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Housing Sales In Top 9 Indian Cities Slip 4% In Q3 2025, Launches Flat: Report
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New launches remain largely flat at 92,229 units, marginally below the one-lakh mark and down 10% on a sequential basis, according to real estate data analytics firm PropEquity.
Despite subdued launches, PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum.
Housing sales across India’s top nine cities declined by 4% year-on-year in the July–September quarter of 2025, settling just above the one-lakh mark at 1,00,370 units, according to a report by real estate data analytics firm PropEquity. This marked the 10th consecutive quarter of decline.
New launches remained largely flat at 92,229 units, marginally below the one-lakh mark and down 10% on a sequential basis.
The nine cities tracked in the report are Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, and Delhi-NCR.
Maharashtra region weighs on sales
The annual drop in sales was largely led by Maharashtra markets — Mumbai, Navi Mumbai, Thane, and Pune — which recorded contractions ranging from 6% to 28%. Pune remained the largest market with 17,762 units sold but posted a 16% fall. Thane saw the sharpest fall at 28%.
Bengaluru, however, emerged as a bright spot, recording 16,840 units sold — a 21% jump YoY — making it the second-largest market. Chennai and Kolkata also saw strong growth of 16% and 25% respectively, while Delhi-NCR and Hyderabad reported modest 4% gains.
On a sequential basis, sales fell by 1%. Delhi-NCR witnessed the steepest quarterly fall of 24%, followed by Thane at 11%, while the other seven cities registered growth.
Samir Jasuja, founder and CEO of PropEquity, said, “The reason why we feel that the housing market remains healthy even though the new launches are coming down consecutively is because the sales continue to be higher than the new launches. We anticipate that 2025 will mirror 2024 with approximately 4 lakh unit launches and approximately 4.5 lakh sales, which is marginally lower than the 2024 numbers.”
| City | Q3 2024 | Q2 2025 | Q3 2025 | Q-o-Q | Y-o-Y |
|---|---|---|---|---|---|
| Bengaluru | 13,966 | 15,743 | 16,840 | 7% | 21% |
| Chennai | 4,675 | 5,292 | 5,406 | 2% | 16% |
| Hyderabad | 12,311 | 12,017 | 12,860 | 7% | 4% |
| Kolkata | 3,774 | 3,828 | 4,732 | 24% | 25% |
| Mumbai | 10,480 | 8,244 | 9,691 | 18% | -8% |
| Navi Mumbai | 7,650 | 7,114 | 7,212 | 1% | -6% |
| Pune | 21,066 | 17,808 | 17,762 | 0% | -16% |
| Thane | 20,620 | 16,644 | 14,877 | -11% | -28% |
| Delhi-NCR | 10,539 | 14,481 | 10,990 | -24% | 4% |
| Total | 1,05,081 | 1,01,171 | 1,00,370 | -1% | -4% |
New supply trends
On the supply side, new launches remained flat year-on-year but fell 10% sequentially. Bengaluru accounted for nearly one-fifth of new supply despite a 10% YoY decline. Chennai, Navi Mumbai, Pune, and Kolkata reported a rise in launches, while Bengaluru, Hyderabad, Mumbai, Thane, and Delhi-NCR recorded contractions.
Delhi-NCR saw the sharpest quarter-on-quarter fall at 31%, followed by Chennai (29%) and Pune (15%). Hyderabad, Kolkata, and Navi Mumbai bucked the trend with sequential growth.
Outlook
Despite subdued launches, PropEquity expects housing demand to pick up in the festive quarter, driving stronger absorption and improved launch momentum.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors, said, “NCR continues to show strong sales momentum. Launches have come down significantly owing to the monsoon season as developers wait to launch projects during the festive quarter in anticipation of demand. The GST cut may drive sentiment-induced demand.”
Ramji Subramaniam, managing director of Sowparnika Projects, said, “The surge in Bengaluru’s housing sales reflects the deep confidence buyers have in the city’s real estate potential. Unlike other markets that have seen a dip, Bengaluru continues to stand out, especially as a global city, thanks to its salubrious climate, a cosmopolitan culture that welcomes people from across India and abroad, and strong demand from families seeking a better standard of living, quality education, and access to a leading higher education hub.”
