Housing Sales Decline 6% Across India’s Top 9 Cities in Q3 2026; Buyers Turn Cautious

 

By The Realty Times | Real Estate News Services

MUMBAI : India’s residential real estate market witnessed a slowdown in the July–September quarter of 2026, with housing sales across nine major cities declining by 6% year-on-year to 1,03,170 units. High property valuations, subdued buyer demand and global economic uncertainties contributed to the decline, according to a report by real estate data analytics firm PropEquity.

Housing sales stood at 1,09,420 units in the corresponding quarter of 2025. The latest figures indicate that homebuyers are becoming more cautious about property purchases, particularly in markets where prices have risen significantly.

The slowdown in sales was accompanied by a reduction in fresh housing supply. New residential launches across the nine cities fell to 98,165 units in Q3 2026, compared with 1,00,330 units during the same period last year.

On a quarterly basis, housing sales declined by 4%, while new launches dropped by 15% compared with the April–June quarter. The sharper reduction in new supply suggests that developers are becoming more selective about launching projects and are focusing on managing existing inventory.

The July–September quarter traditionally experiences relatively subdued real estate activity due to the monsoon season. However, elevated property prices and uncertainty over the economic outlook have also influenced purchasing decisions this year.

The report reveals significant differences in residential market performance across the nine cities. While several established markets recorded a decline, Navi Mumbai and Hyderabad registered double-digit growth.

Chennai and Kolkata recorded the steepest annual declines, with sales falling 17% in both markets. Pune followed with a 16% drop, while Thane and Mumbai registered declines of 11% and 8%, respectively.

In contrast, Navi Mumbai recorded a 12% increase in sales to 9,810 units, while Hyderabad saw an 11% rise to 15,470 units. Bengaluru remained broadly stable, with sales increasing marginally by 1%.

The latest figures present a mixed picture for the Mumbai Metropolitan Region (MMR). Mumbai city recorded an 8% decline in housing sales, while Thane witnessed an 11% drop. Navi Mumbai, however, moved against the broader trend, recording a 12% increase.

The contrasting performance highlights the importance of location, pricing, connectivity and project selection in shaping homebuyer demand. While some markets continue to attract buyers, others are experiencing greater caution amid rising property costs.

For developers, the figures underline the need to align project launches with actual demand and affordability levels.

The latest sales figures do not necessarily indicate a broad-based collapse in the housing market. Instead, they point to a more measured phase in which buyers are taking additional time to evaluate prices and purchase decisions, while developers are adjusting their supply strategies.

India’s residential property market continues to record more than one lakh home sales per quarter across its nine leading cities. However, the 6% annual decline in Q3 2026 highlights the growing importance of affordability and disciplined supply. The upcoming festive season will be a key period for assessing whether housing demand can regain momentum.