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Residential

Declining Sales Amidst Flat Launches

Residential real estate
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The residential real estate continues to face slowdown with both sales and new launches in a declining mode, ahead of the festive season.

According to a latest PropEquity report, housing sales in India’s top nine cities of Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata and Delhi-NCR fell by 4% with a  consecutive decline for the  tenth quarter, in Q3 (July-September) 2025, settling just above the 1 lakh-unit mark at 1,00,370 units. New launches, however, remained flat, coming in below the 1 lakh mark at 92,229 units declining by 10% on Q-o-Q basis.

The Y-o-Y decline in sales across the top 9 cities during Q3 2025 was primarily led by the Maharashtra region – including Mumbai, Navi Mumbai, Thane, and Pune which experienced a contraction ranging from 6% to 28%.Bengaluru, Chennai and Kolkata, however, witnessed a rise of 21%, 16% and 25% respectively. Delhi-NCR and Hyderabad, too, saw 4% YoY each rise in sales during Q3 2025.On a Q-o-Q basis, sales in top 9 cities fell marginally by 1% with only Delhi-NCR (24%) and Thane (11%) seeing a drop. The other 7 cities witnessed a rise.

 “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively, is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers”, says Samir Jasuja, Founder and CEO, PropEquity”

 Total Absorption
 Q3 2024Q2 2025Q3 2025Q-o-QY-o-Y
Bengaluru1396615743168407%21%
Chennai4675529254062%16%
Hyderabad1231112017128607%4%
Kolkata37743828473224%25%
Mumbai104808244969118%-8%
Navi Mumbai7650711472121%-6%
Pune2106617808177620%-16%
Thane206201664414877-11%-28%
Delhi NCR105391448110990-24%4%
Total105081101171100370-1%-4%

 On the housing supply front, the report said that new launches in India’s top 9 cities remained flat YoY, remaining below the 1 lakh unit mark, at 92,229 units in Q3 2025.

 As per Jasuja, while the current quarter has seen subdued activity, we anticipate a rebound in the upcoming quarter due to the festive season, which is expected to drive stronger demand, leading to improved launch momentum and a higher absorption level.

New Supply
 Q3 2024Q2 2025Q3 2025Q-o-QY-o-Y
Bengaluru205391861718453-1%-10%
Chennai4800108577708-29%61%
Hyderabad13121109391242414%-5%
Kolkata16503642451224%173%
Mumbai977460645820-4%-40%
Navi Mumbai5396572360566%12%
Pune106151862815799-15%49%
Thane13228101759521-6%-28%
Delhi NCR129061732311936-31%-8%
Total9202910196892229-10%0%

There is a YoY rise in new launches in Chennai, Navi Mumbai, Pune, and Kolkata, and there is a decline in Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR. However, new supply fell 10% Q-o-Q with a 31% decline in Delhi-NCR, followed by 15% in Pune and 29% in Chennai. But Hyderabad, Kolkata and Navi Mumbai saw a rise of 14%, 24% and 6%.

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