December 26, 2025: Housing sales across India moderated in November 2025, with sales by value declining 2% year-on-year (YoY) as fresh project launches saw a steeper contraction, according to a report by Nuvama Research. The report noted that sales remained flat on a month-on-month (MoM) basis despite heightened festive demand in October, signalling a cooling momentum in the residential market.
In volume terms, housing sales rose 3%, MoM, in November but were down 4 per cent YoY, indicating a gradual pickup in demand for affordable housing even as overall activity softened. As highlighted in the report, “Housing sales by value fell 2% YoY (flat MoM despite elevated demand in Oct-25 owing to the festive season) in Nov-25.” On the supply side, new launches declined sharply by 31% YoY and 22% MoM during the month, reflecting cautious developer sentiment amid uneven regional demand.
For the year-to-date (YTD) period of calendar year 2025, housing sales by value have increased 6% YoY, while new launches are down 4 per cent YoY. However, in volume terms, both sales and launches have declined by 12% YoY and 11% YoY, respectively. The report added that unsold inventory levels remain comfortable at around 18 months, giving developers sufficient headroom to continue price increases.
Regionally, demand trends have diverged sharply. YTD CY25 sales by value grew strongly by 23–27% YoY in Kolkata, the National Capital Region (NCR), Chennai and Bengaluru. In contrast, sales declined by 4–9% YoY in Hyderabad and key Maharashtra markets, including the Mumbai Metropolitan Region (MMR) and Pune.
Nuvama Research pointed out that despite listed developers reporting 19% YoY pre-sales growth in FY25, the Nifty Realty Index fell about 5% during the year, reflecting fading confidence in broad-based sector growth. The report added that future housing demand will increasingly be driven by city-specific factors, with Bengaluru and Chennai expected to remain relatively resilient, while Hyderabad may have moved past its peak growth phase.
