An aerial view of Bengaluru city near Nagavara lake, October 21, 2022.
Credit: DH PHOTO/PUSHKAR V
Bengaluru: Housing sales across India witnessed a 12 per cent drop in the January to March quarter (Q1) 2025, as compared to the same period in the previous year, according to a report by real estate company JLL out on Thursday. The total sales added up to 65,246 units.
The below-Rs 1 crore housing segment saw a sharp decline, though it usually constitutes a substantial proportion of the overall demand.
Affordable housing sales also continued to fall. Houses priced less than Rs 50 lakh saw a 42 per cent year-on-year (YoY) drop, while those for Rs 50 lakh-1 crore saw a decline of 29 per cent.
It was the robust demand in the Rs 1.5-3 crore and 3-5 crore segments that helped counterbalance the slowdown in the more affordable segments, with the former segments accounting for 24% of total sales. Houses priced above Rs 1 crore saw a growth of 10% in Q1 2025.
There was a similar sequential overall fall, with a decline of 11%. Although, for homes priced between Rs 1.5-3 crore, there was a 14% QoQ growth.
Residential property prices in India's top seven metropolitan areas continued their upward trajectory, with increases ranging from 6-18% YoY led by Delhi-NCR and Bengaluru. Given current market dynamics, property values are expected to continue their upward trend in the near term.
The downtrend in sales, however, did not stop developers from launching new residential units in high numbers. There were 79,847 new units launched across India, marking an 8% quarter-on-quarter (QoQ) and 1% YoY rise.
High-end housing (Rs 1 crore and above) launches had a 107% YoY growth.
Interestingly, the projects that were launched during the same quarter saw the most traction. For Q1 2025, this amounted to one-fourth of the total sales, following a trend seen in the last few quarters.
Launches by reputed developers with assurance of timely delivery and steady price appreciation are driving the trend, according to the report.
Bengaluru, which saw the highest number of new launches at 20,484 new units, saw an upsurge by a whopping 62%. This marked its highest-ever quarterly launch volume.
Housing sales in India's top seven cities also continued to be dominated by Bengaluru, Mumbai, and Pune.