Housing sales dip 7.0 per cent Q-o-Q in top seven cities in Q1 2026, but rise 9.0 per cent Y-o-Y: ANAROCK.

- Approximately 101,675 units worth over INR 1.51-lakh-crore sold across the top 07 cities in Q1 2026 against 108,970 units worth INR 1.60-lakh-crore in Q4 2025 and over 93,280 units worth INR 1.42-lakh-crore in Q1 2025.

- Housing sales value down 5.0 per cent Q-o-Q while it rises 6.0 per cent yearly.

- MMR and Bengaluru account for 48 per cent of total sales; Interestingly, Chennai records the highest (18 per cent) Q-o-Q drop in sales, but highest yearly gain (31 per cent).

- New launches up by 2.0 per cent Q-o-Q and 26 per cent Y-o-Y – from approximately 123,835 units in Q4 2025 and 100,020 units in Q1 2025 to over 126, 265 units in Q1 2026.

- Hyderabad records highest 46 per cent Q-o-Q jump in new supply, followed by Bengaluru with 7.0 per cent and MMR with 6.0 per cent quarterly rise; Pune, NCR, Chennai, and Kolkata see Q-o-Q drop in new launches.

- Homes priced INR 1.5–2.5-crore form 32 per cent of new supply; Those above INR 2.5-crore account for 20 per cent. Units in the INR 80–1.5-crore range make up 25 per cent, INR 40–80 lakh – 12 per cent, below INR 40-lakh just 10 per cent.

- Unsold inventory in top 07 cities up 4.0 per cent Q-o-Q and 7.0 per cent Y-o-Y – over 6.01 lakh units by Q1 2026-end; Bengaluru sees highest Q-o-Q and Y-o-Y increases (12 per cent and 24 per cent respectively).

- Average property prices in top 07 cities see 2.0 per cent quarterly and 7.0 per cent yearly rise – NCR and Bengaluru record highest annual rise with 15 per cent and 8 per cent, respectively.

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 7.0 per cent drop in sales across the top 07 cities against Q4 2025. Approximately 101,675 units worth INR 1.51-lakh-cr were sold in Q1 2026 in the top cities, in contrast to approximately 108,970 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 7.0 per cent annual rise in sales across the top 07 cities.

Back in Q1 2025, approximately 93,280 units worth INR 1.42-lakh-crore were sold in these cities. Thus, housing sales value is down by 5.0 per cent Q-o-Q but have risen 6.0 per cent annually.

City-wise, MMR and Bengaluru accounted for 48 per cent of total sales in this quarter. Interestingly, Chennai recorded the highest (18 per cent) quarterly drop in housing sales, but also saw the highest yearly gain of 31 per cent.

Meanwhile, new launches across the top 07 cities saw a limited quarterly growth of 2.0 per cent in Q1 2026 against the previous quarter, and a 26 per cent yearly rise – from 123,835 units in Q4 2025 to approximately 126,265 units in Q1 2026 and over 1.0 lakh units back in Q1 2025.

MMR and Bengaluru saw the maximum new supply in Q1 2026, accounting for 51 per cent of the total new launches across the top 07 cities. While MMR saw new supply increase by 6.0 per cent on a quarterly basis, Bengaluru saw a 7.0 per cent jump in the period.

Chennai, NCR, Kolkata, and Pune saw a quarterly decline in new supply – by 28 per cent, 17 per cent, 10 per cent, and 9.0 per cent, respectively. The other cities saw quarterly increases in new launches, with Hyderabad recording the highest 46 per cent quarterly supply rise.

Following the significant jump in new launches in the quarter, available inventory in the top 07 cities increased by 4.0 per cent quarterly and 7.0 per cent annually – from approximately 576,620 units by Q4 2025-end to approximately 601,210 units as of Q1 2026-end. Among the top cities, Bengaluru saw the highest quarterly rise of 12 per cent in its unsold stock, followed by Hyderabad with a 7.0 per cent 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 7.0 per cent 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 4.0 per cent quarter-on-quarter and 7.0 per cent year-on-year, with total stock across the top 07 cities now above 6.0 lakh units.”

New Launch Overview

The top 07 cities recorded around 126,265 new units launched in Q1 2026, against 123,835 units in Q4 2025 and 100,020 units in Q1 2025 – increasing by 2.0 per cent and 26 per cent, 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 per cent of the quarter's supply addition.

- MMR saw approximately 40,015 units launched in Q1 2026 – a 6.0 per cent increase over Q4 2025. More than 57 per cent of the new supply was added in the sub-INR 1.5-cr budget segment.

- Bengaluru added approximately 24,370 units in Q1 2026 – a quarterly increase of 7.0 per cent. Approximately 75 per cent of the new supply was priced > INR 1.5-cr.

- Hyderabad added approximately 19,280 units in Q1 2026 – a quarterly increase of 46 per cent over the preceding quarter when approximately 13,245 units were launched. Over 74 per cent of the new supply added was priced >INR 1.5-cr.

