”
The report highlights this premiumisation clearly. In 2023, developers launched around 4.81 lakh housing units valued at Rs 6.3 lakh crore. In contrast, 2024 saw fewer launches at 4.11 lakh units — nearly 70,000 units less — but with a higher cumulative value of Rs 6.8 lakh crore, indicating a tilt toward higher-priced homes.
Housing supply also moderated during the quarter, falling 10% YoY to 88,427 units in Q4 2025. Only Delhi-NCR (29%), Navi Mumbai (15%) and Chennai (9%) recorded growth in new supply, while the other six cities saw declines of up to 30%. On a quarter-on-quarter basis, supply dipped 4%.
Looking ahead, Jasuja remains optimistic about the medium-term outlook. “The outlook is more positive, supported by a low base in 2025. We remain confident about the market’s trajectory. Significant funds raised by developers in 2025 are expected to translate into increased project launches in 2026.” He added, “The market continues to offer substantial growth potential. Improved transmission by banks of the cumulative 125 bps repo rate reduction could lead to lower home loan rates, further supporting demand. Additionally, the government’s proactive stance remains a key positive.”
Source: Hindustan Times
