Q1 2025 Sees Housing Sales Dip 28% Y-o-Y in Top 7 Cities, Launches Decline 10%

Mumbai, March 27, 2025: Skyrocketing residential prices coupled with geopolitical headwinds have slowed the Indian housing market’s bull-run in Q1 2025. Latest ANAROCK data finds that the year’s first quarter saw sales drop 28 per cent across the top 7 cities against the same period in 2024. Approximately 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.

Anuj Puri, Chairman – ANAROCK Group, says, “MMR and Pune accounted for 51 per cent of the total sales, with MMR seeing a 26 per cent yearly drop and Pune a decline of over 30 per cent. At 49 per cent, Hyderabad saw the highest annual drop in sales, while Bengaluru had the lowest decline at 16 per cent.”

New launches across the top 7 cities remained above the one lakh mark but saw a 10 per cent yearly decline – from approximately 1,10,865 units in Q1 2024 to approximately 1,00,020 units in Q1 2025.

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

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

“India’s overall economic scenario remains positive, with GDP growth rate pegged to be the highest globally and inflation also under control,” says Puri. “However, 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. These factors cascaded down into the housing market in Q1 2025.”

New Launch Overview

The top 7 cities saw approximately 1,00,020 units launched in Q1 2025, against approximately 1,10,865 units in Q1 2024 – a 10 per cent 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 per cent of the quarter’s supply addition.

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

Sales Overview

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

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

Price Movement

Average residential property prices across the top 7 cities saw a significant jump in the last one year – ranging between 10-34 per cent 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 per cent and 20 per cent, 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 per cent in Q1 2025 when compared to Q1 2024. The total available inventory in the top 7 cities as of Q1 2025-end stands at approximately 5.60 lakh units. At 16 per cent, Pune saw the highest reduction in unsold inventory in Q1 2025 when compared to Q1 2024.