News: Home Sales Flat at 2.6 Lakh Units; NCR Down 11%-05-10-2026
Housing sales in India’s eight key markets were largely stable at nearly 2.6 lakh units between January and September 2026, a Knight Frank India report said. NCR was the only market to shrink, with sales down 11%, while the other seven together grew 2%.
Mumbai led with 72,804 units, up 1% year-on-year, followed by Bengaluru with 43,140 units, up 5%, and Pune with 36,402 units, largely unchanged. Hyderabad, Ahmedabad, Chennai and Kolkata grew between 2% and 4%.
Launches totalled 279,899 units in the nine months, up 4%, and 92,549 units in Q3, also up 4%. Launches exceeded sales in Q3 for the 16th consecutive quarter. Quarters-to-sell rose marginally to 6.1 at the end of September, and prices rose between 3% and 17% YoY across markets.
NCR: a Gurugram and Rs 5-10 crore story
NCR sold 35,574 homes. Gurugram accounted for most of the decline and holds 57% of NCR’s unsold inventory. Outside Gurugram, NCR sales grew 3% and unsold stock has nearly halved since 2021.
The weakness was concentrated in the Rs 5-10 crore segment, where sales fell 39% to 4,033 units against 5,002 units launched. Demand in the Rs 2-5 crore segment held steady. Weighted average prices rose in every NCR market: 17% in Delhi, 14% in Ghaziabad, 11% in Greater Noida, 7% in Noida and Faridabad, and 4% in Gurugram. The report noted that a demand-led slowdown would typically show falling prices.
Mudassir Zaidi, Executive Director - North, Knight Frank India, said NCR is seeing "a recalibration in its supply mix" and not a broad contraction in demand. He said the gap between supply and demand gives developers an opportunity to align new inventory with the established buyer base below Rs 2 crore, and noted that third-quarter launches were concentrated along Sohna, the Dwarka Expressway, the NH-24 corridor in Ghaziabad and the Yamuna Expressway.
Premium homes gain share
Homes above Rs 1 crore made up 55% of sales across the eight cities, up from 50% a year earlier, while sales below Rs 1 crore fell around 10%. The report’s summary also puts the above-Rs 1 crore share at 56%, against 16% in 2018.
The Rs 1-2 crore bracket was the largest at 30% of sales, up from 28%, with volumes rising 6.8% to 77,087 units, led by Bengaluru with 19,713 units. Sales below Rs 50 lakh dropped 14% to 47,660 units, an 18% share. The Rs 50 lakh-Rs 1 crore segment slipped 5.9% to 69,380 units, or 26.9%.
The Rs 2-5 crore segment grew fastest among major categories, up 19.4% to 51,501 units, a 19.9% share. Bengaluru led with 12,965 units and Chennai grew the most at 54%.
Sales in the Rs 5-10 crore segment fell 9% to 9,397 units, with NCR highest at 4,033. The Rs 10-20 crore segment rose 16% to 2,587 units, led by NCR with 1,536. The Rs 20-50 crore segment jumped 69% to 571 units, with Mumbai accounting for 58%. Homes of Rs 50 crore and above recorded 53 sales, most of them in Mumbai.
