Housing sales in India dip 2% YoY in November, project launches fall sharply: Report
Dec 26, 2025
New Delhi [India], December 26 : Housing sales across the country declined by 2 per cent year-on-year (YoY) in November 2025, while new project launches also saw a sharp slowdown, according to a report by Nuvama Research.
The report said housing sales by value fell 2 per cent YoY in November, remaining flat on a month-on-month (MoM) basis despite elevated demand in October due to the festive season.
In volume terms, however, sales rose 3 per cent MoM, though they were down 4 per cent YoY, indicating a gradual pickup in the affordable housing segment.
It stated, "Housing sales by value fell 2 per cent YoY (flat MoM despite elevated demand in Oct-25 owing to the festive season) in Nov-25."
On the supply side, launches by value declined sharply by 31 per cent YoY and 22 per cent MoM during November.
For the year-to-date (YTD) period of calendar year 2025, housing sales by value are up 6 per cent YoY, while launches are down 4 per cent YoY. In volume terms, YTD CY25 sales and launch volumes have declined 12 per cent YoY and 11 per cent YoY, respectively.
The report noted that unsold inventory remains comfortable at around 18 months, providing developers with enough room to continue hiking prices.
Regionally, YTD CY25 demand growth has been uneven. Sales by value rose sharply by 23-27 per cent YoY in cities such as Kolkata, the National Capital Region (NCR), Chennai and Bengaluru. In contrast, sales declined by 4-9 per cent YoY in Hyderabad as well as in Maharashtra's key markets, including the Mumbai Metropolitan Region (MMR) and Pune.
Nuvama Research highlighted that despite listed developers reporting a strong 19 per cent YoY pre-sales growth in FY25, the Nifty Realty Index declined by around 5 per cent during the year.
This, the report said, reflects weakening confidence in sector-wide growth as the broad-based demand seen during FY21-24 has faded.
Going ahead, the report stated the Indian housing market should be viewed as a combination of seven distinct geographies, each with different demand drivers.
It added that while demand in Bengaluru, supported by strong job creation, and Chennai, backed by relatively better affordability, may continue to grow, Hyderabad appears to have moved past its peak after an upcycle that began in FY17.
