Over 88,000 housing units sold in Q1 2025 across eight cities with Pune and Chennai leading residential sales volume: KF

However, the sales in Delhi-NCR fell 8% annually in January-March and Bengaluru saw a 5% decline in sales to 12,504 units, the report showed.

Price levels have continued their strong run across all markets in YoY terms. In sequential terms as well, they have held steady or grown in all markets. Price levels in Bengaluru and NCR saw exceptional growth at 16% and 12% YoY as the focus intensified toward development of premium, high-rise properties, the report said.

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While overall sales remained steady, performance varied across key markets. Five of the eight tracked cities 1 saw growth in sales, with Pune and Chennai leading with 20% and 10% YoY growth in primary unit sales respectively.

Pune and Chennai witness increase in housing sales

Among eight cities, housing sales in Mumbai rose 5% in January- March 2025 to 24,930 units. Pune saw a 20% increase in sales to 14,231 units, while Chennai witnessed a 10% growth to 4,357 units. However, the sales in Delhi-NCR fell 8% annually in January-March to 14,248 units. Bengaluru saw a 5% decline in sales to 12,504 units, while Hyderabad witnessed a fall of 1% to 9,459 units. In Kolkata, the housing sales decreased 2% to 3,858 units, the report said.

Sales of residential properties in Ahmedabad remained flat at 4,687 units during the January-March period of the current calendar year.

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Sales of homes priced over ₹1 crore constituted 46% of market, grew 16% YoY. Mumbai contributed 28% of overall residential sales volume in the first quarter of 2025, as per Knight Frank India’s latest report, India Real Estate: Residential and Office (January – March 2025).

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The real estate market has remained strong in the face of rising concerns of overheating in certain segments. The sustained premiumisation trend reflects homebuyers’ aspirations for better lifestyles and larger living spaces.”

NCR leads in housing sales in the range of ₹2 crore and ₹5 crore

The report also noted that NCR led in sales across the premium ticket size categories of ₹2 crore to ₹5 crore, ₹5 crore to 10 crore, ₹10 crore to ₹20 crore and ₹50 crore and above among the eight major Indian cities in Q1 2025.

₹1 crore to ₹2 crore residential segment witnesses highest number of new launches

Premium housing segment ( ₹1 crore and above) was the key market driver, accounting for 46% of total sales, up from 40% in Q1 2024. This segment saw a 16% YoY growth, with 40,432 units sold in the first quarter.

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Notably, ultra-luxury homes ( ₹50 crore and above) recorded the highest YoY growth at 483%, increasing from 29 units in Q1 2024 to 169 units in Q1 2025. In contrast, sales in the sub- ₹50 lakh category declined by 9% YoY, reflecting a shift in homebuyer preferences towards larger and more premium residences, the report said.

Supply of new units outpaced demand for the tenth consecutive quarter, with 96,309 units launched in Q1 2025, reflecting a 3% YoY increase. Bengaluru saw the highest launch growth at 26% YoY.

Together, Mumbai and Bengaluru accounted for 44% of all units launched during the quarter. The market health remained stable as the quarters-to-sell (QTS) remained 5.9 quarters in Q1 2025, the report added.