Premiumisation pushes housing sales to a 17-quarter low in Q4 2025; supply falls 10%: PropEquity
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Housing sales in India's top 9 cities fell 16% year-on-year to 98,019 units in Q4 2025, registering the lowest quarterly sales recorded since Q3 2021, according to a report by listed real estate data analytics firm PropEquity. Except for Navi Mumbai and Delhi-NCR, which saw 13% and 4% growth in sales, respectively in Q4 2025, all 7 cities saw decline in sales up to 31%, the data shows.
Bengaluru saw a 1% YoY decline in sale; Chennai saw 3% dip; housing sales in Hyderabad fell 19%; 11% in Kolkata; and significant 25% in Mumbai. Key markets like Pune, Thane saw sales decline by 31% and 26%, respectively. On QoQ basis, housing sales fell 2% in Q4 2025.
Samir Jasuja, Founder & CEO, PropEquity attribute the decline in sales to “premiumisation” shift. “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,” said Jasuja.
Notably, in 2023, around 4.81 lakh units were launched with a total value of ₹6.3 lakh crore. In 2024, only 4.11 lakh units were launched, around 70,000 fewer units than 2023, yet with a higher aggregate value of ₹6.8 lakh crore.
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Housing supply also fell 10% YoY to 88,427 units in Q4 2025, with only Delhi NCR (29%), Navi Mumbai (15%) and Chennai (9%) recording growth. Other 6 cities saw decline in supply up to 30%. On QoQ basis, housing supply fell 4% in Q4.
On the year ahead, Jasuja said the real estate outlook is more positive, supported by a low base in 2025. “We remain confident about the market’s trajectory. Significant funds raised by developers in 2025 are expected to translate into increased project launches in 2026. The market continues to offer substantial growth potential,” he said.
Improved transmission by banks of the cumulative 125 bps repo rate reduction are also expected to lead to lower home loan rates, supporting demand. Additionally, says Jasuja, the government’s proactive stance remains a key positive. PropEquity covers over 57,000 developers across over 44 cities in India with over 17 years of catalogued data.