Mumbai, 16thApril, 2025: Home sales across India’s eight prime residential markets in the January-March period fell 19% over last year, as rising property prices and slowing growth forced buyers to exercise caution, says the latest report by digital real estate transaction & advisory platform PropTiger.com.
According to the Real Insight Residential: Q1 2025 report (January–March 2025) by PropTiger.com—part of REA India, which also owns Housing.com— new home supply also dropped 10% in the first quarter of the calendar year, as developers adjusted expectations amid a dramatic price appreciation of the past couple of years, which made housing unaffordable for a large section of buyers in the world’s most populous country.
“The huge spike in prices had already started to show its adverse impact on sales. With a global trade war now bringing new uncertainty, it is only natural for buyers to adopt a cautious approach to investment, particularly in something sobig as real estate,” said Mr. Dhruv Agarwala, Group Chief Executive Officer, Housing.com and PropTiger.com.
The sales decline could have been a lot sharper if not for the 25-basis-point rate cut announced by the Reserve Bank of India (RBI) in February, Mr. Agarwala added.
Most urban Indians rely on housing loans to make a house purchase. Repo rate is the benchmark that determines the interest they would pay on this credit. A downward change in this rate is a certain measure to boost buyer confidence.
Sales fall across cities barring Bengaluru, Chennai
According to the report, less than 100,000 residential units were sold in the January-March quarter, with most cities covered in the analysis showing a fall in numbers. While Bengaluru and Chennai bucked this trend, Hyderabad, MMR and Pune witnessed the sharpest sales drop.
Signs of a market correction were also visible through a dip in new supply, with five of the eight cities showing an annual decline in launches. Pune, Hyderabad and Ahmedabadregistered the sharpest fall in numbers, the report showed.
|
Sales (UNITS) |
|||||
|
City |
Q1 25 |
Q4 24 |
Q1 24 |
QoQ |
YoY |
|
Ahmedabad |
10,730 |
10,170 |
12,915 |
6% |
-17% |
|
Bengaluru |
11,731 |
13,236 |
10,381 |
-11% |
13% |
|
Chennai |
4,774 |
4,073 |
4,427 |
17% |
8% |
|
Delhi NCR |
8,477 |
9,808 |
10,058 |
-14% |
-16% |
|
Hyderabad |
10,647 |
13,179 |
14,298 |
-19% |
-26% |
|
Kolkata |
3,803 |
3,715 |
3,857 |
2% |
-1% |
|
Mumbai |
30,705 |
33,617 |
41,594 |
-9% |
-26% |
|
Pune |
17,228 |
18,240 |
23,112 |
-6% |
-25% |
|
Grand Total |
98,095 |
1,06,038 |
1,20,642 |
-7% |
-19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Launches (UNITS) |
|||||
|
City |
Q1 25 |
Q4 24 |
Q1 24 |
QoQ |
YoY |
|
Ahmedabad |
2,384 |
3,515 |
3,116 |
-32% |
-23% |
|
Bengaluru |
18,183 |
15,157 |
10,000 |
20% |
82% |
|
Chennai |
4,070 |
4,005 |
4,723 |
2% |
-14% |
|
Delhi NCR |
7,952 |
10,048 |
6,872 |
-21% |
16% |
|
Hyderabad |
10,156 |
9,066 |
15,095 |
12% |
-33% |
|
Kolkata |
3,534 |
3,091 |
1,485 |
14% |
138% |
|
Mumbai |
31,322 |
30,127 |
36,784 |
4% |
-15% |
|
Pune |
15,543 |
13,652 |
24,945 |
14% |
-38% |
|
Grand Total |
93,144 |
88,661 |
1,03,020 |
5% |
-10% |
NOTE: Housing markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai and Thane) and Pune.
About REA India Pte. Ltd.
REA India (previously known as Elara Technologies Pte. Ltd.) is a part of REA Group Ltd. of Australia (ASX: REA) (‘REA Group’) which is part of Newscorp, US. It is the country’s leading full stack real estate technology platform that owns Housing.com and PropTiger.com.
In December 2020, REA Group acquired a controlling stake in REA India. REA Group,headquartered in Melbourne, Australia, is a multinational digital advertising business specialising in property. It operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au and owns leading portals in Hong Kong (squarefoot.com.hk) and China (myfun.com). REA Group also holds a significant minority shareholding in Move, Inc., operator of realtor.com in the US, and the PropertyGuruGroup, operator of leading property sites in Malaysia, Singapore, Thailand, Vietnam and Indonesia.
REA India is the only player in India that offers a full range of services in the real estate space, assisting consumers through their entire home seeking journey all the way from initial search and discovery to financing to the final step of transaction closure. It offers advertising and listings products to real estate developers, agents & home owners, exclusive sales and marketing solutions to builders, data and content services, and personalised search, virtual viewing, site visits, negotiations, home loans and post- sales services to consumers for both buying and renting. Additionally, company also offers a suite of allied services, including features like Pay on credit, movers & packers, lending services, online rent agreements, and an array of DIY services, catering to both customers and landlords.
REA India has a national presence with 24 offices across India with its corporate office located in Gurugram, Haryana.
Housing.com – Founded in 2012 and acquired by REA India (formerly known as ElaraTechnologies Pte. Ltd.) in 2017, Housing.com stands as India’s premier full-stack proptechplatform catering to homeowners, home seekers, landlords, developers, and real estate brokers. Housing.com provides comprehensive listings for a wide range of properties, including new homes, resale homes, rentals, plots, commercial spaces, and co-living accommodations across India. Company is backed by robust research and analytics, offering a spectrum of real estate services encompassing advertising, marketing, sales solutions for real estate developers, personalised search & insights, virtual viewing, AR&VR content, home loans, end-to-end transaction services, and post-transaction support for both buyers and renters. Additionally, company offers a suite of online services through Housing Edge brand, including features like Pay on credit, movers & packers, lending services, online rent agreements, and an array of DIY services, catering to both customers and landlords. With a presence in 24 cities (tier I & II markets), Housing.com’ mission is to simplify the home buying, selling, and renting journey for its valued customers. REA India is a group company of global proptech leader, REA Group of Australia that is part of NewsCorp US.
PropTiger.com – Is among India’s leading digital real estate transaction and advisory services platform, offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process. PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction.