Housing sales fall 16% in Q4 across top 9 cities: PropEquity

Housing sales across India’s top nine cities declined sharply by 16 per cent during the October–December quarter of 2025, reflecting muted buyer demand and a slowdown in fresh project launches, according to data released by real estate analytics firm PropEquity.

Sales in the primary residential market fell to 98,019 units in the fourth quarter of 2025, compared with 1,16,137 units in the same period last year. PropEquity noted that this is the lowest quarterly housing sales figure recorded since the July–September quarter of 2021, underlining a clear cooling of momentum in the housing market.

Barring Navi Mumbai and Delhi-NCR, all other major cities witnessed a year-on-year decline in sales during the quarter. The October–December period is traditionally considered a strong phase for residential sales due to the festive season, but the latest numbers suggest a deviation from this trend.

Samir Jasuja, Founder and CEO of PropEquity, said the slowdown points to a structural shift in the market. He explained that while volumes have declined, overall value growth has remained resilient, indicating a move toward premiumisation, with buyers increasingly preferring higher-value homes over mass-market units.

City-wise data shows mixed trends. Bengaluru remained relatively stable, with sales dipping marginally by 1 per cent to 15,603 units from 15,782 units a year ago. Chennai also saw a limited impact, recording a 3 per cent decline in sales to 4,542 units.

In contrast, Hyderabad experienced a significant slowdown, with sales falling 19 per cent to 11,323 units from 13,902 units. Kolkata registered an 11 per cent decline, with sales slipping to 3,995 units. Mumbai saw a steep 25 per cent drop in housing sales to 9,135 units, while neighbouring Thane recorded a 26 per cent fall to 16,987 units.

Pune was the worst hit among major markets, posting a sharp 31 per cent decline in sales to 15,788 units during the quarter.

However, Navi Mumbai bucked the broader trend, registering a 13 per cent increase in sales to 8,434 units. Delhi-NCR also reported growth, with sales rising 4 per cent year-on-year to 12,212 units, reflecting relatively stronger demand in select micro-markets.

On the supply side, PropEquity data showed that new residential launches declined by 10 per cent in the fourth quarter to 88,427 units, compared with 98,664 units in the year-ago period, further contributing to lower overall transaction volumes.

PropEquity is owned and operated by P E Analytics Ltd, an NSE-listed company, and tracks over 1.7 lakh projects by more than 57,000 developers across 44 cities in India.