India Housing Prices Moderate in 2025 as Demand Softens Across Top Cities

India’s residential property market is stabilising after a sharp rally over the past two years. According to data released by PropTiger, average housing price growth slowed to 6 percent annually in 2025 across the top eight cities, compared with a 17 percent rise in 2024.

The moderation follows significant price escalation between 2022 and 2024, which has led to softer demand conditions in several markets. In the Delhi-NCR region, prices recorded an average 6 percent increase last year, after surging 49 percent in 2024.

Bengaluru Leads Gains While Chennai Remains Flat​

Among the top cities, Bengaluru registered the strongest growth at 13 percent, while Chennai saw no change in rates.

In Bengaluru, average prices climbed to Rs 8,533 per square foot from Rs 7,536 per square foot a year earlier. Chennai’s residential prices remained steady at nearly Rs 7,200 per square foot.

Ramji Subramaniam, Managing Director of Sowparnika Projects, said Bengaluru’s double-digit growth reflects its resilience and global appeal. He noted that the city’s position as India’s AI and technology hub continues to attract end-users, global investors, and a growing migrant workforce.

Navin Dhanuka, Director of ArisUnitern, said housing prices in Bengaluru were largely driven by genuine end-user demand. He highlighted continued job creation in technology and Global Capability Centres, steady in-migration, and improving infrastructure in North and East Bengaluru as supporting factors.

Bhavesh Kothari, Founder and CEO of Property First Realty, attributed the rise in prices to higher input costs, including land. He added that buyers continue to accept prevailing pricing due to limited availability of quality projects.

Delhi-NCR, Mumbai, Pune and Ahmedabad See Moderate Growth​

In the Delhi-NCR region, housing prices increased 6 percent to Rs 8,570 per square foot from Rs 8,105 per square foot.

The Mumbai Metropolitan Region recorded a 4 percent rise, with prices moving up to Rs 13,164 per square foot from Rs 12,600 per square foot.

Pune saw a marginal 1 percent increase, with rates inching up to Rs 7,192 per square foot from Rs 7,108 per square foot.

Ahmedabad posted an 8 percent growth, with average prices reaching Rs 4,754 per square foot in 2025 compared with Rs 4,402 per square foot in the previous year.

Lalit Parihar, Managing Director of Aaiji Group, said Ahmedabad continues to remain an affordable housing market despite single-digit growth. He added that demand remains strong in major cities of Gujarat, including Dholera, supported by economic activities.

Hyderabad and Kolkata Post Steady Appreciation​

Hyderabad recorded an 8 percent increase, with prices strengthening to Rs 7,644 per square foot from Rs 7,053 per square foot in 2024.

Kolkata registered a 6 percent appreciation, with average prices rising to Rs 5,945 per square foot from Rs 5,633 per square foot.

Calibrated Supply Keeps Pricing Stable​

According to data shared by Aurum PropTech, which recently acquired PropTiger, the slowdown in price growth reflects moderating sales volumes following the sharp increase during 2022 to 2024.

Onkar Shetye, Executive Director at Aurum PropTech, said resilient pricing alongside moderated sales volumes highlights a disciplined, supply-calibrated market. Developers have protected price integrity while managing inventory efficiently, creating a stable pricing base heading into 2026.

While housing price growth has cooled compared to 2024, the broader residential market across major cities remains stable, with selective strength in technology-driven hubs and steady appreciation in established urban centres.