• Sales of homes priced over INR 10 mn (INR 1 cr) constituted 46% of market, grew 16% YoY
• Mumbai contributed 28% of overall residential sales volume in the first quarter of 2025
• Bengaluru leads in residential price growth at 16% YoY in Q1 2025
Mumbai, April 03rd, 2025: Knight Frank India’s latest report, India Real Estate: Residential and Office (January - March 2025), highlighted the continued stability India’s residential sector. In Q1 2025 (Jan – Mar), primary residential sales reached 88,274 units, a 2% year-on-year (YoY) increase over Q1 2024. While overall sales remained steady, performance varied across key markets. Five of the eight tracked cities saw growth in sales, with Pune and Chennai leading with 20% and 10% YoY growth in primary unit sales respectively. Mumbai remained the largest residential market recording its highest quarterly sales volume since Q1 2018, reaching 24,930 units—a 5% YoY rise in Q1 2025.
Premium housing segment (INR 10 mn 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. Notably, ultra-luxury homes (INR 500 mn 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-INR 5 mn category declined by 9% YoY, reflecting a shift in homebuyer preferences towards larger and more premium residences.
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.
Market Summary: Top Eight Indian Cities
Sales Launches
City Q1 2025 YoY % Change Q1 2025 YoY % Change
Mumbai 24,930 5% 25,706 2%
NCR 14,248 -8% 13,276 -11%
Bengaluru 12,504 -5% 16,524 26%
Pune 14,231 20% 16,231 22%
Hyderabad 9,459 -1% 10,661 -4%
Ahmedabad 4,687 0% 5,628 5%
Kolkata 3,858 -2% 3,707 -38%
Chennai 4,357 10% 10,661 5%
All India 88,274 2% 96,309 3%
Source: Knight Frank Research
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said “The real estate market has remained resilient in the face of rising concerns of overheating in certain segments. The sustained premiumization trend reflects homebuyers’ aspirations for better lifestyles and larger living spaces. While some cities, like NCR and Bengaluru, saw a dip in sales due to significant rise in prices, the top end of the market remains robust. The interplay between developers and homebuyers in this evolving landscape will shape market trends for the remainder of the year.”
All India Residential Update: January – March 2025
Mumbai maintained its position as India’s largest residential market, recording its highest sales volume since Q1 2018, with 24,930 units sold in Q1 2025—accounting for 28% of total sales nationwide. Pune saw the highest YoY growth at 20%, while NCR and Bengaluru lagged by 8% and 5% YoY, respectively. However, NCR led in sales across the premium ticket size categories of INR 20–50 million, 50–100 mn, 100–200 mn, and 500 mn and above among the eight major Indian cities in Q1 2025.
Residential development has outpaced sales since late 2022. The INR 10–20 million segment saw the highest number of new launches, registering a 15% YoY increase from 24,927 units in Q1 2024 to 28,571 units in Q1 2025. In contrast, launches in the sub-INR 5 mn and INR 5–10 mn categories declined by approximately 19% and 8%, respectively, reflecting shifting homebuyer preferences. The INR 500 mn and above segment experienced an exceptional YoY surge of 341%—the highest among all categories—with launches rising from 75 units in Q1 2024 to 331 units in Q1 2025.
Sales Trends as per Price Category
Below INR 5 mn
This ticket size segment accounted for 24% of total sales, with 21,010 units sold in Q1 2025. However, sales in this category declined by 9% from 23,026 units in 2023, as higher prices and homebuyers increasingly favouring premium properties hampered traction during the quarter. Mumbai’s residential market contributed significantly, accounting for nearly 50% of sales in this segment with 10,121 units sold.
INR 5-10 mn –ticket-size category with highest sales traction in Q1 2025
Despite a 6% YoY decline, the INR 5–10 mn segment recorded the highest traction, with 26,832 residential units sold across the country. This segment accounted for 30% of the total residential sales volume across eight key markets. Pune led in this category, emerging as the largest market with 6,690 units sold in 2024.
INR 10-20 mn – second highest segment in terms of quarterly sales volume
The INR 10–20 million segment accounted for approximately 25% of total sales volume in Q1 2025, with 22,330 residential units sold. Mumbai and Bengaluru led this category, contributing 22% and 20% of sales, with 4,865 and 4,507 units sold, respectively, during the quarter.
INR 20-50 mn – an emerging ticket size segment
This ticket size segment saw its sales volume grow from 10,725 units in Q1 2024 to 13,735 units in Q1 2025, reflecting a 28% YoY increase. It accounted for 16% of total sales across eight key markets. NCR led this category, contributing 36% of sales with 4,968 units sold in Q1 2025.
