Housing sales in India’s top 9 cities fell to 98,019 units in Q4 2025 registering 16% YoY decline. This is the lowest quarterly sales recorded since Q3 2021, according to a report by NSE-listed real estate data analytics firm PropEquity.

Except for Navi Mumbai and Delhi-NCR, which saw 13% and 4% growth in sales respectively in Q4 2025, all 7 cities saw decline in sales up to 31%.

On QoQ basis, housing sales fell 2% in Q4 2025.

Samir Jasuja, Founder & CEO, 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.

For instance, in 2023, approximately 4.81 lakh units were launched with a total value of ₹6.3 lakh crore. In contrast, 2024 saw the launch of 4.11 lakh units – around 70,000 fewer units – yet with a higher aggregate value of ₹6.8 lakh crore.

Housing supply fell 10% YoY to 88,427 units in Q4 2025 with only Delhi NCR (29%), Navi Mumbai (15%) and Chennai (9%) recording growth. Other 6 cities saw decline in supply up to 30%.

On QoQ basis, housing supply fell 4% in Q4.

On the year ahead, Jasuja said, “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. 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