India\u2019s residential market is entering a different phase.<\/p>\n\n\n\n
After three years of value-led expansion, the first half of 2026 saw housing sales hold at a record level rather than accelerate further. Across Tier-1 cities, primary housing sales were worth approximately \u20b93.63 lakh crore in H1\u201926, broadly flat compared with H1\u201925.<\/p>\n\n\n\n
However, the story changes when volumes and supply are considered together.<\/p>\n\n\n\n
According to the India Housing Report, September 2026<\/a>, prepared by CRE Matrix and the National Association of REALTORS\u00ae (NAR), around 2.58 lakh homes were sold across India\u2019s Tier-1 cities in H1 2026, marking a 2% year-on-year decline. In contrast, developers launched nearly 2.98 lakh units, a 7% increase over H1 2025. With launches outpacing sales, new housing supply is currently running ahead of absorption.<\/p>\n\n\n\n At the same time, the geography of housing demand is shifting. MMR overtook NCR to become India\u2019s largest housing market, while Bengaluru recorded the strongest growth among the large markets.<\/p>\n\n\n\n Primary housing sales across India\u2019s Tier-1 cities stood at approximately \u20b93,63,500 crore in H1\u201926.<\/p>\n\n\n\n This was almost unchanged from the H1\u201925 record, with sales value declining by only 0.3%.<\/p>\n\n\n\n However, volumes softened.<\/p>\n\n\n\n Around 2,57,600 homes were sold in H1\u201926, down approximately 2% from H1\u201925. With fewer homes sold but overall sales value remaining stable, the market is increasingly being supported by pricing and a higher-value sales mix.<\/p>\n\n\n\n The average ticket size stood at \u20b91.41 crore, rising only around 2% year-on-year. This was the slowest increase in three years, suggesting that the earlier rapid premiumisation cycle is beginning to moderate.<\/p>\n\n\n\n The biggest change was geographical.<\/p>\n\n\n\n MMR accounted for 26% of Pan-India housing sales value in H1\u201926, overtaking NCR at 19%.<\/p>\n\n\n\n Primary housing sales in MMR were worth approximately \u20b993,800 crore, up around 8% year-on-year. Volumes also increased by around 9%, making the growth largely volume-led rather than dependent on higher ticket sizes.<\/p>\n\n\n\n MMR sold approximately 83,600 homes, while its average ticket size remained broadly stable at \u20b91.12 crore.<\/p>\n\n\n\n This makes MMR an important exception to the broader trend of value being sustained through pricing. Here, more homes were sold at relatively stable ticket sizes.<\/p>\n\n\n\n Bengaluru was another standout market in H1\u201926.<\/p>\n\n\n\n Housing sales value increased 25% year-on-year to \u20b960,875 crore, the strongest growth among the large markets covered in the report.<\/p>\n\n\n\n Volumes increased around 7% to approximately 34,600 units, while the average ticket size rose around 17% to \u20b91.76 crore.<\/p>\n\n\n\n The \u20b92\u20135 crore segment accounted for 41% of Bengaluru\u2019s housing sales value, up from 32% a year earlier. <\/p>\n\n\n\n Launches also increased around 22% to nearly 47,700 units, keeping the city’s future supply pipeline well stocked.<\/p>\n\n\n\n Yes, the H1\u201926 numbers show a clear gap between launches and sales volumes.<\/p>\n\n\n\n Developers launched approximately 2,98,400 units during H1\u201926, up around 7% year-on-year and 18% compared with H2\u201925.<\/p>\n\n\n\n At the same time, only around 2,57,600 primary homes were sold, down approximately 2% year-on-year.<\/p>\n\n\n\n The result is a market where new supply is running ahead of absorption.<\/p>\n\n\n\n H1\u201926 also recorded the strongest half-year of launches since H1\u201924. The increase in supply suggests that developers are continuing to replenish their pipelines even as sales volumes have stopped growing at the pace seen earlier.<\/p>\n\n\n\n MMR\u2019s overall growth is being supported by different market dynamics across its sub-markets.<\/p>\n\n\n\n Mumbai recorded housing sales worth approximately \u20b958,362 crore, up around 4% year-on-year.<\/p>\n\n\n\n Volumes remained broadly flat at around 24,500 units, while the average ticket size increased around 4% to a record \u20b92.38 crore.<\/p>\n\n\n\n The \u20b95 crore-plus segment accounted for 40% of sales value, up from 38%.