Q3 housing sales dip 9% in top 7 cities, but value surges 14% on luxury demand

Housing sales volume dipped 9% Y-o-Y in the top 7 cities with the sale of 97,080 units in the July-September quarter against 1.07+ lakh units in Q3 2024, while, despite lower overall sales volume, sales surged 14% to ₹1.52 lakh crore from ₹1.33 lakh crore in the year-ago period, according to the latest sales data released by real estate consultancy ANAROCK.

Among the top 7 cities, MMR recorded the highest sales of around 30,260 units, followed by Pune with around 16,620 units. These two cities accounted for 48% of the total sales in Q3 2025. “All top cities individually recorded a dip in yearly housing sales, except Chennai and Kolkata, which witnessed 33% and 4% yearly jumps, respectively. 

Despite a dip in sales volume, the total sales value soared, suggesting high-volume sales in the luxury and ultra-luxury segments, says the report. Also, sales continued to outstrip new supply in the quarter, reflecting continued market health, which indicates the demand-supply equation remains robust.

City-wise as well, MMR topped new supply with around 29,565 units launched in the quarter, followed by Pune with 19,375 units. 

In terms of budget segments, the over ₹1.5 crore luxury housing category witnessed the highest new supply of 38%, followed by the premium (₹80 lakh–1.5 crore) segment with a 24% share. The mid-segment (₹40–80 lakh) contributed a 23% share of the total new supply in the quarter, while the affordable segment's share was the lowest at 16%. 

Available housing inventory saw only a marginal yearly decline in the top 7 cities, from around 5,64,415 lakh units by Q3 2024-end to around 5,61,756 lakh units by Q3 2025-end.

In terms of price movement, after staggering year-on-year average price growth in the last three years, the top 7 cities saw some relief with a collective average price growth of just 9% annually, from ₹8,390/sq. ft. in Q3 2024 to ₹9,105/sq. ft. in Q3 2025. Among the top 7 cities, NCR saw the highest 24% annual jump in average prices. Quarterly, average prices in the top 7 cities rose by just 1%.

“Overall, the housing market is so far reasonably steady in 2025, with expectations for a festive boost ahead, for which developers have several projects lined up. The impact, if any, of the new H1-B visa norms announced by the US on the Indian residential market bears close monitoring. While housing affordability remains a challenge across cities for many buyers, price growth has tapered down moderately compared to the previous few years, when we saw double-digit yearly growth in the top 7 cities,” says Anuj Puri, Chairman – ANAROCK Group.

The top 7 cities saw around 96,690 units launched in Q3 2025 against 93,750 units in Q3 2024, a 3% annual increase. Quarterly, there was a 2% drop. In Q2 2025, around 98,630 units were launched across the top 7 cities. The key cities contributing to new supply in Q3 2025 were MMR, Pune, Bengaluru and NCR, which together accounted for 78% of the total addition.