PropEquity

Housing sales in India’s top 9 cities in Q2 2025 (April-June) fell below 1 lakh unit mark for the first time since Q3-2021 while supply remained below this threshold for the fourth consecutive quarter.

Sales fell by 19% on Y-o-Y basis to 94864 units while supply fell by 30% on Y-o-Y to 82027 units in the April-June period of 2025, according to a report by NSE-listed real estate data analytics firm PropEquity.

Housing sales stood at 116432 units and supply stood at 117208 units in April-June period of 2024.

According to the report, housing sales fell Y-o-Y in 7 out of the 9 cities with Mumbai and Thane witnessing the sharpest fall at 34% each while Delhi-NCR at 16% and Chennai at 9% were the only two cities that saw a rise in sales in April-June of 2025.

Similarly, housing supply fell Y-o-Y in 6 out of the 9 cities with Mumbai recording the sharpest fall at 61% while three cities saw rise in supply, namely Delhi NCR at 37%, Hyderabad at 19% and Chennai at 6% in April-June of 2025.

Samir Jasuja, Founder and CEO, PropEquity said, “This is for the first time since Q3 2021 (July-September) that housing sales have fallen below 1 lakh unit mark. Supply, too, has stayed below 1 lakh unit mark for the fourth consecutive quarter. There has been a decline in both sales and supply on Q-o-Q basis in Mumbai, Bengaluru and Navi Mumbai as these cities recorded their high in 2023 and 2024, and are now stabilising to their normal pace.”

“Delhi-NCR has witnessed the maximum growth in this quarter owing to rise in supply in Ghaziabad and Greater Noida.”

According to the report, housing sales in top 9 cities fell by 10% while supply rose by 2% on Q-o-Q basis. While Chennai, Hyderabad, Kolkata, Pune and Delhi-NCR saw a rise in supply, the sales rose in Chennai, Hyderabad, Kolkata and Delhi-NCR.

City-wise sales and supply trends (Y-o-Y):

• Housing sales in Bengaluru declined by 6% to 14676 units in Q2 while supply fell by 13% to 14243 units.
• Housing sales in Chennai rose by 9% to 5354 units in Q2 while supply rose by 6% to 6463 units.
• Housing sales in Hyderabad fell by 20% to 11815 units in Q2 while supply rose by 19% to 10544 units.
• Housing sales in Kolkata fell by 8% to 4449 units in Q2 while supply fell by 35% to 2672 units.
• Housing sales in Mumbai fell by 34% to 8006 units in Q2 while supply fell by 61% to 4949 units.
• Housing sales in Navi Mumbai fell by 17% to 6833 units in Q2 while supply fell by 56% to 4592 units.
• Housing sales in Pune fell by 27% to 17196 units in Q2 while supply fell by 40% to 14845 units.
• Housing sales in Thane fell by 34% to 14832 units in Q2 while supply fell by 58% to 9896 units.
• Housing sales in Delhi-NCR rose by 16% to 11703 units in Q2 while supply rose by 37% to 13823 units.

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.

Housing supply in India’s top 15 tier 2 cities fell by a whopping 35% to 30,155 units in January-March period of 2025 with 48% of the launches in the Rs 50L-1 cr price range, said a report by NSE-listed real estate data analytics firm PropEquity.

The supply stood at 45,901 units with 36% of the launches in price range Rs 50L-1cr. in Q1 2024.

Bhubaneshwar witnessed the highest decline at 72% to 772 units in Q1 2025 while Nashik saw the least decline at 2% to 2466 units.

The report further added that the Eastern and Central India with 68% fall in new launches in Q1 2025 saw the highest decline followed by 55% in Northern India, 28% in Western India and 26% in Southern India.

The seven State Capitals in the top 15 tier 2 cities saw 43% decline in supply in Q1 2025.

Samir Jasuja, Founder and CEO, PropEquity said, “The decline in supply is a result of cautious approach and shifting priorities by developers. Financially robust developers with strong balance sheet look to launch premium homes in order to increase their profit margin. As a result, supply of homes under Rs 50 lakh has seen a consistent decline due to its unviability. Meanwhile, homes priced between Rs 1-2 crore have not only seen a 17% Y-o-Y growth in supply but also its supply share increasing from 18% to 23%.”