- NCR saw new supply decrease by a whopping 17 per cent against Q4 2025, with approximately 15,985 units launched in Q1 2026 against 19,250 units in Q4 2025. Notably, 53 per cent of the new supply added in the first quarter was priced >INR 2.5-cr.

- Pune added approximately 16,000 units in Q1 2026 compared to 17,500 units in Q4 2025 – a decrease of 9.0 per cent. Approximately 87 per cent of the new supply was added in the mid and premium segments (INR 40-lakh – INR 1.5-cr.)

- Chennai added approximately 5,395 units in Q1 2026, a quarterly decrease of 28 per cent. At least 80 per cent of the new supply was in the mid and premium segments (priced within INR 40-lakh to INR 1.5-cr).

- Kolkata added approximately 5,220 units in Q1 2026, decreasing by 10 per cent over Q4 2025. Approximately 71 per cent of the new supply was in the affordable and the mid segments (priced up to INR 80-lakh).

City wise Supply (Units) and Q-o-Q per cent change
Cities Name	Q1 2026	Q4 2025	Per cent Change (Q4 2025 Vs Q1 2026)	Q1 2025	Per cent Change (Q1 2025 Vs Q1 2026)
NCR	15,985	19,250	-17 per cent	11,120	44 per cent
MMR	40,015	37,655	6.0 per cent	30,755	30 per cent
Bangalore	24,370	22,870	7.0 per cent	20,855	17 per cent
Pune	16,000	17,500	-9.0 per cent	16,860	-5.0 per cent
Hyderabad	19,280	13,245	46 per cent	10,275	88 per cent
Chennai	5,395	7,515	-28 per cent	4,755	13 per cent
Kolkata	5,220	5,800	-10 per cent	5,400	-3.0 per cent
Total	1,26,265	1,23,835	2 per cent	1,00,020	26 per cent

Source: ANAROCK Research and Advisory

Overall Sales Overview

Approximately 101,675 units were sold in Q1 2026, against 108,970 units in Q4 2025 – a 7.0 per cent quarterly decline. However, the top cities witnessed a 9.0 per cent yearly sales jump over Q1 2025. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 91 per cent of sales in the first quarter.

- MMR saw the highest housing sales of approximately 32,800 units in Q1 2026, decreasing by 6.0 per cent over Q4 2025. Approximately 34,725 units were sold in Q4 2025.

- Bengaluru saw housing sales decrease by 5.0 per cent in Q1 2026 against Q4 2025, with approximately 16,440 units sold in Q1 2026 and approximately 17,250 units sold back in the preceding quarter.

- Pune saw approximately 15,300 units sold in Q1 2026, decreasing by 10 per cent over Q4 2025 when approximately 17,000 units were sold.

- NCR saw an 8.0 per cent quarterly drop in housing sales – from approximately 16,525 units in Q4 2025 to approximately 15,190 units in Q1 2026.

- Hyderabad recorded sales of approximately 12,425 units in Q1 2026, similar to Q4 2025 when approximately 12,435 units were sold.

- Chennai saw approximately 5,310 units sold in Q1 2026 – an 18 per cent quarterly drop over Q4 2025 when approximately 6,460 units were sold.

- Kolkata saw an 8.0 per cent decrease in housing sales in the period – from approximately 4,575 units in Q4 2025 to approximately 4,210 units in Q1 2026.

City wise Absorption (Units) and Q-o-Q per cent Change
Cities Name	Q1 2026	Q4 2025	Per cent Change (Q4 2025 Vs Q1 2026)	Q1 2025	Per cent Change (Q1 2025 Vs Q1 2026)
NCR	15,190	16,525	-8.0 per cent	12,520	21 per cent
MMR	32,800	34,725	-6.0 per cent	31,610	4.0 per cent
Bangalore	16,440	17,250	-5.0 per cent	15,000	10 per cent
Pune	15,300	17,000	-10 per cent	16,100	-5.0 per cent
Hyderabad	12,425	12,435	0 per cent	10,100	23 per cent
Chennai	5,310	6,460	-18 per cent	4,050	31 per cent
Kolkata	4,210	4,575	-8.0 per cent	3,900	8.0 per cent
Total	1,01,675	1,08,970	-7.0 per cent	93,280	9.0 per cent

Source: ANAROCK Research and Advisory

Price Movement

Average residential property prices across the top 07 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 4.0-15 per cent 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 per cent and 8.0 per cent, respectively.

Unsold Inventory

With significant new supply additions across the top 07 cities early this year, the overall available inventory increased by 7.0 per cent in Q1 2026 when compared to Q1 2025. The total unsold stock in the top 07 cities as of Q1 2026-end stands at over 6.01 lakh units. At 24 per cent, Bengaluru witnessed the highest increase in available inventory this quarter when compared to Q1 2025.

“The 7.0 per cent 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.”

- Anuj Puri,

Chairman – ANAROCK Group.

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