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The trend of declining home sales observed last year, continues to haunt residential real estate in the new year with housing sales dropping below the one lakh mark after 18 quarters, owing to lower supply across most of the major cities.
According to a report by PropEquity, housing sales fell by 13% YoY and 6% QoQ to 98,761 units while launches fell by 19% YoY and 8% QoQ to 92,411 units in January-March 2026.Bengaluru, with sales of 17,991 units, emerged as the highest selling market. The city recorded 16% QoQ and 3% YoYgrowth. Delhi-NCR with 12,141 units recorded 13% YoY growth. However, on QoQ basis, sales fell by 1%. All other cities saw a decline in sales.
| Total Absorption (Units) | |||||
| Location | Q1-2025 | Q4-2025 | Q1-2026 | Q-o-Q | Y-o-Y |
| Bengaluru | 17508 | 15546 | 17991 | 16% | 3% |
| Chennai | 4959 | 4848 | 4765 | -2% | -4% |
| Hyderabad | 13725 | 12190 | 11546 | -5% | -16% |
| Kolkata | 4229 | 4297 | 3872 | -10% | -8% |
| Mumbai | 11453 | 10568 | 9186 | -13% | -20% |
| Navi Mumbai | 8340 | 8835 | 7157 | -19% | -14% |
| Pune | 21640 | 17643 | 16144 | -8% | -25% |
| Thane | 21025 | 19305 | 15959 | -17% | -24% |
| Delhi NCR | 10723 | 12295 | 12141 | -1% | 13% |
| Total | 113602 | 105527 | 98761 | -6% | -13% |
According to Samir Jasuja, Founder & CEO, PropEquity, housing sales continued to moderate in the first quarter of 2026 with Delhi-NCR and Bengaluru emerging as outliers. This reduction is on account of low supply across most cities. Close to 22,000 lesser units were supplied in Q1 2026 as compared to the same period last year.
On the supply front, Delhi-NCR with 17,227 units launched in Q1, has come of age to emerge as the second biggest market. Amongst the top 9 cities, Delhi-NCR remains the only city to record 89% YoY and 8% QoQ growth. Bengaluru with 17782 units launched regained the top spot recording 10% QoQ growth and 24% YoY decline. Chennai, meanwhile, with 2909 units saw 12% QoQ growth and 62% YoY decline in supply. All other cities saw a decline in new launches.
“While Delhi-NCR and Bengaluru saw similar level 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, says Jasuja”.
| New Supply (Units) | |||||
| Location | Q1-2025 | Q4-2025 | Q1-2026 | Q-o-Q | Y-o-Y |
| Bengaluru | 23293 | 16237 | 17782 | 10% | -24% |
| Chennai | 7663 | 2603 | 2909 | 12% | -62% |
| Hyderabad | 17649 | 12222 | 10938 | -11% | -38% |
| Kolkata | 3121 | 3529 | 2588 | -27% | -17% |
| Mumbai | 8622 | 9358 | 7162 | -23% | -17% |
| Navi Mumbai | 8359 | 8071 | 6367 | -21% | -24% |
| Pune | 18929 | 14923 | 13084 | -12% | -31% |
| Thane | 17990 | 17587 | 14354 | -18% | -20% |
| Delhi NCR | 9092 | 15995 | 17227 | 8% | 89% |
| Total | 114718 | 100525 | 92411 | -8% | -19% |
Analysing the sales trend, Jasuja says that while Delhi-NCR and Bengaluru saw similar level 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.
