Housing Sales Fall 4% in Top Nine Cities During July–September: Report
Maharashtra leads decline while Bengaluru, Chennai, and Kolkata show growth; festive season and GST reforms expected to boost demand.
NEW DELHI, Sept 22: Housing sales in India’s top nine cities fell 4% year-on-year (Y-o-Y) during the July–September quarter of 2025, totaling 1,00,370 units, according to NSE-listed real estate analytics firm PropEquity. This marks the tenth consecutive quarterly decline in residential sales.
New launches remained largely stable at 92,229 units, though they fell 10% quarter-on-quarter. The decline was primarily led by Maharashtra markets Mumbai, Navi Mumbai, Thane, and Pune which saw sales contract between 6% and 28% Y-o-Y. Pune, the largest market by volume, recorded 17,762 units, down 16% from the previous year.
In contrast, Bengaluru registered a 21% increase with 16,840 units sold, while Chennai rose 16% to 5,406 units, and Kolkata surged 25% to 4,732 units. Delhi-NCR and Hyderabad posted modest growth of 4% each. Overall, across the nine cities, sales slipped by 1% quarter-on-quarter, with Delhi-NCR and Thane recording the sharpest declines at 24% and 11%, respectively.
On the supply side, Bengaluru accounted for nearly 20% of new launches, though volumes were down 10%. Chennai, Navi Mumbai, Pune, and Kolkata saw increases, whereas Hyderabad, Mumbai, Thane, and Delhi-NCR experienced declines.
Looking ahead, developers remain optimistic that the upcoming festive season will spur demand and support stronger launches and higher absorption in the next quarter. Additionally, recent GST reforms, including a reduction in cement tax from 28% to 18%, are expected to ease input costs and encourage home buyers.
