By buld_online 
The Indian housing market witnessed a sharp 20% year-on-year decline in sales across the top seven cities in Q2 2025, with approx. 96,285 units sold compared to over 1.20 lakh units in Q2 2024, according to ANAROCK Research. However, on a sequential basis, sales saw a 3% rise over Q1 2025 (approx. 93,280 units), reflecting cautious optimism in the sector.
The Mumbai Metropolitan Region (MMR) and Pune collectively accounted for nearly 48% of total sales, clocking approximately. 31,275 and 15,410 units, respectively. Chennai emerged as the only city with a yearly sales increase, up 11% to approximately. 5,660 units. Quarter-on-quarter, Chennai saw a remarkable 40% jump from Q1 2025, driven by mid and premium segment demand.
New launches decline, luxury dominates supply
Fresh housing supply across the top seven cities also dropped 16% YoY—from approx. 1.17 lakh units in Q2 2024 to 98,625 units in Q2 2025. Compared to Q1 2025, supply saw a marginal 1% dip. MMR and NCR led new additions, together contributing 48% of the fresh supply, with MMR launching approx. 28,165 units and NCR adding 18,760 units.
Interestingly, Chennai saw the sharpest increase in new launches—up 65% YoY and 79% QoQ, with over 79% of its supply in the mid and premium segments. Luxury and ultra-luxury homes priced above ₹1.5 crore continued to dominate new launches across cities, comprising 46% of total new supply. The affordable housing share stood at just 12%.
Prices rise modestly, NCR leads the surge
While average property prices across the top cities rose 11% YoY, quarterly growth was restricted to just 1%. The National Capital Region (NCR) posted the steepest annual price jump at 27%, followed by Bengaluru (12%) and Hyderabad (11%). Price appreciation moderated in Q2 compared to previous quarters.
“The second quarter of 2025 was a rollercoaster for the Indian housing market, rocked by major military actions at home and abroad,” said Anuj Puri, Chairman, ANAROCK Group. “Despite the 20% annual dip in sales, the 3% uptick this quarter reflects renewed momentum as domestic tensions ease and RBI’s repo rate cut boosts sentiment.”
Unsold inventory down, Pune sees biggest improvement
Unsold housing inventory stood at approx. 5.62 lakh units at the end of Q2 2025—a marginal QoQ increase, but a 3% YoY reduction. Pune led the cleanup, with a 15% yearly drop in unsold stock—from approx. 94,770 units to 80,240 units.
City-wise highlights:
NCR: Sales up 14% QoQ to 14,255 units; prices rose 27% YoY.
MMR: Sales dipped 1% QoQ and 25% YoY; new supply down 36% YoY.
Pune: Sales fell 4% QoQ, 27% YoY; new launches down 25% YoY.
Bengaluru: Sales up 1% QoQ, down 8% YoY; prices up 12% YoY.
Hyderabad: Sales up 9% QoQ, down 27% YoY; 50% new supply in ultra-luxury.
Kolkata: Sales down 10% QoQ, 23% YoY; new supply rose 17% YoY.
With housing demand expected to rebound further in H2 2025, ANAROCK notes that steady pricing, softening home loan rates, and easing geopolitical risks could create a more favourable environment for both buyers and developers.