y Ai Powered PMC Akbar Jiwani
Special Correspondent: Real Estate, for Realnewsofindia.com
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MUMBAI/NEW DELHI: India’s housing market closed the July-September 2026 quarter on a cautiously positive note, with sales across the top seven cities rising 3% year-on-year to 100,220 units, according to data released by property consultant Anarock on 28 September. The value of homes sold rose 2% to Rs 1.55 trillion.
The uptick is significant because it follows a run of declines: sales had fallen 6% year-on-year in the April-June quarter and 7% in January-March 2026, after a 14% fall in calendar 2025. On a quarter-on-quarter basis, sales were up 10% and new supply 8%. For the first nine months of 2026, sales are up 2% at 292,610 units.
CITY-WISE PICTURE
The Mumbai Metropolitan Region (MMR) recorded the highest sales at 31,750 units (up 5%), followed by Bengaluru at 16,670 units (up 12%). Together, the two cities accounted for 48% of total sales across the top seven cities. Hyderabad posted the sharpest annual jump, with sales up 15% to 12,970 units.
The other four cities saw annual declines: Pune (15,690 units, down 6%), Delhi-NCR (13,765 units, down 1%), Chennai (5,395 units, down 10%) and Kolkata (3,980 units, down 4%).
“Among the top cities, the Mumbai Metropolitan Region recorded the highest sales of 31,750 units, followed by Bengaluru with 16,670 units,” said Anuj Puri, Chairperson, Anarock Group. “Demand remains resilient, but buyers are becoming more selective as prices rise.”
DEVELOPERS TURN CONFIDENT: LAUNCHES UP 18%
New supply rose 18% year-on-year to about 114,320 units. MMR led with 37,500 units, followed by Hyderabad (18,950), Pune (18,730) and Bengaluru (17,720) – together 81% of all launches. Hyderabad’s new supply more than doubled (up 120%), with 97% of it priced above Rs 80 lakh. Launches in MMR rose 27% and in Bengaluru 17%, while NCR (down 14%), Chennai (down 9%), Kolkata (down 4%) and Pune (down 3%) saw fewer launches.
By price band, homes priced Rs 80 lakh-1.5 crore made up 34% of new supply, Rs 1.5-2.5 crore 24%, Rs 40-80 lakh 17% and below Rs 40 lakh just 14% – a reminder that the affordable segment continues to shrink as a share of new launches.
PRICES AND UNSOLD STOCK
Average residential prices across the top seven cities rose 7% year-on-year to Rs 9,714 per sq ft, with NCR recording the steepest rise at 12%, followed by Bengaluru at 8%. Unsold inventory rose 12% to about 630,590 units from 561,760 a year earlier.
“India’s residential real estate market continues to hold up well… despite higher prices and ongoing geopolitical uncertainties. The 18 per cent rise in new supply also shows that developers remain confident about demand,” said Robin Mangla, President, M3M India.
A DIFFERENT READING FROM PROPEQUITY
Not all trackers agree. PropEquity, which monitors nine cities and counts Thane and Navi Mumbai separately, reported on 26 September that sales fell 6% to 103,170 units from 109,420 a year earlier, with fresh supply slipping to 98,165 units. In its data, Hyderabad (up 11%) and Navi Mumbai (up 12%) grew, Bengaluru was nearly flat (up 1%), while Pune (down 16%), Chennai (down 17%), Kolkata (down 17%), Delhi-NCR (down 12%), Thane (down 11%) and Mumbai (down 8%) declined. The differing city coverage and methodology explain the divergence, but both reports point to a market that is stable rather than booming.
WHAT NEXT: FESTIVE SEASON AND RBI POLICY
Anarock expects the festive season, stable borrowing costs and new projects to support demand in the coming quarter. “The upcoming festive season is expected to boost residential demand, building on the momentum seen in the September quarter,” Puri said.
All eyes are now on the Reserve Bank of India’s Monetary Policy Committee, which meets on 5-7 October. The repo rate has been held at 5.25% for four consecutive reviews, after 125 basis points of cuts in 2025. With retail inflation at 4.82% in August and pressure from high crude oil prices and a weak rupee, any change in the rate stance will directly influence home-loan EMIs and buyer sentiment.
THE TAKEAWAY
After three quarters of weakness, a 3% rise is modest – but it signals that demand has found a floor, with Hyderabad, Bengaluru and MMR driving the recovery. The bigger test will be whether rising prices (up 7%) and swelling unsold inventory (up 12%) are absorbed during the festive months, and whether the RBI keeps borrowing costs steady.
Sources: Anarock Q3 2026 data via Business Standard and PTI (28 Sep 2026); Outlook Money (28 Sep 2026); PropEquity data via PTI/Business Standard (26 Sep 2026); GoPocket (29 Sep 2026) for RBI policy schedule and rate/inflation context.
