Mumbai, 14 April 2025: Affordable housing took a major hit post-pandemic as buyers in this segment adopted a cautious approach, with new supply and sales plummeting in recent years. But latest ANAROCK research highlights a promising trend – unsold inventory in the affordable housing segment (<INR 40 lakh) fell by 19% across the top 7 cities in the past year, from 1.40 lakh units (Q1 2024-end) to 1.13 lakh units (Q1 2025-end).
Meanwhile, luxury housing (>INR 1.5 Cr) saw a 24% surge in unsold stock, rising from 91,125 units (Q1 2024-end) to over 1.13 lakh units (Q1 2025-end), fuelled by robust demand and new supply.
City-wise, Bengaluru led the affordable category recovery with a sharp 51% drop in unsold stock, followed by Chennai’s 44% decline. Hyderabad was the only city to witness a 9% surge in its affordable housing stock in the period – to approx. 1,815 units by Q1 2025-end.
Anuj Puri, Chairman – ANAROCK Group, says, “Affordable housing faced the sharpest pandemic fallout, with sales and new launches shrinking in the top 7 cities. ANAROCK data shows that affordable housing sales share plummeted from 38% in 2019 to 18% in 2024, while its supply share dropped from 40% to 16% in the same period. However, a 19% dip in unsold stock hints at sustained demand led by end-users.”
“In contrast, luxury housing soared, with its sales share rising from 7% in 2019 to 26% in 2024, and new supply share doubling from 11% to 26%,” says Puri. “Nevertheless, the segment saw unsold inventory pile up due to increased supply and cautious investor sentiment amid the ongoing global economic uncertainty. Our data shows that unsold stock of luxury housing – units priced over INR 1.5 Cr – rose 24% annually from about 91,125 units by Q1 2024-end to over 1.13 lakh units by Q1 2025-end.”
Among the top 7 cities, Chennai and Pune were the only cities to see their unsold luxury stock decline in the period, by 4% and 11%, respectively. While Chennai’s current unsold luxury stock is at 2,453 units, Pune’s is at 3,668 units. NCR, MMR, Kolkata, Hyderabad and Bengaluru also saw their unsold luxury stock rise.
“The build-up of stock in luxury housing, which has been the top-performing segment in the past 2-3 years, is largely due to significant supply additions in the last one to two years,” says Puri.
| Unsold Stock Across Top 7 Cities | |||
| Budget Categories | Stock as of Q1 2025-end (Units) | Stock as of Q1 2024-end (Units) | % Change |
| <INR 40 lakh | 1,12,744 | 1,39,905 | -19% |
| INR 40 lakh – INR 80 Lakh | 1,57,741 | 1,74,572 | -10% |
| INR 80 lakh – INR 1.5 Cr | 1,76,130 | 1,75,293 | 0% |
| >INR 1.5 Cr | 1,13,193 | 91,125 | 24% |
| Total | 5,59,808 | 5,80,895 | -4% |
City-wise Dynamics
| Unsold Affordable Stock Across Top 7 Cities (<INR 40 Lakh) | |||
| City | Q1 2025-end | Q1 2024-end | % Change |
| NCR | 25,105 | 32,189 | -22% |
| MMR | 53,942 | 60,783 | -11% |
| Bangalore | 3,323 | 6,736 | -51% |
| Pune | 14,686 | 20,522 | -28% |
| Hyderabad | 1,815 | 1,660 | 9% |
| Chennai | 1,090 | 1,946 | -44% |
| Kolkata | 12,783 | 16,069 | -20% |
| Total | 1,12,744 | 1,39,905 | -19% |
As of Q1 2025-end, a cumulative total of approx. 5,59,808 units are unsold across the top 7 cities. Of this, approx. 1,12,744 units fall in the affordable housing category; the luxury segment has approx. 1,13,193 unsold units. Together, each of these two segments account for almost 20% of the total unsold stock.
- In MMR, unsold affordable housing stock declined 11% between Q1 2024 and Q1 2025, while luxury stock rose by 6% in the period
- NCR saw a 22% decline in its unsold affordable stock, while luxury stock swelled by over 78%
- Bengaluru saw its affordable stock decline by 51% and its luxury stock rise by 57% in the period
- Chennai saw an over 44% yearly decline in unsold affordable stock and a 4% reduction in luxury stock
- Pune saw an almost 28% annual dip in its unsold affordable stock, and a 11% decline in luxury stock
- In Kolkata, unsold affordable housing stock declined by 20%, while luxury stock rose by 96%
- Hyderabad was the only city to see its unsold affordable stock jump by 9%, while its luxury stock increased by 6%