Lead-to-Buy Cycle Shrinks to 26 Days, 3-Year Low for INR 2–3 Cr Homes
- Drop in housing lead-to-buy
conversion despite sales volume drop in 2025 (high-ticket housing drove
sales) across top cities
- Conversion time across top
cities b/w 2020 & 2025 was lowest in 2022 (22 days)
- Worth noting - lead-to-buy
conversion time in 2025 lowest (15 days) for homes priced INR 2-3 Cr (was
28 days in 2024)
- Homes priced INR 1-2 Cr take
longest (~30 days) to sell post 1st lead, followed closely
by homes priced INR 50 lakh – INR 1 Cr (29 days)
- However, INR 1-2 Cr priced
homes took 47 days to sell in 2024 – so they sold over 56% faster in 2025
- Lead-to-sale conversion for
>INR 3 Cr homes took substantially longer – from 17 days in 2024 to 27
days in 2025
- Affordable homes (<INR 50
lakh) saw 19 days’ conversion in 2025, against 28 days in 2024
Mumbai, 16 February 2026: Housing sales dropped in 2025
against 2024, the number of days it took brokerages to convert initial leads
into actual bookings decreased over the year – from 32 days in 2024 to 26 days
in 2025, reveal the latest data from ANAROCK’s proprietary AI analytics
platform ASTRA. The analysed consumer behaviour data indicates that between
2020 and 2025, the conversion time was lowest in 2022 at 22 days, and the
highest in 2020 at 35 days.
The time it takes for property seekers to convert to buyers is a key
metric to gauge the overall market demand. Budget-wise trends further indicate
the preference of buyers in their decision-making cycle.
 |
| Dr. Prashant Thakur, Executive Director & Head – Research & Advisory, ANAROCK Group |
“The drop in lead-to-buy conversion days is essentially due to higher
sales of big-ticket size homes across the top cities,” says Dr.
Prashant Thakur, Executive Director & Head – Research & Advisory,
ANAROCK Group. “Among all the sold housing budget segments, the lead-to-buy
conversion time was the lowest – at 15 days - for homes priced between INR 2-3
Cr in 2025. It was 28 days in 2024, and this explains why the overall
conversion time decreased in 2025 over 2024, despite sales reducing by 14% over
the year across the top 7 cities.”
Source: ANAROCK Research & ASTRA Data
Budget-wise Data Trends
A deeper analysis of the budget category data shows that homes priced
between INR 1-2 Cr take the highest conversion time, clocking in at about 30
days in 2025. In 2024, it was the highest at 47 days, thereby declining by over
17 days in 2025.
Santhosh Kumar,
Vice Chairman -
ANAROCK Group
“Buyers of homes priced between INR 50 lakh to INR 1 Cr took the
second-longest time (~29 days) to push the ‘buy’ button from the day they
generated the first to paying the booking amount,” says Santhosh Kumar,
Vice Chairman - ANAROCK Group. “It was the same back in 2024, as well.
Notably, homes priced under INR 3 Cr pushed the conversion time to 27 days in
2025, against 17 days in 2024 when it was the lowest.”
“This increase in conversion time from the lowest point reflects a shift
from a seller-driven market to a more cautious, selective luxury housing-driven
one,” he adds. “Demand in the luxury category is normalising now, with ample
new luxe supply entering the market giving the target clientele a wider spread
of options.”
With higher prices, more new supply, and alternative investment options
also attractive, buyers are taking longer to finally seal the deal.
The Luxe Edge Sharpens
On the other hand, homes priced INR 2-3 Cr saw the lowest conversion
time of just 15 days in 2025, from 28 days in 2024 – a y-o-y reduction of 13
days. This faster decision-making reflects strong buyer confidence and value
perception in this segment, and possibly also FOMO brought on by the relatively
limited supply.
Source: ANAROCK Research & ASTRA Data
Buyers in the INR 2-3 Cr segment tend to be fully aware of market trends
and are financially equipped to decide and transact quickly. For developers, it
implies better pricing power with scope for further price hardening, and faster
inventory turnover. In short, this segment is currently an unmatched business
and profit generator.
Affordable homes (priced <INR 50 lakh) saw their conversion time
reduce from 28 days in 2024 to ~19 days in 2025. This reduction can be
attributed to a limited options available in the primary market, as new supply
in this category has reduced substantially over the last few years. Rising
rents across top cities are also pushing several first-time budget homebuyers
to make purchase decisions aided by faster loan approvals, digital loan
processing, and better access to credit.
“Such a shortened lead-to-buy cycle among lower-budget buyers clearly
signals necessity-driven demand in the affordable housing segment,” says
Santhosh Kumar.
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