The residential real estate market in India's major urban centres witnessed a notable accumulation of unsold stock last year, as fresh property launches continued to surpass the pace of buyer purchases. According to the latest data from leading real estate consultancy Anarock, the total volume of unsold homes across the country's top seven cities increased by 4 per cent by the end of 2025.
Supply-Demand Imbalance Widens
The primary catalyst for this inventory build-up was a clear mismatch between new supply and absorption. The total count of unsold residential units in the primary market reached 5,76,617 at the close of 2025, climbing from 5,53,073 units a year earlier. Anarock attributed this trend directly to a combination of slower sales momentum and a higher number of new project additions throughout the year.
Supporting this analysis, the data reveals a sharp contrast in market movements. Housing sales across these major urban markets registered a significant 14 per cent year-on-year decline, falling to 3,95,625 units in 2025. On the flip side, developers remained active, with the launch of new homes edging up by 2 per cent to 4,19,170 units. This dynamic effectively widened the gap between what was being built and what was being sold.
A Tale of Contrasting Cities
A city-level breakdown of the data presents a mixed picture, highlighting regional disparities in market health. While some metropolitan areas managed to reduce their unsold stock, others saw considerable increases.
Delhi-National Capital Region (NCR) witnessed a 5 per cent rise in unsold housing stock, which stood at 90,455 units at 2025-end compared to 85,901 units previously. Bengaluru recorded one of the most pronounced jumps, with unsold inventory surging by 23 per cent to 64,863 units from 52,807 units.
The story was similar in other key markets. Pune's unsold stock grew 3 per cent to 83,491 units, while Chennai posted an 18 per cent increase to 33,434 units. Kolkata also saw a 9 per cent rise in inventory to 29,007 units.
However, two major markets bucked the national trend. The Mumbai Metropolitan Region (MMR) saw a marginal 1 per cent improvement, with unsold homes dipping to 1,79,228 units. Hyderabad also recorded a slight 2 per cent decline, with inventory falling to 96,140 units.
Future Hinges on Affordability and Rates
Looking forward, Anarock suggests that the outlook for housing demand could see a revival, contingent on key economic factors. The consultancy noted that a softening of borrowing costs could play a pivotal role. Lower interest rates on home loans have the potential to rekindle buyer interest, provided that residential property prices are maintained within reasonable limits.
The overall data underscores a market under pressure. While select cities like MMR and Hyderabad are beginning to see a slight easing in inventory levels, the broader national scenario remains challenged by the persistent imbalance between new project launches and actual sales absorption. The market's next phase will likely be shaped by the interplay of interest rates, pricing, and broader economic sentiment.
