Real Estate: Housing Transactions Rise 77% In 6 Years, Hit 5.44 Lakh Units In FY25; Primary Market Leads
A report by Square Yards shows the housing sector continues its post-pandemic rebound with robust momentum across both primary and secondary markets.
Residential property registrations across India’s top cities surged to 5.44 lakh units in FY2025, up a remarkable 77 per cent from 3.07 lakh units in FY2019, according to a report by real estate platform Square Yards. The report, titled ‘Primary Vs Secondary: Unpacking Demand Trends in India’s Residential Market’, shows the housing sector continues its post-pandemic rebound with robust momentum across both primary and secondary markets.
Of the total registered units, primary market transactions accounted for 57 per cent while secondary sales made up 43 per cent. Notably, the share of secondary transactions has increased steadily from 38 per cent in FY2019, reflecting a rising preference for ready-to-move-in properties in key urban hubs.
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“The residential market has witnessed a remarkable V-shaped recovery since the pandemic," said Tanuj Shori, CEO & founder of Square Yards. “This strong growth cycle has been largely driven by a renewed preference for homeownership, which has bolstered primary sales. At the same time, secondary transactions have gained traction, with volumes rising from 1.22 lakh in FY2019 to 2.33 lakh in FY2025."
Shori added that this dual-track momentum is expected to continue, supported by stable demand in both segments.
| City | FY 2025 | FY 2019 | % change in total transactions | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Primary(Lakh units) | Secondary(Lakh units) | Primary% share | Secondary% share | Primary(Lakh units) | Secondary(Lakh units) | Primary% share | Secondary% share | ||
| Bengaluru | 0.39 | 0.33 | 54% | 46% | 0.37 | 0.17 | 69% | 31% | 33% |
| Hyderabad | 0.35 | 0.34 | 51% | 49% | 0.29 | 0.34 | 46% | 54% | 11% |
| Noida & Greater Noida | 0.18 | 0.27 | 40% | 60% | 0.16 | 0.07 | 71% | 29% | 30% |
| Mumbai | 0.71 | 0.69 | 51% | 49% | 0.35 | 0.36 | 49% | 51% | 97% |
| Pune | 0.76 | 0.24 | 76% | 24% | 0.30 | 0.06 | 80% | 20% | 178% |
| Thane | 0.49 | 0.30 | 62% | 38% | 0.27 | 0.17 | 62% | 38% | 79% |
| Navi Mumbai | 0.23 | 0.20 | 53% | 47% | 0.08 | 0.07 | 52% | 48% | 247% |
| Top cities* | 3.11 | 2.33 | 57% | 43% | 1.84 | 1.22 | 62% | 38% | 77% |
(*Includes cities of Bengaluru, Hyderabad, Noida & Greater Noida, Pune, Mumbai, Thane, Navi Mumbai. Source: IGR, Square Yards)
City-Wise Market Snapshot
Bengaluru recorded nearly 72,000 residential transactions in FY2025, with the primary market contributing 54%. The secondary market’s share jumped from 31% in FY2019 to 46%, buoyed by demand for ready homes and a thriving IT industry drawing professionals to the city.
Noida & Greater Noida saw the secondary market’s share rise by 11 percentage points to 40%, driven by growing end-user and investor interest ahead of the opening of Jewar International Airport. Limited new supply, especially in affordable categories, has also shifted demand to the resale market.
Mumbai remained a secondary market stronghold, logging about 69,000 resale transactions—up from 36,000 in FY2019. However, the city also saw a doubling in primary sales to 71,000 units, thanks to a wave of redevelopment-led launches in central locations.
Navi Mumbai saw a 7 percentage point rise in secondary market share, helped by progress on the Navi Mumbai International Airport.
Thane registered around 79,000 total deals in FY2025, with 62% being primary transactions. Secondary transactions more than doubled, reflecting the growing maturity of the resale market.
Pune remains heavily tilted toward the primary market, with 76% of sales in FY2025 coming from new launches. Still, the secondary share rose by 4 percentage points amid rising demand in established neighborhoods.
Hyderabad displayed a relatively even split, with secondary sales contributing 51% of the total. However, this marked a slight drop from FY2019 due to a surge in new launches in western suburbs. Demand remains firm for resale properties in older, well-connected areas near HITEC City.
Ready-to-Move Homes Drive Demand
The report attributes the surge in secondary sales to buyer preference for immediate possession homes, especially in well-established urban neighborhoods. While new launches continue to fuel the primary market, the resale segment has become increasingly appealing due to broader price availability, faster move-ins, and mature social infrastructure.
With both market segments showing strong momentum, Square Yards anticipates that India’s residential real estate market will continue its robust run in FY2026, with both new launches and resale properties finding takers in equal measure.
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