Housing Sales Dip 7% Q-o-Q in Top 7 Cities in Q1 2026, But Rise 9% Y-o-Y
- Approx.
1,01,675 units worth over INR 1.51 Lakh Cr sold across the top 7 cities in
Q1 2026 against 1,08,970 units worth INR 1.60 Lakh Cr in Q4 2025 &
over 93,280 units worth INR 1.42 Lakh Cr in Q1 2025
- Housing
sales value down 5% Q-o-Q while it rises 6% yearly
- MMR
& Bengaluru account for 48% of total sales; Interestingly, Chennai
records the highest (18%) Q-o-Q drop in sales, but highest yearly gain
(31%)
- New
launches up by 2% Q-o-Q & 26% Y-o-Y – from approx. 1,23,835 units in
Q4 2025 & 1,00,020 units in Q1 2025 to over 1,26, 265 units in Q1 2026
- Hyderabad
records highest 46% Q-o-Q jump in new supply, followed by Bengaluru with
7% & MMR with 6% quarterly rise; Pune, NCR, Chennai & Kolkata see
Q-o-Q drop in new launches
- Homes
priced INR 1.5–2.5 Cr form 32% of new supply, those above INR 2.5 Cr
account for 20%. Units in the INR 80 lakh–1.5 Cr range make up 25%, INR
40–80 lakh - 12%, below INR 40 lakh just 10%.
- Unsold
inventory in top 7 cities up 4% Q-o-Q & 7% Y-o-Y - over 6.01 lakh
units by Q1 2026-end; Bengaluru sees highest Q-o-Q & Y-o-Y increases
(12% & 24% respectively)
- Avg. property
prices in top 7 cities see 2% quarterly & 7% yearly rise – NCR &
Bengaluru record highest annual rise with 15% & 8%, respectively
Mumbai, 27 March 2026: The ongoing Middle East war had
a predictable impact on the Indian real estate market. Housing sales in the
first quarter witnessed a downward trend against the preceding quarter. Latest
ANAROCK Research data indicates that Q1 2026 saw a 7% drop in sales across
the top 7 cities against Q4 2025. Approx. 1,01,675 units worth INR 1.51
lakh Cr were sold in Q1 2026 in the top cities, in contrast to approx.
1,08,970 units worth INR 1.60 Lakh Crore in Q4 2025.
However, given the low housing sales base in the corresponding period
last year, Q1 2026 marked a 7% annual rise in sales across the
top 7 cities. Back in Q1 2025, approx. 93,280 units worth INR 1.42 Lakh Crore
were sold in these cities. Thus, housing sales value is down by 5% Q-o-Q but
have risen 6% annually.
City-wise, MMR and Bengaluru accounted for 48% of total sales in this
quarter. Interestingly, Chennai recorded the highest (18%) quarterly drop in
housing sales, but also saw the highest yearly gain of 31%
Meanwhile, new launches across the top 7 cities saw a limited quarterly
growth of 2% in Q1 2026 against the previous quarter, and a 26% yearly rise –
from 1,23,835 units in Q4 2025 to approx. 1,26,265 units in Q1 2026 and over 1
lakh units back in Q1 2025.
MMR and Bengaluru saw the maximum new supply in Q1 2026, accounting for
51% of the total new launches across the top 7 cities. While MMR saw new supply
increase by 6% on a quarterly basis, Bengaluru saw a 7% jump in the period.
Chennai, NCR, Kolkata and Pune saw a quarterly decline in new supply
– by 28%, 17%, 10%, and 9%, respectively. The other cities saw quarterly
increases in new launches, with Hyderabad recording the highest 46% quarterly
supply rise.
Following the significant jump in new launches in the quarter, available
inventory in the top 7 cities increased by 4% quarterly and 7% annually – from
approx. 5,76,620 units by Q4 2025-end to approx. 6,01,210 units as of Q1
2026-end. Among the top cities, Bengaluru saw the highest quarterly rise of 12%
in its unsold stock, followed by Hyderabad with a 7% rise.
Anuj Puri, Chairman – ANAROCK Group, says, “While India’s residential
segment’s long-term fundamentals remain strong, the short-term tremors of the
Iran War were clearly visible in the first quarter. The 7% dip in sales tracks
the war-induced uncertainty, with sentiment and sales clearly affected by
surging oil and construction prices - particularly in March. The decline also
aligns with large numbers of prospective Middle Eastern homebuyers, who invest
significantly in Indian real estate, hitting the pause button under the war
cloud.”
“Another key trend this quarter is that new launches have started
outpacing sales, reversing the post-pandemic pattern when sales were usually
higher,” adds Puri. “As a result, unsold inventory has increased 4%
quarter-on-quarter and 7% year-on-year, with total stock across the top 7
cities now above 6 lakh units.”
New Launch Overview
The top 7 cities recorded around 1,26,265 new units launched in Q1 2026,
against 1,23,835 units in Q4 2025 and 1,00,020 units in Q1 2025 - increasing by
2% and 26%, respectively. The key cities contributing to new launches in Q1
2026 were MMR (Mumbai Metropolitan Region), Hyderabad, Bengaluru, Pune, and NCR
(National Capital Region) which together accounted for 92% of the quarter's
supply addition.
- MMR saw approx. 40,015
units launched in Q1 2026 – a 6% increase over
Q4 2025. More than 57% of the new supply was added in the sub-INR 1.5 Cr
budget segment.
- Bengaluru added approx. 24,370
units in Q1 2026 - a quarterly increase of 7%. Approx.
