In 2025, registered residential transactions across India’s nine prime residential markets declined by 5% year-on-year to 5.45 lakh units in 2025, from 5.77 lakh units in 2024, even as total registered sales value rose by over 11%, according to a report by Square Yards. This divergence was driven by a sharp 22% increase in average deal sizes, reflecting sustained price appreciation over the past three to five years.
Despite the moderation in volumes, the total registered sales value in this category increased to ₹4.46 lakh crore from ₹4.03 lakh crore the previous year, up by 11% The average registered deal value rose to ₹0.81 crore, up from ₹0.70 crore in 2024, underscoring the resilience of demand despite affordability pressures, the report stated.
“The year 2025 marked a shift towards value-led growth, characterised by stable transaction volumes and a continued rise in overall market value even as premium and luxury segments showed early signs of saturation across select mature markets, the report titled 2025 Recap, 2026 Outlook: Residential Real Estate said. It defined mid-segment as homes priced between ₹80 lakh and ₹1.5 crore.
“This divergence reflects a maturing market, where growth is increasingly shaped by demand rather than volume-led expansion,” Tanuj Shori, Founder and CEO of Square Yards, said. He also said that while premium housing remained structurally resilient in 2025, sustained price growth has begun to test affordability in several high-end micro-markets, particularly in the Mumbai Metropolitan Region (MMR).
The nine cities include Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, and Ghaziabad.
City-wise trends highlight price segmentation
The report said that Mumbai continued to dominate both volumes and value, with 1.1 lakh registered transactions translating into ₹1.6 lakh crore in sales value. Pune followed with 0.8 lakh units and ₹0.5 lakh crore in value, while Hyderabad recorded 0.7 lakh transactions worth ₹0.4 lakh crore.
In the MMR, Thane and Navi Mumbai together contributed 2.1 lakh units, with a combined sales value of ₹2.1 lakh crore, reflecting sustained end-user demand in relatively more affordable peripheral markets. In the National Capital Region, Noida and Greater Noida stood out with 0.9 lakh registered transactions and ₹0.9 lakh crore in sales value, while Ghaziabad recorded lower volumes of 0.1 lakh units but relatively higher value per transaction of ₹0.4 lakh crore.
Southern markets such as Bengaluru and Hyderabad continued to see strong end-user participation, though Bengaluru’s registered volumes and value remained comparatively modest at ₹0.1 lakh crore sales.
Also Read: Noida, Mumbai, Gurugram, Bengaluru lead 2025 surge in premium under-construction project prices
2026 outlook: Mid-market demand to lead
According to the report, the residential sector is moving from a phase of expansion to equilibrium. “As premium markets stabilize, and affordability improves across the mid-income segment, 2026 is likely to witness broader-based, end-user-led growth anchored in value rather than exuberance. Transaction volumes are expected to remain steady, average ticket sizes elevated, and price growth more evenly distributed across segments,” the report said.
Square Yards said that the mid segment stands to gain from a mix of stable pricing, better-quality offerings and infrastructure-driven expansion into peripheral urban corridors, although outcomes will depend on active developer participation and execution. As a result of this, the mid-segment segment (properties priced between INR 80 Lac and INR 1.5 crore) is poised to drive incremental demand.
Overall, India’s housing market appears well positioned for sustainable progress in 2026, supported by disciplined supply pipelines, a maturing buyer base and a gradual rebalancing of demand towards the mid-market segment, it said.