A report by real estate consulting firm Square said India's secondary property market has gained considerable appeal, with its share rising from 38% in the pre-pandemic period to 43% in the fiscal year 2025 (FY25). A secondary market refers to the transaction of properties that have already owned or occupied.
Tanuj Shori, CEO and founder of Square Yards, observed the report’s results, saying: “It’s interesting that our data shows that this growth is not limited to major demand. This growing preference for upcoming homes – especially in good and established locations – shifts more buyers to the secondary sector in good locations.”
“It's also obvious not only in terms of market share, but also in absolute transaction volume. Looking ahead, we expect this dual-track momentum to last, and ongoing demand continues to drive growth in the major and secondary residential markets.”
Shori further added that unprecedentedly, we expect this dual-track momentum to continue, with continued demand continuing to drive growth in the major and secondary housing markets.
According to the latest report from Square Code, “Junior vs. Secondary: Demand Trends to Open up Indian Housing Market”, the total number of registered residential transactions in the registered presidents (IGRs) in major cities in India increased from 307,000 units in fiscal 2019 to 3.04444 crore in fiscal 2019, reaching 544,400 units in 2025, accounting for 2025.
The report also highlights that major market transactions account for the highest share of 57%, while secondary markets account for the remaining 43% of fiscal 2025. A major residential transaction refers to the sale of real estate directly from the developer to the buyer, usually involving new or insufficient homes.
The analysis covers seven major cities: Bangalore, Hyderabad, Mumbai, Navi Mumbai, Noida and Greater Noida, Pune and Thane.
From a quantitative perspective, the secondary transactions increased from 1.22 million units in fiscal 2019 to 233,000 units in fiscal 2025.
Data show that during the same period, primary market transactions increased from Rs 1.84 lakh units to 311 lakh units.
