Housing sales dip 20% Y-o-Y in Q2 2025 across top 7 cities, up 3% Q-o-Q - ANAROCK
Inexorably rising property prices, geopolitical tensions including Operation Sindoor and the Iran-Israel war impacted housing sales in the top 7 cities in Q2 2025, finds latest ANAROCK Research data. There was an annual sales drop of 20%, with approx. 96,285 units sold in the quarter against approx. 1,20,335 units in Q2 2024. However, housing sales rose 3% Q-o-Q.
MMR and Pune together accounted for over 48% of total sales in the top 7 cities, with approx. 46,685 units cumulatively sold in these cities in Q2 2025. Chennai was the only city to see a yearly rise (11%) in housing sales in the quarter against Q2 2024 – from approx. 5,100 units in Q2 2024 to approx. 5,660 units in Q2 2025. Q-o-Q, Chennai saw sales jump by 40% - approx. 4,050 units were sold in the city in Q1 2025.
New launches decelerated by 16% Y-o-Y – from approx. 1,17,165 units in Q2 2024 to approx. 98,625 units in Q2 2025. Realty hotspots MMR and NCR saw the maximum new supply, accounting for 48% of the total new supply additions across the top 7 cities. Individually, MMR witnessed a 36% yearly decline and a 8% quarterly decline in new supply.
Notably, NCR witnessed a 69% Q-o-Q jump in new supply in Q2 2025 against Q1 2025, and a 10% yearly rise.
Anuj Puri, Chairman – ANAROCK Group, says, "The second quarter of 2025 was a rollercoaster for the Indian housing market, rocked by major military actions at home and abroad. The war-like climate pushed homebuyers into wait-and-watch mode, compounding the impact of soaring property prices over the past two years. Now, with domestic tensions easing and the RBI’s repo rate cut injecting fresh optimism, buyer sentiment is rebounding."
"Despite a 20% year-on-year dip in sales across the top 7 cities, a 3% uptick this quarter signals renewed momentum," he says. "With home loan rates softening and developers largely holding prices steady, the stage is set for a potential upswing in housing sales in the coming quarters."
Average Price Movement
Average residential prices rose by a meagre 1% quarterly, but the annual rise has been 11% in the top 7 cities. The annual growth rate has certainly seen a downward trend in the quarter.
“NCR led the pack in Q2 2025 with a striking 27% year-on-year surge and a 4% quarterly rise in residential prices," says Puri. "Bengaluru followed with a robust 12% annual jump, underscoring strong momentum in key markets. If prices remain in check, expect housing sales across major cities to accelerate in the coming quarters.”
New Launches
The top 7 cities saw around 98,625 new units launched in Q2 2025, against 1,17,165 units in Q2 2024 - a 16% decline. The key cities contributing to new launches in Q2 2025 were MMR (Mumbai Metropolitan Region), NCR, Pune, and Bengaluru, which together accounted for 78% of the supply addition.
* MMR saw approx. 28,165 units launched in Q2 2025 – decreasing by 8% over Q1 2025 and over 36% on yearly basis. More than 59% of the new supply was added in the sub-INR 80 lakh budget segment.
* NCR saw a whopping 69% increase in new launches against Q1 2025 with approx. 18,760 units launched in Q2 2025. On yearly basis, there was a 10% increase. A whopping 82% new supply in Q2 was added in the luxury segments (priced >INR 1.5 Cr.)
* Bengaluru added approx. 15,345 units in Q2 2025, declining quarterly by 26%. On a yearly basis, there was 4% decline. Approx. 92% of the new supply was in the premium and luxury segments (INR 80 lakh onwards)
* Pune added approx. 14,220 new units in Q2 2025, compared to 16,860 units in Q1 2025 – a decrease of 16%. Annually, the city recorded a 25% supply decline. Over 77% of the new supply in Q2 2025 was added in the mid and premium segments (INR 40 lakh to INR 1.5 Cr.)
* Hyderabad added approx. 11,105 units in Q2 2025, a quarterly increase of 8% but a 19% decline against the corresponding period in 2024. Over 50% of the new supply was in the ultra-luxury segment (>INR 2.5 Cr.)
* Chennai added approx. 8,525 units in Q2 2025, a quarterly increase of 79% against Q1 2025 and an annual increase of 65%. Over 79% of new supply was added in the mid and premium segments.
* Kolkata added approx. 2,505 units in Q2 2025, a decrease of 54% over Q1 2025 and a 17% rise against Q2 2024. Approx. 48% of the new supply was added in the mid segment (INR 40 lakh – INR 80 lakh.)
Overall Sales Overview
Approx. 96,285 units were sold in Q2 2025 across the top 7 cities – a quarterly increase of 3% over Q1 2025. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter. Annually, the top 7 cities recorded a 20% sales decline (approx. 1,20,335 units were sold in Q2 2024.)
* NCR saw sales grow 14% Q-o-Q – from approx. 12,520 units in Q1 2025 to approx. 14,255 units in Q2 2025.
* MMR witnessed the highest sales of approx. 31,275 units in Q2 2025, against 31,610 in Q1 2025 – declining by 1% Q-o-Q and 25% annually.
* Pune saw approx. 15,410 units sold in Q2 2025, down by 4% over Q1 2025 and 27% annually.
* Bengaluru saw housing sales increase by 1% in Q2 2025 against Q1 2025, with approx. 15,120 units sold in the quarter. Annually, sales declined by 8%.
* Chennai saw approx. 5,660 units sold in Q2 2025 – increasing by 40% against Q1 2025. Annually, it saw a 11% rise in sales.
* Hyderabad saw approx. 11,040 units sold in the quarter, rising by 9% over Q1 2025. Annually, sales declined by 27%.
* Kolkata saw housing sales decrease by 10% in the quarter against Q1 2025, with approx. 3,525 units sold in Q2 2025. Annually, the city saw sales decline by 23%.
Unsold Inventory
Unsold inventory across the top 7 cities saw a marginal quarterly increase in the quarter - to approx. 5.62 lakh units by Q2 2025-end against approx. 5.60 lakh units in Q1 2025. Annually, unsold inventory decreased by 3% across the top 7 cities, with Pune witnessing the highest yearly decline of 15% - from approx. 94,770 units by Q2 2024-end to approx. 80,240 units by Q2 2025-end.
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