Housing sales in India’s top 15 tier 2 cities fell 4% YoY to 39,201 units in Q3 2025 even as the sales value rose by 4% to Rs 37,409 crore indicating a gradual shift towards premium homes, according to a report by NSE-listed real estate data analytics firm PropEquity.
The new supply declined 10% YoY to 28,721 units in the third quarter ending September 2025.
Eight out of the fifteen cities saw YoY decline in sales with Bhubaneshwar witnessing the maximum decline at 26%. Trivandrum saw the maximum rise in sales at19% in Q3 2025.
Bhubaneshwar saw the maximum decline in new launches at 88% in Q3 2025. Eight out of fifteen cities saw a decline in new launches.
In volume terms, Ahmedabad remained the top market in terms of both sales and launches in Q3 2025.
Samir Jasuja, Founder and CEO, PropEquity said, “There has been a steady decline in new housing launches, especially in the high-volume affordable and mid-income segments. With rising input costs and evolving consumer aspirations pushing up home prices and home sizes, sales momentum in these markets has begun to moderate.”
“That said, Tier 2 cities remain the key engines of India’s growth story. Expanding employment opportunities, improving infrastructure, and stronger connectivity continue to drive sustained demand across residential, commercial, and retail real estate.”
On QoQ basis, housing sales fell by 3%, sales value by 1% and launches by 26% in Q3 2025.
| Total Absorption (Units) | |||||
| Location | Q3-2024 | Q2-2025 | Q3-2025 | Q-o-Q Change | Y-o-Y Change |
| Ahmedabad | 13782 | 13461 | 13021 | -3% | -6% |
| Surat | 5347 | 5046 | 4936 | -2% | -8% |
| Gandhi Nagar | 3294 | 3815 | 3496 | -8% | 6% |
| Vadodara | 4200 | 3568 | 3349 | -6% | -20% |
| Jaipur | 2272 | 2369 | 2627 | 11% | 16% |
| Nashik | 2663 | 2787 | 2500 | -10% | -6% |
| Nagpur | 1754 | 1564 | 1690 | 8% | -4% |
| Mohali | 1243 | 1359 | 1471 | 8% | 18% |
| Bhubaneshwar | 1508 | 1418 | 1119 | -21% | -26% |
| Lucknow | 864 | 1038 | 991 | -5% | 15% |
| Bhopal | 907 | 976 | 959 | -2% | 6% |
| Coimbatore | 1024 | 988 | 910 | -8% | -11% |
| Goa | 876 | 828 | 881 | 6% | 1% |
| Trivandrum | 560 | 553 | 664 | 20% | 19% |
| Kochi | 736 | 561 | 587 | 5% | -20% |
| Top 15 tier 2 cities | 41030 | 40331 | 39201 | -3% | -4% |
Western India comprising Ahmedabad, Surat, Gandhi Nagar, Vadodara, Nashik, Nagpur and Goa saw 6% YoY and 4% QoQ decline in sales in Q3 2025. The western region accounted for 76% of the total sales.
Northern India comprising Lucknow, Mohali and Jaipur saw 16% YoY and 7% QoQ rise in sales in Q3 2025.
Southern India comprising Coimbatore, Trivandrum and Kochi saw 7% YoY decline and 3% QoQ rise in sales in Q3 2025.
Central and Eastern India comprising Bhopal and Bhubaneshwar saw 14% YoY and 13% QoQ decline in sales in Q3 2025.
| New Launches (Units) | |||||
| Location | Q3-2024 | Q2-2025 | Q3-2025 | Q-o-Q Change | Y-o-Y Change |
| Ahmedabad | 11384 | 11398 | 11471 | 1% | 1% |
| Vadodara | 2803 | 1814 | 2635 | 45% | -6% |
| Surat | 3785 | 5437 | 2507 | -54% | -34% |
| Jaipur | 1393 | 3019 | 2311 | -23% | 66% |
| Gandhi Nagar | 2522 | 4163 | 2171 | -48% | -14% |
| Nashik | 1100 | 1609 | 1709 | 6% | 55% |
| Bhopal | 515 | 1114 | 1148 | 3% | 123% |
| Nagpur | 1670 | 1855 | 1087 | -41% | -35% |
| Trivandrum | 120 | 736 | 780 | 6% | 550% |
| Goa | 592 | 887 | 728 | -18% | 23% |
| Kochi | 544 | 556 | 626 | 13% | 15% |
| Mohali | 1799 | 3488 | 604 | -83% | -66% |
| Coimbatore | 1431 | 1099 | 526 | -52% | -63% |
| Lucknow | 1199 | 970 | 297 | -69% | -75% |
| Bhubaneshwar | 1011 | 610 | 121 | -80% | -88% |
| Top 15 tier 2 cities | 31868 | 38755 | 28721 | -26% | -10% |
Western India comprising Ahmedabad, Surat, Gandhi Nagar, Vadodara, Nashik, Nagpur and Goa saw 6% YoY and 18% QoQ decline in launches in Q3 2025. The western region accounted for 78% of the total launches.
Northern India comprising Lucknow, Mohali and Jaipur saw 27% YoY and 57% QoQ decline in launches in Q3 2025.
Southern India comprising Coimbatore, Trivandrum and Kochi saw 8% YoY and 19% QoQ decline in launches in Q3 2025.
Central and Eastern India comprising Bhopal and Bhubaneshwar saw 17% YoY and 26% QoQ decline in launches in Q3 2025.
About PropEquity: P.E. Analytics ltd., a NSE-listed company, owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,70,000+ projects of 57,000+ developers across over 44 cities in India with more than 17 years of catalogued data. We add approximately 700 projects every month. It is a premium Business Intelligence product- a first of its kind in India in the Realty space.