The skyrocketing property prices have considerably slowed the bull run in the residential real estate. With affordable and mid-segment housing share dropping to 12 percent and 18 percent, respectively, housing sales in the new year are on a slide, experiencing a substantial decline of 28 percent.

According to the latest Anarock report the first quarter of the new year has seen residential sales dropping 28% across the top 7 cities against the same period in 2024. As per Anarock data, 93,280 units were sold in Q1 2025 in the top 7 cities, in sharp contrast to all-time high sales of over 1.30 lakh units in Q1 2024, resulting in the decline of over 36000 units.

MMR and Pune accounted for 51% of the total sales, with MMR seeing a 26% yearly drop and Pune a decline of over 30%. At 49%, Hyderabad saw the highest annual drop in sales, while Bengaluru had the lowest decline at 16%. New launches across the top 7 cities remained above the one lakh mark but saw a 10% yearly decline – from approximately 1,10,865 units in Q1 2024 to approx. 1,00,020 units in Q1 2025.

Notably, MMR and Bengaluru saw the maximum new supply in Q1 2025, accounting for 52% of the total new launches across the top 7 cities. Says Anuj Puri, Chairman, Anarock, “While MMR saw new supply drop by 9% annually, Bengaluru saw new supply increase by 27% in this period. NCR, Bengaluru and Kolkata saw supply rise by 53%, 27% and 26%, respectively, while the other cities recorded supply declines – with Hyderabad recording the highest 55% yearly decrease.”

Though new launches stayed above the 1 lakh mark in Q1 2024, unsold inventory dropped by 4% annually – from approx. 5,80,890 units by Q1 2024-end to approx. 5,59,810 units by Q1 2025-end. Among the top cities, Pune saw the highest decline of 16% in its available stock in Q1 2025. In contrast, Bengaluru saw its unsold stock rise by a significant 28% – to approx. 58,660 units – by Q1 2025-end.

Puri adds that though India’s overall economic scenario remains positive, with GDP growth rate pegged to be the highest globally and inflation also under control, yet rising housing prices and global headwinds like ongoing geopolitical tensions and a weak global economy, has taken their toll on India’s residential market activity.

New Launch Overview

Anarock data shows that the top 7 cities saw approximately 1,00,020 units launched in Q1 2025, against nearly 1,10,865 units in Q1 2024, marking a 10% decline. The key cities contributing to new launches in Q1 2025 were the Mumbai Metropolitan Region, Bengaluru, Pune, and the National Capital Region, which together accounted for 80% of the quarter’s supply addition.

• MMR saw approx. 30,755 units launched in Q1 2025 – a decline of approx. 9% over Q1 2024. Over 56% of the new supply was in the sub-INR 80 lakh budget segment.
• Bengaluru added approx. 20,855 units in Q1 2025 – a yearly rise of 27%. Approx. 53% of the new supply was in the luxury segment priced above INR 1.5 Cr.
• Pune added nearly 16,860 new units in Q1 2025 compared to approximately 18,770 units in Q1 2024, marking a 10% drop. About 79% of the new supply was in the mid and premium segments -INR 40 lakh to INR 1.5 Cr.
• NCR saw new supply increase by a massive 53% over Q1 2024, with approximately 11,120 units launched in Q1 2025 against nearly 7,270 units in Q1 2024. Notably, 70% of the new supply was in the ultra-luxury segment priced above INR 2.5 Cr.
• Hyderabad added approximately 10,275 units in Q1 2025 – a yearly decline of 55% over the same period in 2024 when about 22,960 units were launched. Over 70% of the new supply was in the luxury & ultra-luxury segments priced above INR 1.5 Cr.
• Chennai added approx. 4,755 units in Q1 2025, marking a 35% decline. At least 81% of the new supply was in the mid and premium segments -priced within INR 40 lakh to INR 1.5 Cr.
• Kolkata added approximately 5,400 units in Q1 2025, a 26% rise over Q1 2024. Nearly 59% of the new supply was in the affordable and the mid segments (priced up to INR 80 lakh.)

City wise New Supply (In Units) and Y-o-Y % change
Cities Name	Q1-2025	Q1-2024	% Change (Q1-2024 Vs Q1-2025)
NCR	11,120	7,270	53%
MMR	30,755	33,800	-9%
Bangalore	20,855	16,485	27%
Pune	16,860	18,770	-10%
Hyderabad	10,275	22,960	-55%
Chennai	4,755	7,290	-35%
Kolkata	5,400	4,290	26%
Total	1,00,020	1,10,865	-10%

Source: ANAROCK Research

Sales Overview

Approx. 93,280 units were sold in Q1 2025 – a 26% decrease over Q1 2024. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 91% of sales in the quarter.

• MMR saw the highest housing sales with approximately 31,610 units in Q1 2025, decreasing by 26% over Q1 2024 when about 42,920 units were sold
• Pune saw approximately 16,100 units sold in Q1 2025, decreasing by 30% over Q1 2024 when about 22,990 units were sold
• Bengaluru saw approximately 15,000 units sold in Q1 2025 – a 16% decline of against Q1 2024 when nearly 17,790 units were sold
• NCR saw a 20% decline in sales – from approximately 15,650 units in Q1 2024 to nearly 12,520 units in Q1 2025
• Hyderabad saw approximately 10,100 units sold in Q1 2025, a 49% decline over Q1 2024 when about 19,660 units were sold
• Chennai saw approximately 4,050 units sold in Q1 2025 – a 26% decline over Q1 2024 when nearly 5,510 units were sold
• Kolkata also saw sales decline by 31% – from approximately 5,650 units in Q1 2024 to nearly 3,900 units in Q1 2025.

City wise Absorption (In Units) and Y-o-Y % change
Cities Name	Q1-2025	Q1-2024	% Change (Q1-2024 Vs Q1-2025)
NCR	12,520	15,650	-20%
MMR	31,610	42,920	-26%
Bangalore	15,000	17,790	-16%
Pune	16,100	22,990	-30%
Hyderabad	10,100	19,660	-49%
Chennai	4,050	5,510	-26%
Kolkata	3,900	5,650	-31%
Total	93,280	1,30,170	-28%

Source: ANAROCK Research 

Price Movement

Average residential property prices across the top 7 cities saw a significant jump in the last one year – ranging between 10-34% in Q1 2025 – when compared to Q1 2024. This was primarily due to steep new supply additions in the luxury and ultra-luxury segment, and overall strong demand. NCR and Bengaluru recorded the highest annual price jump of over 34% and 20%, respectively.

Unsold Inventory

Despite a supply of over one lakh new units in the top 7 cities in Q1 2025, overall available inventory dropped by 4% in Q1 2025 when compared to Q1 2024. The total available inventory in the top 7 cities as of Q1 2025-end stands at nearly 5.60 lakh units. At 16%, Pune saw the highest reduction in unsold inventory in Q1 2025 when compared to Q1 2024.