By Ai Powered PMC Akbar Jiwani
Special Correspondent: Realestate for Realnewsofindia.com
MUMBAI/NEW DELHI: The Mumbai Metropolitan Region (MMR) has overtaken the National Capital Region (NCR) to become India’s largest housing market, even as overall residential sales value across the country plateaued in the first half of 2026, according to the India Housing Report (January-June 2026) prepared by CRE Matrix and the National Association of Realtors-India.
THE NATIONAL PICTURE
Housing sales value in H1 2026 stood at Rs 3.63 lakh crore, virtually flat against the same period last year. Units sold came in at about 2.58 lakh homes, a 2% year-on-year decline. Developers, however, remain confident: new launches rose 7% to roughly 2.98 lakh units. The average ticket size rose just 2% to about Rs 1.4 crore, the slowest rise in three years, indicating that the sharp price-led growth of recent years is cooling.
MMR TAKES THE LEAD
MMR now accounts for 26% of national sales value against NCR’s 19%. MMR recorded sales of Rs 93,800 crore (up 8%) across 83,600 units at an average ticket size of Rs 1.12 crore. Within the region, Mumbai city posted Rs 58,362 crore (up 4%), while Navi Mumbai-Raigad grew 29% to Rs 12,292 crore on the back of affordable inventory averaging Rs 71 lakh per unit.
BENGALURU AND SOUTH GAIN
Bengaluru was the standout performer, with sales value up 25% to Rs 60,875 crore across 34,600 units. The Rs 2-5 crore bracket rose from 32% to 41% of the city’s sales value, showing deepening demand for premium housing. Chennai grew 16% to Rs 13,722 crore, while Hyderabad was flat at Rs 56,966 crore.
NCR CORRECTS
NCR’s sales value fell 24% to Rs 68,217 crore across 24,600 units, with an average ticket of Rs 2.77 crore. The luxury segment saw a visible correction in Gurugram, where homes priced above Rs 5 crore fell from 66% to 52% of sales value.
POLICY WATCH: NEW TDS REPORTING RULES FROM 1 OCTOBER
Separately, new reporting rules for tax deducted on property purchases from non-resident sellers took effect on 1 October 2026. Resident individuals and HUFs buying from an NRI can now use their PAN instead of obtaining a TAN, while companies and firms must still hold a TAN. TDS rates remain 12.5% on long-term gains (held 24 months or more) and slab rates up to 30% on short-term gains, plus applicable surcharge and cess. Compliance is consolidated into Form 141. The Rs 50 lakh threshold does not apply to non-resident sellers.
WHAT IT MEANS
Analysts note the shift reflects buyers moving toward well-connected, infrastructure-led markets and mid-premium homes, while NCR’s luxury segment recalibrates. With launches rising faster than sales, developers may need sharper pricing and delivery credibility to sustain momentum in the festive season.
Sources: Business Standard (India’s housing market hits plateau: Sales flat at Rs 3.6 lakh cr in H1 2026, 28 Sep 2026) – https://www.google.com/url?q=https://business-standard.com/finance/personal-finance/india-s-housing-market-hits-plateau-sales-flat-at-3-6-lakh-cr-in-h1-2026-126092800084_1.html&source=gmail&ust=1791164633014000&sa=E ; CAclubindia (TDS on Purchase of Property: New Reporting Rules from 1st October 2026) – https://www.google.com/url?q=https://www.caclubindia.com/articles/tds-on-purchase-of-property-new-reporting-rules-from-1st-october-2026-56315.asp&source=gmail&ust=1791164633014000&sa=E
