India's housing sales in top 7 cities saw a 14% annual decline to 395,625 units in 2025, dented by high prices and IT sector layoffs. However, the overall sales value rose 6% to over Rs 6 lakh crore, as per ANAROCK Research data.
Hardening property prices, layoffs in the IT sector, geopolitical tensions and other uncertainties dented India's residential growth momentum in 2025. ANAROCK Research data indicated that housing sales in the top 7 cities witnessed a 14 per cent decline in 2025, with approximately 395,625 units sold in the year against 459,645 units in 2024. However, the overall sales value of housing units saw a 6 per cent yearly jump - from approximately Rs 5.68 lakh crore in 2024 to over Rs 6 lakh crore in 2025.
City-wise Sales Performance
Greater Mumbai witnessed the highest sales of approximately 1,27,875 units, registering an 18 per cent yearly decline. Pune followed with approximately 65,135 units sold, declining by 20 per cent year-on-year. The two western markets together led residential sales in 2025, comprising a 49 per cent overall share.
New launches in the top 7 cities saw a 2 per cent annual increase - from approximately 412,520 units in 2024 to approximately 419,170 units in 2025. Greater Mumbai and Bengaluru saw the maximum new launches, together accounting for an almost 48 per cent of the new supply in the year, according to real estate consultancy firm Anarock.
Market Analysis and Price Trends
"2025 has been a year of broad-spectrum upheaval including geopolitical turmoil, layoffs in the IT sector, tariff tensions and other uncertainties," said Anuj Puri, Chairman - ANAROCK Group. "The year's trend was of sale volumes stabilizing at around 4 lakh units across the top 7 cities, but growth in overall sales value. Our data shows that more than 21 per cent of the new supply was launched in the above Rs 2.5 crore price bracket."
Interestingly, the average residential price growth rate has tapered down from double digits in previous years to single digits in 2025 added Puri. "Prices in the top 7 cities collectively rose 8 per cent annually, and only NCR saw double-digit growth at 23 per cent - largely due to a higher new supply of pricier homes. Out of NCR's total new supply of 61,775 units during the year, over 55 per cent was priced over Rs 2.5 crore."
Outlook for 2026
The sector's performance in 2026 hinges on several key factors, most notably rate cuts by the RBI and price control by developers. Amid the currently favourable economic outlook, further repo rate cuts leading to lower home loan interest rates can cause demand to revive significantly. Puri added.
Luxury Segment Demand Continues
Among budget categories, both the demand for and supply of luxury housing rose in 2025 - the post-pandemic trend toward bigger, better homes by branded developers continues. The share of new supply of homes priced greater than Rs 2.5 crore in the top 7 cities was a significant 21 per cent in 2025, against 18 per cent in 2024.
"There is every reason to expect this trend to endure in 2026, as well," Anarock said.
Unsold Inventory Rises
Annually, unsold inventory in the top 7 cities rose 4 per cent by 2025-end, largely because of tapered demand and increased new supply in the year. Approximately 5.77 lakh units are currently on the primary sales market in these cities.
Notably, thanks to restricted new supply in the city, Hyderabad saw a marginal decline of 2 per cent in unsold stock in 2025 - from approximately 97,765 units by 2024-end to approximately 96,140 units by 2025-end. Greater Mumbai also witnessed a marginal 1 per cent decline in unsold stock. All other cities saw their unsold inventory rise over the year, with Bengaluru recording a significant 23 per cent increase. (ANI)
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