Aug 19: India's residential real estate market held steady in Q2 2026, with 89,161 new homes launched and 91,729 units sold across the top eight cities, according to PropTiger.com's latest Real Insight Residential report, released by Aurum PropTech Limited. Supply and sales both moderated sequentially, down 4.2% and 4.4% QoQ, respectively, while the sales-weighted average price rose 1.0% QoQ to ₹10,153 per sq ft, a second consecutive quarter above the ₹10,000 threshold.
Year-on-year, launches grew 6.0% from 84,138 units in Q2 2025, even as sales eased 6.1% from an elevated base of 97,674 units. Crucially, sales continued to exceed new supply during the quarter, 91,729 units against 89,161, keeping the demand–supply balance intact and preventing any meaningful build-up of unsold inventory. The report attributes the sequential moderation to pre-monsoon seasonality and buyer caution tied to the US–Iran conflict, with the sharpest impact in technology-led markets such as Bengaluru, Pune, and Hyderabad, where AI-led workforce restructuring and tech-sector layoffs weighed on sentiment in the sub-₹1 crore segment.
|
Housing Sales |
|||||
|
Q2 2025 |
Q2 2026 |
YoY |
Q1 2026 |
QoQ |
|
|
Ahmedabad |
9451 |
7541 |
-20.2% |
8221 |
-8.3% |
|
Chennai |
5283 |
7183 |
36.0% |
6841 |
5.0% |
|
Hyderabad |
11513 |
13196 |
14.6% |
13297 |
-0.8% |
|
MMR |
25939 |
24112 |
-7.0% |
26116 |
-7.7% |
|
Bengaluru |
15628 |
14186 |
-9.2% |
15603 |
-9.1% |
|
Delhi-NCR |
10051 |
9352 |
-7.0% |
9447 |
-1.0% |
|
Kolkata |
3847 |
3517 |
-8.6% |
2883 |
22.0% |
|
Pune |
15962 |
12642 |
-20.8% |
13565 |
-6.8% |
|
Total |
97674 |
91729 |
-6.1% |
95973 |
-4.4% |
|
New Launches |
|||||
|
Q2 2025 |
Q2 2026 |
YoY |
Q1 2026 |
QoQ |
|
|
Ahmedabad |
4211 |
4295 |
2.0% |
4662 |
-7.9% |
|
Chennai |
7606 |
4314 |
-43.3% |
4251 |
1.5% |
|
Hyderabad |
10748 |
13074 |
21.6% |
12452 |
5.0% |
|
MMR |
23062 |
24882 |
7.9% |
27189 |
-8.5% |
|
Bengaluru |
12307 |
16827 |
36.7% |
15806 |
6.5% |
|
Delhi-NCR |
10421 |
10127 |
-2.8% |
10230 |
-1.0% |
|
Kolkata |
2202 |
3020 |
37.1% |
2697 |
12.0% |
|
Pune |
13581 |
12622 |
-7.1% |
15778 |
-20.0% |
|
Total |
84138 |
89161 |
6.0% |
93065 |
-4.2% |
Premiumization continues across all eight cities
MMR remained India's largest market by volume and value. Bengaluru posted the steepest annual price rise at 26.0% to ₹9,931/sq ft, even as sales fell 9.2%. Pune crossed ₹8,000/sq ft for the first time, while Ahmedabad, the most affordable top-eight market at ₹5,295/sq ft, logged the sharpest sequential gain at 7.0% QoQ. Kolkata led sequential sales growth nationally at 22.0% QoQ on post-election recovery, and Chennai's sales rose 36.0% YoY even as supply stayed 43.3% below year-ago levels. Delhi-NCR and Hyderabad were comparatively stable, with Hyderabad's launches up 21.6% YoY, supported by the city's IT, pharmaceutical, and data-centre ecosystem.
A stable RBI repo rate of 5.25%, moderating inflation, and sustained government capex kept the backdrop predictable. GST cuts on cement and on marble and granite have been absorbed into project economics, providing an estimated 2–3% construction cost buffer. The report calls this a partial cost offset rather than a driver of lower prices; residential prices rose year-on-year across all eight cities.
“Q2 2026 confirms India's residential market is maturing, not weakening,” said Prakash Tejwani, CEO, PropTiger.com. “Prices have held above ₹10,000 per square foot for two straight quarters even as buyers turn more selective. Kolkata and Chennai are showing genuine demand-led recovery, while Bengaluru and Pune continue to command pricing power despite tech-sector caution. Disciplined supply positions developers well for the festive quarter, though affordability remains the key variable to watch.”
Outlook: a festive-led test for a maturing market
The report expects Q3 2026 to benefit from festive-season demand, continued recovery in Kolkata, supply normalisation in Chennai, and sustained momentum in Bengaluru and Delhi-NCR, aided by infrastructure completions including Bengaluru Metro Phase 3, the Pune Line 3 extension, and Chennai Phase 2. It flags affordability as the key watchpoint, with annual price appreciation ranging from 4.4% in Chennai to 26.0% in Bengaluru, stretching mid-income budgets. The festive quarter, the report concludes, will be the year's decisive demand test, and “a maturing market, by definition, rewards precision over volume.”
