Mumbai, Delhi-NCR, Pune Drag Nationwide Home Sales Down 4 % in Early 2026

India’s residential property market showed early signs of moderation in the January–March quarter of 2026, with housing transactions across eight major cities falling about 4 % year-on-year to roughly 84,800 units — a softening after prolonged growth in recent years.

According to industry data from Knight Frank, a combination of persistently high home prices and shaky buyer confidence amid global geopolitical tensions — including the ongoing US-Iran conflict — contributed to a slowdown in sales demand. These pressures have made affordability a key challenge for many prospective buyers, especially in higher-priced urban markets.

Among the biggest markets, Mumbai saw sales slump about 7 %, while Delhi-NCR and Pune both registered steeper declines of around 11 % year-on-year. In contrast, a few other cities bucked the trend: Bengaluru, Hyderabad, Chennai, Ahmedabad and Kolkata recorded yearly increases in residential sales, suggesting that some regional markets remain resilient.

Beyond sales volumes, the release also noted that new housing supply edged downward, pointing to developers becoming more cautious with new launches amid demand uncertainties. Prices, however, remained largely firm, highlighting a persistent affordability gap where demand for homes is being squeezed even as valuations stay elevated.

Industry observers say the current moderation reflects a broader market recalibration after strong expansion, with buyers increasingly sensitive to costs and global economic signals. As the real-estate cycle evolves, analysts will be watching whether this slowdown deepens or stabilises in coming quarters.