Housing Sales Dip Below 1 Lakh Mark in Major Cities for First Time Since 2021: PropEquity

India’s residential real estate market is showing signs of a slowdown as housing sales across nine major cities are projected to fall by 19% year-on-year to 94,864 units in Q2 2025 (April–June), according to a new report by real estate analytics firm PropEquity. This marks the first time since Q3 2021 that sales have dropped below the 1 lakh unit benchmark.

“This dip reflects both subdued demand and limited new project launches,” said Samir Jasuja, Founder and CEO of PropEquity. “It’s also the fourth straight quarter where new supply has remained below 1 lakh units.”

Mumbai Metropolitan Region (MMR) cities recorded the steepest drops. Sales in Mumbai declined 34% to 8,006 units from 12,114 units last year, while Thane also fell 34% to 14,832 units. Navi Mumbai saw a 17% drop to 6,833 units.

Southern cities fared better. Hyderabad is projected to see a 20% fall in sales to 11,815 units, and Pune could witness a 27% dip to 17,196 units.

Kolkata’s housing market is expected to contract 8%, reaching 4,449 units.

In contrast, Delhi-NCR and Chennai bucked the trend. Delhi-NCR is projected to see a 16% rise in sales to 11,703 units, while Chennai could grow 9% to 5,354 units in Q2 2025.

Overall, the report points to a cooling-off period after several quarters of buoyant housing activity, influenced by market saturation, interest rate concerns, and fewer new launches. Analysts suggest developers may now shift focus to inventory clearance and pricing strategies as demand tapers in key metros.

PropEquity’s data covers primary residential transactions and reflects evolving buyer sentiment amid changing macroeconomic conditions.