Buying a home? NCR sales fall 6% despite surge in luxury homes; Bengaluru sees 1% growth

Housing sales across India's seven largest city markets declined 6% year-on-year to about 90,715 units in April-June 2026, the lowest quarterly tally since January 2023, as uncertainty from the West Asia conflict and concerns about global economic growth slowed demand, property consultant Anarock said in its latest analysis.

Despite weaker absorption, developers remained active. New launches during the quarter rose 7% year on year to around 1.06 lakh units, signalling continued confidence in longer-term demand even as buyers showed caution. 

Citywise performance

• Mumbai Metropolitan Region (MMR): MMR recorded the highest sales at approximately 28,710 units in Q2 2026, down 8% from about 31,275 units a year earlier and down 12% sequentially.
• NCR: Sales in the National Capital Region fell 6% year‑on‑year to about 13,365 units from roughly 14,255 units in Q2 2025; quarterly sales were down 12%.
• Bengaluru: Reported marginal annual growth of 1% with around 15,285 units sold, although sales slipped 7% quarter‑on‑quarter.
• Pune: Sales dropped sharply, about 15% year‑on‑year, to roughly 13,090 units.
• Hyderabad: Saw 11,270 units sold, a 2% year‑on‑year rise but a 9% decline from the previous quarter.
• Chennai and Kolkata: Chennai recorded about 5,135 units (down 9% annually, down 3% quarterly); Kolkata rose 10% year‑on‑year to roughly 3,860 units but fell 8% sequentially.

Prices and inventory

Average residential prices across the seven cities rose 7% year‑on‑year, though quarterly appreciation slowed to 1%, suggesting moderation. NCR posted the strongest annual price growth at 13%, followed by Bengaluru at 8%. Unsold inventory continued to build, rising 10% year‑on‑year to over 6.16 lakh units by end‑June 2026. Bengaluru saw the largest jump in inventory (up 34% to about 79,180 units), while NCR’s inventory remained broadly unchanged.

Shift toward premium launches 

A clear change in the composition of supply emerged during the quarter. Homes priced between ₹80 lakh and ₹1.5 crore accounted for the largest share of new launches at 27%, followed by the ₹1.5-2.5 crore band (25%) and properties above ₹2.5 crore (22%). Affordable housing (below ₹40 lakh) made up only 6% of new launches, underscoring a retreat from the budget segment.

“These readings are along expected lines, as the Middle East war’s impacts on the entire sector were all too obvious,” said Anuj Puri, chairman of the ANAROCK group. 

“What we have currently is a more balanced housing market where new supply is catching up absorption as sales growth moderates across most top cities. Notably, the most sales growth now is in premium housing, GCC-led employment hubs, and infrastructure-driven corridors."

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Market concentration and supply growth 

MMR and Bengaluru together accounted for 48% of homes sold during the quarter and 53% of new launches — adding about 34,555 units in MMR and 21,670 units in Bengaluru. Hyderabad led launch growth, with new supply up 53% year on year, followed by Kolkata (42%), Bengaluru (41%) and MMR (23%). NCR and Chennai logged steep declines in launches, down 40% and 38%, respectively.

Developers favoured higher‑priced stock: 96% of Bengaluru’s new launches were above ₹80 lakh, more than 82% of Hyderabad launches were in the ₹80 lakh–₹2.5 crore band, and 61% of NCR’s new supply was in the luxury segment above ₹1.5 crore.