INR 50-100 mn
The sales volume has increased by 82% from 1,898 units in Q1 2024 to 3,448 units in Q1 2025. NCR accounted for 67% to this segment with sales volume of 2,302 units.
INR 100-200 mn- Crosses 500 mark for the first time
Sales in this segment surged by 114%, rising from 308 units in Q1 2024 to 658 units in Q1 2025, surpassing the 500-unit mark for the first time. NCR led with 425 units sold, followed by Mumbai with 107 units and Hyderabad with 95 units.
INR 200-500 mn – Mumbai was the largest market
Though at a lower volume base, it is interesting to note that sales in the segment have increased substantially by 124%. This segment recorded sales of 92 units in Q1 2025 from 41 units in Q1 2024. Nearly 71% of the sales in this segment were contributed by Mumbai residential market with sales volume of 65 units.
Above INR 500 mn - segment with highest growth of 483%, NCR was the largest market
This ticket size category recorded the highest YoY growth of 483%, albeit on a small base. Sales in the above INR 500 million category reached 169 units, with NCR dominating the market by accounting for 88% (148 units) of total sales, while Mumbai contributed the remaining 12%.
City-wise Ticket Size Sales in Q1 2025 (Part 1)
<5 mn 5-10 mn 10 – 20 mn 20 – 50 mn
City Sales in units City Sales in units City Sales in units City Sales in units
Mumbai 10,121 Pune 6,690 Mumbai 4,865 NCR 4,968
Pune 4,054 Mumbai 6,244 Bengaluru 4,507 Mumbai 2,950
Kolkata 1,598 Bengaluru 3,998 Hyderabad 4,257 Bengaluru 2,439
Ahmedabad 1,545 Hyderabad 2,743 NCR 3,727 Hyderabad 1,608
Bengaluru 1368 NCR 1,773 Pune 2,785 Pune 670
Chennai 969 Ahmedabad 2,124 Chennai 1,032 Kolkata 448
NCR 883 Chennai 1,907 Ahmedabad 721 Chennai 367
Hyderabad 472 Kolkata 1,353 Kolkata 439 Ahmedabad 285
Total 21,010 Total 26,832 Total 22,330 Total 13,735
Source: Knight Frank Research
City-wise Ticket Size Sales in Q1 2025 (Part 2)
50 – 100 mn 100 – 200 mn 200 – 500 mn >500 mn
City Sales in units City Sales in units City Sales in units City Sales in units
NCR 2,302 NCR 425 Mumbai 65 NCR 148
Mumbai 557 Mumbai 107 NCR 25 Mumbai 21
Hyderabad 284 Hyderabad 95 Kolkata 1 Bengaluru -
Bengaluru 187 Chennai 15 Pune 1 Pune -
Chennai 67 Pune 7 Hyderabad - Kolkata -
Pune 24 Bengaluru 5 Bengaluru - Hyderabad -
Kolkata 19 Ahmedabad 4 Ahmedabad - Chennai -
Ahmedabad 8 Kolkata 0 Chennai - Ahmedabad -
Total 3,448 Total 658 Total 92 Total 169
Source: Knight Frank Research
Residential Price Appreciates
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.
Residential Price Movement
City Q1 2025 in INR/sq ft 12-month change 3-month change
Mumbai 8,360 6% 1%
NCR 5,370 12% 6%
Bengaluru 7,116 16% 7%
Pune 4,825 6% 1%
Chennai 4,854 7% 1%
Hyderabad 6,164 9% 3%
Kolkata 3,947 9% 3%
Ahmedabad 3,099 2% 0%
Source: Knight Frank Research
Health of the Market, Quarters to Sell (QTS)
The current QTS level remains steady at 5.9 quarters, unchanged from a year ago, indicating that sales velocity is effectively offsetting inventory growth and keeping market dynamics balanced. In the INR 20–50 mn and INR 50–100 mn segments, QTS levels stand at 4.0 and 3.6 quarters, respectively, suggesting that rising inventory in these categories is not yet a concern. However, the QTS level is higher at 7.3 quarters in the INR 500 mn and above segment and significantly elevated at 18.1 quarters in the INR 200–500 mn segment. It is important to note that the ultra-luxury market remains relatively small, with fewer than 1,500 units in these two segments combined. As a result, even minor shifts in supply or sales can cause significant volatility in the QTS metric over short periods.
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