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Real Estate
The first quarter of 2025 has seen a significant downturn in India's housing market, with sales plummeting by 23% across the top nine cities. This decline marks a substantial correction in the market after three years of high supply and demand, influenced by economic uncertainties and geopolitical factors. Despite this drop, cities like Bengaluru and Delhi-NCR have defied the trend, showing resilience in the face of economic headwinds.
In the first quarter of 2025, the total number of housing units sold in India's top nine cities was 105,791, down from 136,702 in the same period last year. The new supply also decreased significantly, dropping by 34% to 80,774 units from 122,365 units in Q1 2024[1][2]. This marks the third consecutive quarter where new housing supply has remained below the 100,000-unit mark, indicating a slowdown in construction and development activities.
Several factors have contributed to this decline:
While Bengaluru and Delhi-NCR were exceptions to the general trend, other cities faced significant declines in both sales and supply.
According to Samir Jasuja, Founder and CEO of PropEquity, "The housing market is witnessing some correction after three years of record supply… Rise in home prices and caution on the part of investors due to geo-political developments and certain weaknesses in the Indian economy have resulted in a drop in sales[4]." Despite these challenges, the market shows strong demand, with a healthy absorption-to-supply ratio of 131% in Q1 2025[1][4].
The absorption-to-supply ratio, which measures how quickly new housing stock is being sold, remained robust at 131% in Q1 2025, down slightly from 132% in Q4 2024[1][4]. This indicates that while the market is facing a correction, demand remains strong.
Despite the decline in sales and supply, the real estate market remains stable due to sustained demand, especially in premium housing segments. Consumers are increasingly seeking better lifestyles and larger living spaces, contributing to a sustained premiumisation trend[5].
Recent reports from Knight Frank indicate a more positive outlook, with a 2% annual increase in housing sales across eight cities in the January-March period of 2025[5]. However, there is a discrepancy in data between reports from PropEquity and Knight Frank, reflecting the complex nature of the real estate market.
The housing market in India is undergoing a period of correction following years of high supply. Despite the decline in sales and new supply across most cities, Bengaluru and Delhi-NCR have shown resilience. The market's strong absorption-to-supply ratio suggests that demand remains robust, though economic factors are influencing buyer behavior. As the market adjusts to changing economic conditions, cities like Bengaluru and Delhi-NCR are expected to continue performing relatively well compared to other regions.
Key Takeaways:
Cities Performance Summary: | City | Sales Change in Q1 2025 | |------|------------------------| | Bengaluru | Increased by 10% | | Delhi-NCR | Increased by 10% | | Hyderabad | Decreased by 47% | | Mumbai | Decreased by 36% | | Pune | Decreased by 33% | | Kolkata | Decreased by 28% | | Chennai | Decreased by 2% | | Thane | Decreased by 27% | | Navi Mumbai| Decreased by 7% |
