- In Q3 2025, four cities in Gujarat comprised 63% of sales and 65% of launches among the top 15 tier 2 cities.
New Delhi: In the third quarter of 2025, housing sales in the four major cities of Gujarat—Ahmedabad, Vadodara, Surat, and Gandhinagar—declined by 7% to 24,802 units. Meanwhile, sales in the top 15 tier 2 cities across India also decreased by 4%, totalling 39,201 units, as reported by NSE-listed real estate data analytics company PropEquity.
New supply also decreased by 8%, reaching 18,784 units across the four cities of Gujarat. This trend reflects a similar decline observed in the top 15 tier-2 cities of India, where new supply dropped by 10% to 28,721 units in Q3 2025. Despite a quarterly decrease, these four cities maintained their dominance in the tier 2 housing market, representing 63% of sales and 65% of launches among the top 15 tier 2 cities.
In terms of volume, Ahmedabad led the way, representing 33% of total sales and 40% of launches recorded in the top 15 tier 2 cities of India.
Samir Jasuja, Founder and CEO of PropEquity, stated, “Tier 2 cities are vital to India’s growth narrative. The expansion of job opportunities, enhancements in infrastructure, and improved connectivity are consistently fueling robust demand in residential, commercial, and retail real estate.”
Housing Sales and Launch Trends in Leading 16 Tier 2 Cities : Housing sales in India’s leading 15 tier 2 cities experienced a 4% decrease year-over-year, totaling 39,201 units in Q3 2025. However, the sales value increased by 4%, reaching Rs 37,409 crore, suggesting a gradual transition towards premium homes. This insight comes from a report by PropEquity, a real estate data analytics firm listed on the NSE. In the third quarter ending September 2025, the new supply decreased by 10% year-over-year, totaling 28,721 units.
Samir Jasuja, Founder and CEO of PropEquity, stated, “We have observed a consistent decrease in new housing launches, particularly within the high-volume affordable and mid-income segments. As input costs rise and consumer expectations shift, leading to increased home prices and sizes, the sales momentum in these markets has started to slow down.”
In the analysis of sales trends, eight out of fifteen cities experienced a year-over-year decline, with Bhubaneshwar facing the most significant drop at 26%. Conversely, Trivandrum recorded the highest increase in sales, rising by 19% in the third quarter of 2025. In Q3 2025, Bhubaneshwar experienced the most significant drop in new launches, with a decline of 88%. Additionally, eight out of fifteen cities reported a decrease in new launches.
On a quarter-over-quarter basis, housing sales decreased by 3%, the sales value declined by 1%, and new launches dropped by 26% in Q3 2025.
| Total Absorption (Units) | |||||
| Location | Q3-2024 | Q2-2025 | Q3-2025 | Q-o-Q Change | Y-o-Y Change |
| Ahmedabad | 13782 | 13461 | 13021 | -3% | -6% |
| Surat | 5347 | 5046 | 4936 | -2% | -8% |
| Gandhi Nagar | 3294 | 3815 | 3496 | -8% | 6% |
| Vadodara | 4200 | 3568 | 3349 | -6% | -20% |
| Jaipur | 2272 | 2369 | 2627 | 11% | 16% |
| Nashik | 2663 | 2787 | 2500 | -10% | -6% |
| Nagpur | 1754 | 1564 | 1690 | 8% | -4% |
| Mohali | 1243 | 1359 | 1471 | 8% | 18% |
| Bhubaneshwar | 1508 | 1418 | 1119 | -21% | -26% |
| Lucknow | 864 | 1038 | 991 | -5% | 15% |
| Bhopal | 907 | 976 | 959 | -2% | 6% |
| Coimbatore | 1024 | 988 | 910 | -8% | -11% |
| Goa | 876 | 828 | 881 | 6% | 1% |
| Trivandrum | 560 | 553 | 664 | 20% | 19% |
| Kochi | 736 | 561 | 587 | 5% | -20% |
| Top 15 tier 2 cities | 41030 | 40331 | 39201 | -3% | -4% |
Western India comprising Ahmedabad, Surat, Gandhi Nagar, Vadodara, Nashik, Nagpur and Goa saw 6% YoY and 4% QoQ decline in sales in Q3 2025. The western region accounted for 76% of the total sales.
Northern India comprising Lucknow, Mohali and Jaipur saw 16% YoY and 7% QoQ rise in sales in Q3 2025.
Southern India comprising Coimbatore, Trivandrum and Kochi saw 7% YoY decline and 3% QoQ rise in sales in Q3 2025.
Central and Eastern India comprising Bhopal and Bhubaneshwar saw 14% YoY and 13% QoQ decline in sales in Q3 2025.
| New Launches (Units) | |||||
| Location | Q3-2024 | Q2-2025 | Q3-2025 | Q-o-Q Change | Y-o-Y Change |
| Ahmedabad | 11384 | 11398 | 11471 | 1% | 1% |
| Vadodara | 2803 | 1814 | 2635 | 45% | -6% |
| Surat | 3785 | 5437 | 2507 | -54% | -34% |
| Jaipur | 1393 | 3019 | 2311 | -23% | 66% |
| Gandhi Nagar | 2522 | 4163 | 2171 | -48% | -14% |
| Nashik | 1100 | 1609 | 1709 | 6% | 55% |
| Bhopal | 515 | 1114 | 1148 | 3% | 123% |
| Nagpur | 1670 | 1855 | 1087 | -41% | -35% |
| Trivandrum | 120 | 736 | 780 | 6% | 550% |
| Goa | 592 | 887 | 728 | -18% | 23% |
| Kochi | 544 | 556 | 626 | 13% | 15% |
| Mohali | 1799 | 3488 | 604 | -83% | -66% |
| Coimbatore | 1431 | 1099 | 526 | -52% | -63% |
| Lucknow | 1199 | 970 | 297 | -69% | -75% |
| Bhubaneshwar | 1011 | 610 | 121 | -80% | -88% |
| Top 15 tier 2 cities | 31868 | 38755 | 28721 | -26% | -10% |
Western India comprising Ahmedabad, Surat, Gandhi Nagar, Vadodara, Nashik, Nagpur and Goa saw 6% YoY and 18% QoQ decline in launches in Q3 2025. The western region accounted for 78% of the total launches.
Northern India comprising Lucknow, Mohali and Jaipur saw 27% YoY and 57% QoQ decline in launches in Q3 2025.
Southern India comprising Coimbatore, Trivandrum and Kochi saw 8% YoY and 19% QoQ decline in launches in Q3 2025.
Central and Eastern India comprising Bhopal and Bhubaneshwar saw 17% YoY and 26% QoQ decline in launches in Q3 2025.