India's Primary Residential Sales Hits 88,274 Units - Marks 2 % Y-o-Y Rise

According to Knight Frank India, main residential sales in India totaled 88,274 units in Q1 2025 (January–March), a 2% year-over-year (Y-o-Y) increase over Q1 2024.

Sales in general stayed consistent, however performance differed in important markets. Sales increased in five out of the top eight Indian cities, with Pune and Chennai leading the way with Y-o-Y increases in main unit sales of 20% and 10%, respectively. Mumbai continued to be the biggest residential market, with 24,930 units sold in Q1 2025, the highest quarterly sales volume since Q1 2018 and a 5% year-over-year increase.

In the meantime, sales in places like Bengaluru, Hyderabad, Kolkata, and the National Capital Region (NCR) fell by 1 to 8% year over year. Ahmedabad's sales were essentially unchanged.

With 46% of total sales, up from 40% in Q1 2024, the premium housing sector (Rs. 1 crore and above) was the main market driver. With 40,432 units sold in the first quarter, this category grew by 16% year over year.

The largest year-over-year growth, at 483%, was seen in ultra-luxury residences (those costing Rs. 50 crore and more), which went from 29 units in Q1 2024 to 169 units in Q1 2025.

Sales in the sub-Rs. 50 lakh category, on the other hand, fell 9% year over year, indicating a change in homebuyers' tastes toward larger and more upscale homes.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “While some cities, like NCR and Bengaluru, saw a dip in sales due to a 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.”

In Y-o-Y terms, price levels maintained a robust run across all markets. They gained steadily in every market sequentially. As the emphasis shifted to the development of high-end, high-rise residences, price levels in Bengaluru and the National Capital Region experienced remarkable year-over-year growth of 16% and 12%, respectively.