Home sales across India’s top nine cities dipped by 13% year-on-year to 98,761 units in the first quarter of 2026, slipping below the 1 lakh mark for the first time in 18 quarters from 1,13,602 units in Q1 of 2025, according to a report by PropEquity. Mumbai, Pune, and Thane reported the sharpest declines in housing sales at 20%, 25%, and 24%, respectively.
On the other hand, Bengaluru led home sales with 17991 units, followed by Pune with 16144 units and Thane with 15959 units.
“Housing sales continued to moderate in the first quarter of 2026, with Delhi-NCR and Bengaluru emerging as outliers. This reduction is due to low supply across most cities. Close to 22,000 fewer units were supplied in Q1 2026 as compared to the same period last year,” Samir Jasuja, founder and CEO, PropEquity, said.
While Bengaluru led with 17,991 units sold, followed by Delhi-NCR at 12,141 units, markets such as Mumbai (9,186 units), Thane (15,959 units), and Pune (16,144 units) saw annual declines in home sales. Hyderabad recorded 11,546 units, down 16% year-on-year, while Kolkata and Chennai remained relatively smaller markets with 3,872 and 4,765 units sold, PropEquity said.
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Supply constraints drag the overall market
PropEquity said that new launches also saw a sharp contraction, dropping 19% year-on-year and 8% quarter-on-quarter to 92,411 units during January–March 2026 from 1,14,718 units last year, the report said.
Delhi-NCR recorded the highest growth in home launches, with 17,227 units launched during the quarter, marking an 89% year-on-year and 8% quarter-on-quarter increase. Bengaluru, with 17,782 units launched, regained the top position in terms of supply, posting a 10% quartely increase despite a 24% annual decline, the report said.
Chennai saw 2,909 units launched, registering a 12% quarter-on-quarter rise but a steep 62% year-on-year drop. Hyderabad saw 10,938 units launched, down 38% year-on-year and 11% quarter-on-quarter, while Pune registered 13,084 units, up by 31% annually. Thane’s new launches fell 20% YoY to 14,354 units, and Navi Mumbai recorded 6,367 units, a 24% decline compared with Q1 2025. Mumbai’s supply dipped 17% YoY to 7,162 units, while Kolkata saw 2,588 units launched, down 17% from the same period last year.
“While Delhi-NCR and Bengaluru saw similar levels of housing supply in Q1, the former witnessed lesser absorption as compared to the latter, as high-ticket launches impacted the sales in Delhi-NCR. Also, it is for the first time post-COVID that Delhi-NCR has seen more supply than Pune, Hyderabad and Thane – the traditional high supply markets,” Jasuja said.