“With home loan rates hovering around 8-8.5%, the recent reduction of 50bps in repo rate by the RBI will further drive down the home loan rates thereby providing an impetus in the Rs 50L-2cr priced homes in tier 2 cities.”

“The tier 2 cities present a huge opportunity for corporates and developers as massive infrastructure development and government’s focus on making these cities as growth drivers will enable end-user demand.”

Price-wise supply trend:

Housing units priced under Rs 2 crore accounted for 95% of the total supply in Q1 2025, up from 87% in the same period last year.

The supply of units priced under Rs 50 lakh, more than halved to 7124 units in Q1 2025 as against 15420 units in the same period last year.  Its share to total supply fell from 33% to 24% in Q1 2025.

Similarly, supply of units priced between Rs 50 lakh and Rs 1 crore dipped by 12% and its share rose from 36% to 48% in Q1 2025.

The supply of units priced between Rs 1-2 cr fell by 17% and its share rose from 18% to 23% in Q1 2025.

Supply of units priced Rs 2 crore and above dipped by 73% in Q1 2025 and its share dipped from 13% to 5% in Q1 2025.

State Capitals saw 90% drop in supply of units priced under Rs 50 lakh and 13% drop in supply of units priced between Rs 50L-Rs 1 crore in Q1 2025. However, supply of units priced between Rs 1-2 crore rose by 31%.

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.

Housing sales in India’s top 15 tier 2 cities fell by 8% to 43,781 units in Q1 2025 as compared to 47,378 units in the same period last year with sales value, however, rising by 6% to Rs 40,443 crore in Q1 2025 as against Rs 38,102 crore in the same period last year, said a report by NSE-listed real estate data analytics firm PropEquity.

According to the report, Lucknow with 25% increase in number of units sold in Q1 2025 at 1301 units registered the highest growth amongst top 15 tier 2 cities. This was followed by Coimbatore 21%, Gandhi Nagar 18% and Mohali 2%.

Other 11 cities saw decline in number of units sold in Q1 2025 with Visakhapatnam registering the highest decline (37%) and Ahmedabad and Goa recording the least decline (1% each).

Coimbatore with 52% growth saw the highest increase in sales value at Rs 1120 crore in Q1, 2025. This was followed by Lucknow at 48%, Gandhi Nagar 36%, Mohali and Goa at 17% each, Ahmedabad and Bhubaneshwar at 7% each and Kochi 5%.

Other 7 cities saw a decline in sales value in Q1 2025 with Visakhapatnam recording the highest decline (35%) and Vadodara and Nagpur registering the least decline (1% each).

Samir Jasuja, Founder and CEO, PropEquity said, “The decline in sales in tier 2 cities in January-March period is in line with trends witnessed in tier 1 cities. However, lesser supply in this quarter resulted in lower sales in tier 2 cities. State Capitals performed relatively better.”

“Demand in tier 2 cities, however, remains robust as people have shown greater preference for organised living. Urban rejuvenation efforts, improved connectivity & social infrastructure, and more importantly greater employment opportunities mainly in IT and new manufacturing hubs in tier 2 cities have further accelerated demand not only from within but also from people who have migrated to metro cities and are preferring to purchase property in their hometowns. RBI has made 50bps cut in repo rate since January 2025 and is expected to cut rates further. As this gets transmitted by banks, homes loans will decline going forward thereby giving a boost to housing demand.”

The six State Capitals in top 15 tier 2 cities, namely Gandhi Nagar, Jaipur, Bhubaneshwar, Lucknow, Goa and Bhopal, saw 5% decline in sales and 17% increase in sales value, accounting for 25% of sales and 30% of sales value in Q1 2025.

Region-wise trend:

Western India, comprising Ahmedabad, Surat, Vadodara, Gandhi Nagar, Nashik, Nagpur and Goa, saw 6% decline in number of units sold in Q1, 2025.

