PropEquity Reports 6% Housing Sales Decline Across India’s Top Nine Cities as Thane Launches Fall 28%
India’s residential market showed signs of moderation in the first half of 2025, according to PropEquity. Housing sales across nine major cities fell 6% year on year during January–June 2025, while new residential launches in Thane dropped 28% compared with the same period in 2024.
The figures point to a market that is cooling after several strong quarters—but they do not, by themselves, establish a broad or lasting housing downturn.
What PropEquity’s Housing Sales Data Shows
PropEquity’s comparison covers January to June 2025 against January to June 2024. The nine markets are Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Delhi-NCR.
The data tracks primary-market residential activity: homes sold by developers and newly launched housing units. “Sales” therefore refers to units sold in the primary market, rather than property registrations, resale transactions or the value of homes sold.
That distinction matters. A fall in unit sales can occur even when overall transaction values remain firm if buyers shift toward smaller homes or if premium housing continues to perform better than mass-market projects.
The 6% decline was spread across the major-city sample, but the report’s Thane figure refers to new launches, not a 28% collapse in Thane sales. Thane’s launch pipeline contracted 28% year on year, making it one of the sharper signs of supply restraint in the Mumbai Metropolitan Region.
Why Thane’s New Launches Fell 28%
PropEquity’s release establishes the scale of the decline, but it does not prove a single cause. The most direct interpretation is that developers launched fewer projects in Thane during the period than in the comparable first half of 2024.
That may reflect project-level timing, approvals and phasing rather than a sudden loss of buyer interest. Developers often stagger launches when existing inventory needs more time to sell, construction costs are being reassessed or infrastructure-linked expectations have not yet translated into immediate demand.
Thane also sits within a highly competitive MMR market. Buyers can compare projects across Thane, Navi Mumbai, the eastern suburbs and peripheral parts of Mumbai, where differences in pricing, commute access, unit size and possession timelines can alter demand from one quarter to the next. The 28% launch decline should therefore be read as a supply signal, not proof that all Thane projects are weakening equally.
Sales Versus New Launches: Is Inventory Pressure Building?
The relationship between sales and launches is more informative than either number alone. If sales decline while launches continue at the same pace, unsold inventory can rise. If both sales and launches soften, developers may be responding to demand rather than adding supply aggressively.
The PropEquity findings suggest the latter pattern in Thane: launch activity was reduced as the broader nine-city market recorded lower sales. That could limit near-term inventory build-up, although the report does not establish how much unsold stock individual projects or micro-markets carry.
For developers, the immediate implication is likely to be greater emphasis on project phasing, product mix and sales velocity. For buyers, fewer launches do not automatically mean lower prices. They may instead mean fewer choices in selected locations, particularly where developers are waiting for clearer demand before releasing new phases.
What the Decline Means for India’s Real Estate Market
The result is significant because it breaks with the uninterrupted growth narrative that has shaped recent Indian real-estate commentary. However, a six-month, year-on-year fall is not enough to classify the market as a durable slowdown.
Other research providers, including ANAROCK and Knight Frank India, publish city-level housing indicators, but their conclusions may differ because they use different city groupings, reporting windows and measures of sales or launches. Official indicators such as housing-price indexes, mortgage rates and lending conditions also need to be read alongside developer sales data.
For now, PropEquity’s report is best viewed as an early normalization signal: demand has become less uniformly strong, and developers—especially in markets such as Thane—appear more selective about adding supply. The next two reporting periods will show whether this is temporary volatility or the beginning of a broader adjustment in India’s housing market.
Track the latest PropEquity housing sales data and compare city-level trends before making a property purchase or investment decision.