Residential property sales across India’s top seven cities dropped 12% year-on-year to 202,756 units during January–September 2025, according to a JLL report released on October 28. The slowdown was attributed to rising property prices, the monsoon season, a pre-festive lull, and economic uncertainty. In Q3 2025, sales fell 9% year-on-year and 2% quarter-on-quarter to 67,980 units, reflecting the broader nine-month trend. However, Pune and Chennai defied the slowdown, posting 14% and 13% annual growth, respectively. Together, Bengaluru, Mumbai, and Pune accounted for over 60% of total sales, though their combined volumes declined 9%. Delhi-NCR saw the steepest drop at 29%, followed by Kolkata (21%) and Mumbai (16%), while Chennai stood out with a 15% rise in transactions. The premium housing segment showed modest annual growth in Q3 2025, while homes priced between ?1.5 crore and ?3 crore recorded a 14% year-on-year increase. In contrast, demand for homes below ?1 crore declined 23% compared to the same period last year. According to Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, “The January–September 2025 period reflects a shift toward a value-driven market, with premium housing leading sales despite the overall 12% drop in total units sold.” He added that projects launched during this period continued to attract strong buyer interest, contributing 24% of total sales — slightly higher than in January–September 2024. While premium housing demand remained firm, developers were cautious with new mid-range and affordable projects due to slower demand in recent quarters. Around 70,915 new homes were launched in Q3 2025, bringing the year-to-date total to 225,001 units, just 1% lower than last year. Cities such as Kolkata, Chennai, Pune, and Bengaluru saw healthy growth in new launches. Home prices across the seven major cities continued to rise in Q3 2025, registering 6–16% annual growth. Kolkata led with a 16% increase, followed by Chennai (14%), while Delhi-NCR and Bengaluru each saw 13% growth.
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