Housing sales across top seven cities decline by 12% in Q1 2025: JLL report
Housing sales across top seven cities dropped to 65,246 units from 74,486 last year between January and March, the report said
Housing sales across the top seven cities in India saw a 12% drop in the first quarter of 2025, dropping from 74,486 units in the same period last year to 65,246 units, indicating a slowdown in buyer activity compared to the previous quarter, a report by JLL India has said.
Cities such as Mumbai (14,880 units) and Bengaluru (15,340 units) saw a 10% decline in sales, while Delhi NCR (8,290 units) experienced an 18% drop. In Southern India, Hyderabad (7,914 units) and Chennai (2,648 units) recorded a decline of 8% and 21%, respectively.
The report also highlighted that Bengaluru, Mumbai, and Pune remained the dominant players in housing sales, together accounting for 66% of the total sales in Q1 2025.
The decline was mainly due to a slowdown in demand for homes priced under ₹1 crore, a segment that typically contributes significantly to overall housing demand, JLL said.
"This limited drop was primarily due to robust demand in the ₹3-5 crore and ₹1.5-3 crore segments, which helped counterbalance the slowdown in relatively affordable housing," the report said.
In addition to a 12% year-on-year drop in demand, total sales of 65,246 units during Q1 2025 recorded an almost similar 11% QoQ decline. In terms of ticket size, only ₹1.5-3 crore homes witnessed around 14% QoQ growth, accounting for about 24% share in quarterly sales volume.
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Delhi-NCR, Bengaluru recorded the highest property price growth
In terms of pricing, the top seven metro cities in India saw annual property price increases ranging from 6% to 18% in Q1 2025. Delhi NCR recorded the highest growth at 18%, followed by Bengaluru at 13%.
On the supply side, there was a sharp increase in new launches, especially in the premium segment. The report said that homes priced at ₹1 crore and above saw a 107% rise in new launches year-on-year. Bengaluru recorded the highest number of launches of 20,484 units, followed by Mumbai at 15,291 units and Pune with 14,874 units. Delhi NCR recorded 8,319 units of launches in Q1 2025.
Overall, the report said that the housing market is showing a shift towards premium segments, even as affordable housing demand slows.
“The residential real estate market is showing signs of a shift in buyer preferences with lowering of demand for less than ₹1 crore housing and a growing affinity for mid to high-end properties, Samantak Das, Chief Economist and Head of Research and REIS, India, JLL said.
"While sales of apartments priced under ₹1 crore have dropped by around 32% compared to Q1 2024, the housing segment priced at ₹1 crore and above has seen a growth of about 10% during the same period," he added.
