Housing prices rose an average of 3-24% annually during the January-March period this year across eight major cities, with Bengaluru witnessing the maximum appreciation of 24%, according to the PropTiger report Real INSIGHT – Residential Q1 2026.
The average housing price in Bengaluru rose by 24% YoY and 3% QoQ to ₹9785 per sq. ft. in Q1 2026 recording the second-highest average housing price behind Mumbai MMR at ₹15,120 per sq. ft. Notably, Bengaluru’s annual price growth accelerated from 14% in Q1 2025, despite most other cities witnessing a moderation in growth.
According to the report, average housing prices in MMR rose 20% year-on-year to ₹15,120 per sq ft, while Delhi-NCR recorded an 18% increase to ₹9,534 per sq ft. However, Delhi-NCR’s annual price growth moderated significantly from 43% seen in Q1 2025.
Pune and Hyderabad witnessed price appreciation of 12% and 11%, respectively. Ahmedabad saw an 8% rise in average housing prices, followed by Kolkata at 7%, while Chennai recorded the slowest growth at 3%.
On a quarter-on-quarter basis, average housing prices across the top eight cities, Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, MMR, Pune and Delhi-NCR, rose between 1% and 9%.
The weighted average housing price across the top eight cities crossed the ₹10,000 per sq ft mark for the first time, reaching ₹10,050 per sq ft during the quarter, the report noted.
“The GCC and startup employment engine continues to prove more durable than conventional IT hiring cycles, providing Bengaluru with a structurally differentiated demand base that is less susceptible to sector-specific disruption,” the report said.
Real estate consultant PropTiger, which is part of the listed firm Aurum PropTech, tracks the primary (first sale) housing market of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), Pune, and Delhi-NCR.
“Property prices across the top eight cities sustained a broad-based upcycle in Q1 2026, registering positive year-on-year appreciation, underscoring the depth and resilience of underlying demand,” it said.
“The Indian residential market has transitioned into a structurally more disciplined phase. Growth today is increasingly being driven by demand quality, inventory discipline, and buyer confidence rather than speculative expansion,” said Prakash Tejwani, CEO, PropTiger.
Housing inventory dynamics reveal segment-level divergence
“A disproportionate share of new launches in Q1 2026, particularly in Mumbai MMR, Bengaluru and Delhi NCR remained concentrated in the premium and upper mid-income segments. Unsold stock in higher ticket-size categories is therefore expected to exhibit slower absorption cycles, given longer buyer decision timelines and lower transactional liquidity compared to mass-market housing,” he said.
This does not signal systemic stress, but it does underscore the need for pricing discipline and targeted demand conversion in the luxury and near-luxury segments as the market progresses into H2 2026, the report said.
“Overall, the combination of near-flat supply growth, stable absorption, and continued price appreciation across all eight cities indicates that inventory levels remained well-managed through Q1 2026. Developers demonstrated a preference for maintaining price integrity and project viability over volume-driven liquidation, a posture that is consistent with a maturing market operating within a broadly comfortable supply-demand equilibrium,” the report said.
Sales in top 8 cities dip by 2.2% YoY
Housing sales in India’s top 8 cities fell by 2.2% YoY and rose 1% QoQ to 95,973 units in Q1 2026, while supply dipped 0.1% YoY and rose 1.1% to 93,065 units, the report said.
Sales on a YoY basis rose in Bengaluru (33%), Chennai (43%), Hyderabad (25%) and Delhi-NCR (11%) while falling in MMR (15%), Pune (21%), Kolkata (24%) and Ahmedabad (23%). MMR remained the highest-selling market with 26,116 units, followed by Bengaluru with 15,603 units, it said.
Housing supply on a YoY basis rose in Ahmedabad (96%), Delhi-NCR (29%), Hyderabad (23%), Chennai (4%) and Pune (2%), while falling in Bengaluru (13%), MMR (13%) and Kolkata (24%). MMR remained the highest supplied market with 27,189 units, followed by Bengaluru with 15,806 units, the report added.