75% of the new supply was priced > INR 1.5 Cr.
- Hyderabad added approx. 19,280
units in Q1 2026 - a quarterly increase of 46% over
the preceding quarter when approx. 13,245 units were launched. Over 74% of
the new supply added was priced >INR 1.5 Cr.
- NCR saw new supply decrease
by a whopping 17% against Q4 2025, with approx. 15,985
units launched in Q1 2026 against 19,250 units in Q4 2025.
Notably, 53% of the new supply added in the first quarter was priced
>INR 2.5 Cr.
- Pune added approx. 16,000
units in Q1 2026 compared to 17,500 units in Q4 2025 – a decrease
of 9%. Approx. 87% of the new supply was added in the mid and
premium segments (INR 40 lakh – INR 1.5 Cr.)
- Chennai added approx. 5,395
units in Q1 2026, a quarterly decrease of 28%. At
least 80% of the new supply was in the mid and premium segments (priced
within INR 40 lakh to INR 1.5 Cr)
- Kolkata added approx. 5,220
units in Q1 2026, decreasing by 10% over Q4
2025. Approx. 71% of the new supply was in the affordable and the mid
segments (priced up to INR 80 lakh.)
|
City wise Supply (Units) & Q-o-Q
% Change |
|||||
|
Cities Name |
Q1 2026 |
Q4 2025 |
% Change (Q4 2025 Vs Q1 2026) |
Q1 2025 |
% Change (Q1 2025 Vs Q1 2026) |
|
NCR |
15,985 |
19,250 |
-17% |
11,120 |
44% |
|
MMR |
40,015 |
37,655 |
6% |
30,755 |
30% |
|
Bangalore |
24,370 |
22,870 |
7% |
20,855 |
17% |
|
Pune |
16,000 |
17,500 |
-9% |
16,860 |
-5% |
|
Hyderabad |
19,280 |
13,245 |
46% |
10,275 |
88% |
|
Chennai |
5,395 |
7,515 |
-28% |
4,755 |
13% |
|
Kolkata |
5,220 |
5,800 |
-10% |
5,400 |
-3% |
|
Total |
1,26,265 |
1,23,835 |
2% |
1,00,020 |
26% |
Source: ANAROCK
Research & Advisory
Overall Sales Overview
Approx. 1,01,675 units were sold in Q1 2026, against 1,08,970 units in
Q4 2025 – a 7% quarterly decline. However, the top cities witnessed a 9% yearly
sales jump over Q1 2025. NCR, MMR, Bengaluru, Pune, and Hyderabad together
accounted for 91% of sales in the first quarter.
- MMR saw the highest
housing sales of approx. 32,800 units in Q1 2026, decreasing by
6% over Q4 2025. Approx. 34,725 units were sold in Q4 2025
- Bengaluru saw housing
sales decrease by 5% in Q1 2026 against Q4 2025, with
approx. 16,440 units sold in Q1 2026 and approx. 17,250
units sold back in the preceding quarter
- Pune saw approx. 15,300
units sold in Q1 2026, decreasing by 10% over Q4
2025 when approx. 17,000 units were sold
- NCR saw an 8%
quarterly drop in housing sales – from approx. 16,525 units in Q4
2025 to approx. 15,190 units in Q1 2026
- Hyderabad recorded sales of
approx. 12,425 units in Q1 2026, similar to Q4
2025 when approx. 12,435 units were sold
- Chennai saw approx. 5,310
units sold in Q1 2026 – an 18% quarterly drop over
Q4 2025 when approx. 6,460 units were sold
- Kolkata saw an 8%
decrease in housing sales in the period – from approx. 4,575
units in Q4 2025 to approx. 4,210 units in Q1 2026.
|
City wise Absorption (Units) & Q-o-Q
% Change |
|||||
|
Cities Name |
Q1 2026 |
Q4 2025 |
% Change (Q4 2025 Vs Q1 2026) |
Q1 2025 |
% Change (Q1 2025 Vs Q1 2026) |
|
NCR |
15,190 |
16,525 |
-8% |
12,520 |
21% |
|
MMR |
32,800 |
34,725 |
-6% |
31,610 |
4% |
|
Bangalore |
16,440 |
17,250 |
-5% |
15,000 |
10% |
|
Pune |
15,300 |
17,000 |
-10% |
16,100 |
-5% |
|
Hyderabad |
12,425 |
12,435 |
0% |
10,100 |
23% |
|
Chennai |
5,310 |
6,460 |
-18% |
4,050 |
31% |
|
Kolkata |
4,210 |
4,575 |
-8% |
3,900 |
8% |
|
Total |
1,01,675 |
1,08,970 |
-7% |
93,280 |
9% |
Source: ANAROCK Research & Advisory
Price Movement
Average residential property prices across the top 7 cities largely
saw single-digit jumps in the last one year – with the notable
exception of NCR, which recorded double-digit price growth
ranging between 4-15% in Q1 2026 when compared to Q1 2025. This was
mainly due to increased new supply in the luxury and ultra-luxury segments. NCR
and Bengaluru recorded the highest annual price jumps of over 15% and 8%,
respectively.
Unsold Inventory
With significant new supply additions across the top 7 cities early this
year, the overall available inventory increased by 7% in Q1
2026 when compared to Q1 2025. The total unsold stock in the top 7 cities as of
Q1 2026-end stands at over 6.01 lakh units. At 24%, Bengaluru witnessed
the highest increase in available inventory this quarter when compared to Q1
2025.
