Housing sales fall below 1 lakh after 18 quarters, down 13% YoY in Q1 2026

By A Representative

India’s residential real estate market witnessed a continued slowdown in the first quarter of 2026, with housing sales across the top nine cities falling below the one lakh unit mark for the first time in over four years, according to data released by P.E. Analytics Ltd (PropEquity).

The NSE-listed analytics firm reported that total housing sales declined by 13% year-on-year and 6% quarter-on-quarter to 98,761 units in the January–March period. New project launches also contracted significantly, dropping 19% year-on-year and 8% sequentially to 92,411 units, reflecting constrained supply across most major urban markets.

The data indicates a broad-based decline in demand across cities, with and emerging as notable exceptions. Bengaluru recorded the highest sales among the top nine cities at 17,991 units, registering a 16% quarter-on-quarter increase and a modest 3% annual growth. This marks the first time the city has led both in sales and supply, underscoring its growing prominence as a real estate hub.

Delhi-NCR, with sales of 12,141 units, posted a 13% year-on-year increase, although it saw a marginal 1% decline compared to the previous quarter. All other major markets, including , , Hyderabad, and Kolkata, reported declines in sales, with some cities witnessing sharp contractions of up to 25% on an annual basis.

Commenting on the trend, , Founder and CEO of PropEquity, said housing sales “continued to moderate in the first quarter of 2026,” attributing the decline primarily to reduced supply across cities. He noted that nearly 22,000 fewer units were launched during the quarter compared to the same period last year.

On the supply side, Delhi-NCR emerged as a key growth driver, with 17,227 units launched during the quarter. It recorded an 89% year-on-year and 8% quarter-on-quarter increase, making it the only city among the top nine to post growth on both counts. The region has now emerged as the second-largest market in terms of new supply.

Bengaluru retained the top position in new launches with 17,782 units, registering a 10% sequential increase, although it saw a 24% annual decline. Chennai also recorded a 12% quarter-on-quarter rise in supply but witnessed a steep 62% year-on-year drop. Other cities, including Mumbai, Pune, Thane, and Navi Mumbai, experienced declines in new project launches.

Jasuja highlighted that while Delhi-NCR and Bengaluru saw comparable levels of supply, the former recorded lower absorption due to a higher proportion of premium or high-ticket housing launches, which impacted sales velocity. He also noted that this is the first time since the pandemic that Delhi-NCR has surpassed traditional high-supply markets such as Pune, Hyderabad, and Thane in terms of new launches.

The report suggests that the current moderation in housing activity is largely supply-driven, with developers exercising caution amid evolving market conditions. However, the relative resilience of Bengaluru and Delhi-NCR points to shifting demand dynamics and emerging regional strengths within India’s housing sector.

PropEquity stated that it tracks over 1.8 lakh projects by more than 60,000 developers across 50-plus cities, providing real-time data and analytics to , banks, , and developers.

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