The registration of housing properties across eight major Indian cities surged to 5.44 lakh units in FY 2025, marking a 77% increase from 3.07 lakh units in FY 2019, according to data from the Inspector General of Registration (IGR), accessed by Square Yards and published by Hindustan Times.
The report indicates a significant increase in the residential real estate market, with primary market transactions accounting for 57% of the total, while secondary market transactions made up the remaining 43%. In volume terms, primary market transactions rose from 1.84 lakh units in FY 2019 to 3.11 lakh units in FY 2025. Secondary transactions also saw a considerable increase, growing from 1.22 lakh units to 2.33 lakh units during the same period.
The analysis covered seven major cities: Bengaluru, Hyderabad, Mumbai, Navi Mumbai, Noida, Greater Noida, Pune, and Thane.
Bengaluru, one of the key cities in the analysis, saw around 72,000 residential transactions in FY 2025. Notably, 54% of these transactions were in the primary market. The growth was driven by increased supply from national and local developers, especially in the eastern, southern, and northern micromarkets of the city. The secondary market saw a sharp rise in share, growing from 31% in FY 2019 to 46% in FY 2025. In terms of transaction volumes, the secondary market more than doubled.
The demand for ready-to-move-in homes, especially in well-connected areas, has been a key factor in this growth. Bengaluru’s thriving IT sector and the influx of professionals seeking immediate occupancy contributed significantly to this demand.
The Noida and Greater Noida real estate markets recorded a significant uptick in transactions, both from investors and end-users. This surge was driven by heightened expectations surrounding the development of the Noida International Airport, a key infrastructure project in the region. The share of secondary market transactions in these cities rose from 29% in FY 2019 to 40% in FY 2025, marking an 11% increase.
Despite limited new supply in these markets, particularly in the mid-range segment, the availability of resale properties across diverse price ranges has made them attractive to buyers. The anticipation of the opening of the Jewar International Airport has further fueled interest in these cities.
Mumbai’s real estate market saw approximately 69,000 secondary transactions in FY 2025, up from 36,000 in FY 2019. However, primary market transactions also experienced a substantial increase, with registrations nearly doubling, from 35,000 in FY 2019 to around 71,000 in FY 2025. The growth in the primary market was driven by the ongoing redevelopment projects in central Mumbai, along with the construction of new developments, particularly in Navi Mumbai.
The secondary market in Mumbai grew its share by 7%, reflecting renewed buyer confidence, aided by the ongoing construction of the Navi Mumbai International Airport.
Tanuj Shori, CEO and founder of Square Yards, highlighted the strong recovery in the residential market post-pandemic. “The residential market has witnessed a remarkable V-shaped recovery, as reflected in the 77% rise in annual housing transactions from 3.07 lakh units in FY 2019 to 5.44 lakh in FY 2025,” Shori said. He attributed this strong growth cycle to a renewed preference for homeownership, which has led to a boost in primary sales.
Shori also noted that the growing preference for ready-to-move-in homes, especially in well-connected locations, has steered more buyers towards the secondary market. This shift is evident not only in the increased market share of secondary transactions but also in the substantial rise in absolute transaction volumes.