Registration of residential properties across nine major cities declined by 5 per cent to about 0.545 million units till 25 December 2025, even as the total transaction value rose by 11 per cent to around Rs 4.46 trillion, according to data released by real estate consultancy Square Yards.

The data covers property registrations in Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida and Ghaziabad, spanning both primary and secondary (resale) markets. In comparison, registrations in 2024 stood at about 0.577 million units, with a combined transaction value of approximately Rs 4.03 trillion.

“In 2025, registered residential transactions in India’s nine prime housing markets declined by 5 per cent year on year, even as total sales value increased by over 11 per cent during the same period,” Square Yards said in a statement.

Tanuj Shori, Founder and Chief Executive Officer of Square Yards, said the rise in transaction value was driven by premium and luxury housing, particularly in markets such as the Mumbai Metropolitan Region. He noted that a growing base of wealthy Indians with higher disposable incomes has continued to support demand for high-end homes.

Shori added that sustained price appreciation over the past three to five years has begun to test affordability levels in several premium micro-markets. While underlying demand remains resilient, incremental growth in the luxury segment is expected to moderate in 2026, signalling a phase of stabilisation rather than a slowdown.

Looking ahead, Square Yards said the housing market is well positioned for sustainable progress in 2026, supported by disciplined supply pipelines, a more mature buyer base and a gradual rebalancing of demand towards the mid-market segment.

Commenting on the trends, Rajat Khandelwal, Group Chief Executive Officer of Tribeca Developers, said homebuyers are increasingly favouring newly launched projects. Santosh Agarwal, Chief Financial Officer and Executive Director of Alpha Corp Development Ltd, said growth continues to be driven by demand for premium and larger homes, higher average ticket sizes and a clear shift towards quality, branded developments. He added that both end-users and investors are prioritising location, amenities and long-term value over volume-led purchases.