Added to this are the city’s thriving IT and startup ecosystem, infrastructure development such as the Metro, demand for quality homes among young professionals and millennials with significant disposable incomes, and its reputation for offering one of the best work-life balances across all sections. For us as developers, this reaffirms the importance of continuous innovation, uncompromising quality, and delivering homes that meet the aspirations of today’s buyers, he added.
Vishesh Rawat, vice-president & head (marketing, sales & CRM) of M2K Group, said, “The fact that Delhi-NCR recorded a 4% uptick in sales signals that the demand in the NCR is still strong. Going into the festive quarter, we are experiencing positive buyer sentiment and pent-up demand to translate into improved absorption. Alongside, GST rationalisation will play its part in reducing cost pressures on developers, further boosting homebuyer confidence. We look forward to capturing this upswing, confident that the festive tailwinds will amplify the region’s growth momentum.”
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
September 22, 2025, 17:11 IST
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Business
Without Rera data, real estate reform risks losing credibility: Homebuyers’ body – The Times of India
New Delhi: More than 75% of state real estate regulators, Reras, have either never published annual reports, discontinued their publication or not updated them despite statutory obligation and directions from the housing and urban affairs ministry, claimed homebuyers’ body FPCE on Friday. It released status report of 21 Reras as of Feb 13.The availability of updated annual reports is crucial as these contain details of data on performance of Reras, including project completion status categorised by timely completion, completion with extensions, and incomplete projects. The ministry’s format for publishing these reports also specifies providing details such as actual execution status of refund, possession and compensation orders as well as recovery warrant execution details with values and list of defaulting builders.FPCE said annual report data is not only vital for homebuyers to assess system credibility, but is equally necessary for both state and central govts to frame effective policies, design incentivisation schemes, and develop tax policy frameworks.“Unless we have credible data proving that after Rera the real estate sector has improved in terms of delivery, fairness, and keeping its promises, we are merely firing in the air,” said FPCE president Abhay Upadhyay, who is also a member of the govt’s Central Advisory Council on Rera.As per details shared by the entity, seven states — Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Himachal Pradesh and Goa — have never published a single annual report since Rera’s implementation, and nine states, including Maharashtra, Uttar Pradesh and Telangana, which initially published reports, have discontinued the practice.Upadhyay said when regulators themselves don’t follow the law, they lose the legal right to demand compliance from other stakeholders. “Their failure emboldens builders and weakens the very system they are meant to safeguard,” he said.
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Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.
Infosys logo is seen.
IT major Infosys rolled out performance bonus payouts averaging around 85 percent for the quarter ended December 31, 2025 (Q3FY26), marking the strongest variable pay outcome for eligible employees in at least the past three-and-a-half years, Moneycontrol reported citing people in the know.
The bonus payout for mid- to junior-level employees ranges between 75 percent and 100 percent, with most employees clustering around the organisation-wide average of 85 percent, the report said. The development signals a steady recovery in variable compensation at the Bengaluru-headquartered IT services firm. Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.
Employees are expected to receive their bonus letters over the next few days, with the payout scheduled to be credited along with their February salary.
One employee told the outlet that it is the strongest bonus outcome seen in recent years. The payout is also among the rare instances since the Covid-19 period when variable pay has approached the upper end of the eligible range.
Infosys last paid out 100 percent variable compensation during the pandemic. In the quarters that followed, payouts were lower amid macroeconomic uncertainty and a broader slowdown in client spending across global markets.
The higher payout comes at a time when global IT stocks have faced renewed pressure, driven by concerns over rapid advances in artificial intelligence and their potential impact on traditional IT services models.
Shares of global IT firms have seen sharp sell-offs in recent weeks amid heightened investor focus on AI leaders such as Anthropic. Investors fear that generative AI tools could compress pricing, automate routine services work and reduce demand for legacy outsourcing models.
Against that backdrop, the improved bonus payout at Infosys is being viewed as a signal of operational resilience and near-term performance strength, even as sentiment around the broader IT sector remains cautious.
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February 13, 2026, 21:44 IST
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