'Festive cheer fades': India’s housing market hits 17‑quarter slump, sales drop 16% in Q4 2025

By A Representative

Housing sales across India’s nine major real estate markets fell to a 17‑quarter low in the October–December period of 2025, with overall absorption dropping 16% year‑on‑year to 98,019 units, according to NSE‑listed analytics firm PropEquity. This marks the weakest quarter since Q3 2021, despite the festive season that usually drives demand. On a sequential basis, sales slipped 2%, while new launches contracted by 4%.

The report covers Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Navi Mumbai, Pune, Thane, and Delhi‑NCR. Among these, only Delhi‑NCR and Navi Mumbai recorded growth in sales and supply. Delhi‑NCR saw sales rise 4% year‑on‑year to 12,212 units, alongside a 29% jump in new supply to 14,307 units. Navi Mumbai registered a 13% increase in sales to 8,434 units and a 15% rise in supply to 7,330 units.

In contrast, Pune witnessed the steepest decline, with absorption plunging 31% year‑on‑year to 15,788 units and supply falling 17% to 13,825 units. Mumbai sales dropped 25% to 9,135 units, while supply fell 16% to 7,643 units. Bengaluru recorded a marginal 1% dip in sales to 15,603 units and a 16% fall in supply to 15,587 units. Chennai saw sales decline 3% to 4,542 units but supply grew 9% to 3,455 units. Hyderabad sales fell 19% to 11,323 units and supply dropped 7% to 9,773 units. Kolkata reported an 11% decline in sales to 3,995 units and a 23% fall in supply to 3,742 units. Thane sales contracted 26% to 16,987 units, while supply fell 30% to 12,765 units.

Samir Jasuja, Founder and CEO of PropEquity, said the slowdown reflects a structural shift in the market.

“Traditionally, the October–December period records strong sales momentum and new launches driven by the festive season. However, the recent decline reflects a shift toward premiumisation in the market, as evidenced by value growth despite a contraction in volumes. This trend has been continuing from 2024,” he noted.

Overall new supply across the nine cities fell 10% year‑on‑year to 88,427 units. Jasuja added that the outlook for 2026 is more positive, supported by a low base in 2025 and significant funds raised by developers. He said improved transmission of the cumulative 125 basis points repo rate cut could lower home loan rates, while government support remains a key driver.

PropEquity, owned by P.E. Analytics Ltd., claims to be India’s largest online real estate data and analytics platform, covering over 1,70,000 projects across 44 cities with more than 17 years of catalogued data. The firm says, it adds approximately 700 projects every month, positioning itself as a leading business intelligence provider in the realty space.

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