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News: Housing Sales Slip 6.1% in Q2 on Tech Job Worries: PropTiger-19-08-2026

Home sales fell 6.1% year-on-year in the second quarter, with the sharpest effect in technology-driven markets where AI-led workforce restructuring and tech layoffs hurt demand in the sub-Rs 1 crore segment, according to PropTiger’s latest Real Insight Residential report, released by Aurum PropTech Limited.

The report’s opening refers to the top six cities, while its figures cover the top eight: 91,729 homes were sold in Q2, down from 97,674 a year earlier and 4.4% lower than the preceding quarter. New launches rose 6% year-on-year to 89,161 units. The report attributes the sequential dip to pre-monsoon seasonality and buyer caution linked to the US-Iran conflict, felt most in Bengaluru, Pune and Hyderabad.

Pune saw the steepest annual fall, 20.8% to 12,642 units, followed by Ahmedabad, down 20.2% to 7,541 units. Bengaluru sales fell 9.2% to 14,186 units, and Delhi-NCR and MMR each declined 7%.

Hyderabad’s sales rose 14.6% to 13,196 units, with launches up 21.6%, supported by its IT, pharmaceutical and data-centre ecosystem. Chennai posted the strongest annual growth, up 36% to 7,183 units, although supply stayed 43.3% below year-ago levels. Kolkata recorded the strongest sequential recovery at 22%, but remained 8.6% below Q2 2025.

Prices kept rising. The sales-weighted average across the eight cities increased 1% sequentially to Rs 10,153 per square foot, the second straight quarter above Rs 10,000. Bengaluru recorded the strongest annual appreciation, 26% to Rs 9,931 per square foot. MMR remained the largest market by volume and value, with 24,112 homes sold at an average of Rs 15,422 per square foot, up 20.4%. Pune crossed Rs 8,000 for the first time, rising 13.7% to Rs 8,084. Ahmedabad was the most affordable at Rs 5,295 per square foot and had the strongest sequential price rise, 7%.

The report cites a stable RBI repo rate of 5.25%, moderating inflation and sustained government capex as a predictable backdrop. GST cuts on cement, from 28% to 18%, and on marble and granite, from 12% to 5%, give an estimated 2-3% buffer in construction costs, which it calls a partial cost offset and not a trigger for lower prices.

Prakash Tejwani, CEO, PropTiger.com, said the quarter confirms the market is "maturing, not weakening". Kolkata and Chennai show demand-led recovery, he said, while Bengaluru and Pune retain pricing power despite tech-sector caution. Disciplined supply positions developers well for the festive quarter, though affordability is the key variable.

The report expects Q3 2026 to gain from festive demand, Kolkata’s recovery, supply normalisation in Chennai and momentum in Bengaluru and Delhi-NCR, helped by Bengaluru Metro Phase 3, the Pune Line 3 extension and Chennai Phase 2. It flags affordability as the main watchpoint, with annual price appreciation ranging from 4.4% in Chennai to 26.0% in Bengaluru.

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