However, sales value rose by 6% in Q1, 2025.

Northern India, comprising Lucknow, Jaipur and Mohali saw 14% decline in number of units sold in Q1, 2025.

However, sales value rose by 14% in Q1, 2025.

Southern India, comprising Visakhapatnam, Kochi and Coimbatore, saw 12% decline in number of units sold and 1% decline in sales value in Q1, 2025.

Central and Eastern India, comprising Bhopal and Bhubaneshwar, saw 18% decline in number of units sold in Q1, 2025. However, sales value remained flat.

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. 

India’s top nine cities, where majority of Indians migrate for jobs, is staring at a housing crisis. As developers shift focus to luxury housing, the supply of homes in the affordable and mid-income category (priced Rs 1 crore and below) has dipped by 36% in the last two years, from 3,10,216 units in 2022 to 1,98,926 units in 2024 with NCR, Mumbai and Hyderabad as worst performers, said a report by NSE-listed real estate data analytics firm PropEquity.

The housing supply in the affordable and mid-income category stood at 2,83,323 units in 2023, a drop of 30% in one year.

The top nine cities are Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Thane, Navi Mumbai, Kolkata and NCR.

According to the report, in the last two years, the supply of homes priced Rs 1 crore and below have fallen by 69% to 13238 units in Hyderabad. During the same period, the supply of homes priced Rs 1 crore and below has dipped by 60% to 6062 units in Mumbai and by 45% to 2672 units in NCR.

NCR followed by Mumbai supplied the least number of homes in this category. The total supply in NCR stood at 45503 units with only 2672 units supplied in Rs 1 crore and below category while total supply in Mumbai stood at 40,963 units with only 6062 units supplied in this category.

Samir Jasuja, Founder and CEO, PropEquity said, “Today, 8% of India’s population live in tier 1 cities and this number is expected to grow exponentially in the next five years as more people move to these cities for employment opportunities. The lack of supply in this category, if not attended to in time by the Government, will lead to a housing crisis akin to Australia and Canada.”

“In view of rising migration and growing number of nuclear families, it is estimated that 1.5 cr homes would be required in these cities in the next five years.

“To address this problem, the Government must not just incentivise developers through tax cuts and subsidies in order to make affordable and mid-income housing a viable option but also provide benefits to homebuyers in the form of home loan rebates, stamp duty cuts etc.”

*Data includes apartments, independent floors, row houses and villas

City-wise performance (Supply of homes in Rs 1 crore and below category):

Bengaluru: Housing supply stood at 25012 units in 2024, decline of 33% in two years and 11% in one year.

Chennai: Housing supply stood 12743 units in 2024, a decline of 13% in two years and 8% in one year.

Hyderabad: Housing supply stood at 13238 units in 2024, a decline of 69% in two years and 58% in one year.

Kolkata: Housing supply stood at 10785 units in 2024, a rise of 7% in two years and decline of 41% in one year.

Mumbai: At 6062 units in 2024, the city saw the second least number of units supplied, registering a decline of 60% in two years and 31% in one year.

Navi Mumbai: Housing supply stood at 21290 units in 2024, a decline of 6% in two years and 10% in one year.

Thane: At 57029 units in 2024, the city witnessed the highest supply amongst top nine cities. However, this is a decline of 36% in two years and 28% in one year.

Pune: At 50095 units in 2024, the city saw the second highest supply amongst top nine cities. However, this is a decline of 32% in two years and 33% in one year.

NCR: At 2672 units in 2024, NCR witnessed the least number of units supplied amongst top nine cities; registering a decline of 45% in two years and 43% in one year.

In contrast, the supply of homes priced Rs 1 crore and above have risen by 48% in the last two years in top nine cities with Bengaluru rising by 187%, Chennai by 127%, Kolkata 58%, Navi Mumbai 70%, Thane 53%, Pune 52% and Delhi-NCR 192%. However, Hyderabad and Mumbai saw a decline of 11% and 14% respectively in the last two years.

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 cataloged 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.