<\/p>\n\n\n\n Supply also reopened sharply, with launches increasing around 40% to approximately 22,400 units.<\/p>\n\n\n\n Thane and Palghar recorded approximately \u20b923,052 crore in primary housing sales, up around 10%.<\/p>\n\n\n\n Around 41,700 homes were sold, also up approximately 10%, while the average ticket size remained stable at \u20b90.55 crore.<\/p>\n\n\n\n The sub-\u20b91 crore segment still accounted for 56% of sales value, although its share declined from 58%.<\/p>\n\n\n\n Launches fell around 5% to approximately 38,300 units.<\/p>\n\n\n\n Navi Mumbai and Raigad recorded the fastest value growth among the markets covered, with sales value rising approximately 29% to \u20b912,292 crore.<\/p>\n\n\n\n Volumes increased around 20% to approximately 17,300 units, while the average ticket size rose 8% to \u20b90.71 crore.<\/p>\n\n\n\n Launches increased another 29% to approximately 25,800 units, a new high for the region.<\/p>\n\n\n\n The \u20b92\u20135 crore segment increased its share of sales value from 14% to 20%, while the sub-\u20b91 crore segment declined to 46%.<\/p>\n\n\n\n NCR saw a sharp correction after being the previous year\u2019s growth engine.<\/p>\n\n\n\n Sales value fell approximately 24% to \u20b968,217 crore in H1\u201926, while units sold declined around 9% to approximately 24,600.<\/p>\n\n\n\n The average ticket size dropped around 16% to \u20b92.77 crore, after reaching \u20b93.31 crore in H1\u201925.<\/p>\n\n\n\n At the same time, launches increased around 10% to nearly 35,000 units, the highest half-year level in the series.<\/p>\n\n\n\n The \u20b95 crore-plus segment accounted for 45% of sales value, down from 51%, while the \u20b92\u20135 crore segment gained share.<\/p>\n\n\n\n Gurugram experienced an even sharper reset.<\/p>\n\n\n\n Sales value declined around 33% to \u20b937,726 crore, while volumes remained broadly stable at approximately 12,000 units.<\/p>\n\n\n\n The average ticket size fell about 32% to \u20b93.15 crore, down from the H1\u201925 peak of \u20b94.65 crore.<\/p>\n\n\n\n The \u20b95 crore-plus segment’s share of value declined from 66% to 52%, while the \u20b92\u20135 crore segment increased to 39%.<\/p>\n\n\n\n Launches edged up around 4% to approximately 12,800 units, keeping supply ahead of the softer value pool.<\/p>\n\n\n\n The housing market was not moving in one direction. Individual cities showed distinctly different combinations of volume, pricing, and supply.<\/p>\n\n\n\n Pune recorded sales of approximately \u20b936,025 crore, up 4%, despite a 5% decline in volumes. Its average ticket size rose 9% to \u20b90.83 crore, while launches fell 10% to around 34,200 units.<\/p>\n\n\n\n Noida recorded approximately \u20b921,918 crore in sales, up 7%, even though volumes declined around 7%. Its average ticket size increased 15% to \u20b92.78 crore, while launches dropped 38% to around 7,800 units.<\/p>\n\n\n\n Hyderabad remained broadly flat in value at approximately \u20b956,966 crore, despite an 11% decline in volumes. Its average ticket size increased 13% to \u20b92.02 crore, while launches jumped 22% to around 46,900 units.<\/p>\n\n\n\n Ahmedabad saw sales value decline 9% to approximately \u20b924,876 crore, with volumes falling 13%. Its average ticket size nevertheless increased 4% to \u20b91.08 crore, while launches rose 5%.<\/p>\n\n\n\n Chennai recorded a 16% increase in sales value to approximately \u20b913,722 crore, even as volumes declined 12%. Its average ticket size jumped 32% to \u20b91.31 crore, while launches fell 33%.<\/p>\n\n\n\n Kolkata recorded approximately \u20b99,046 crore in sales, around 3% lower than H1\u201925. Volumes declined 12%, while the average ticket size increased 11% to \u20b90.92 crore. Launches declined 16%.<\/p>\n\n\n\n H1\u201926 marks a shift from a market driven primarily by rising values to one where volume, pricing, and supply are diverging across cities.<\/p>\n\n\n\n The divergence across markets highlights how differently India\u2019s residential landscape is evolving. While some cities are seeing broader-based demand, others are experiencing a greater influence of pricing, changing buyer preferences, or expanding supply.<\/p>\n\n\n\n This makes it increasingly important to look beyond headline growth and understand the underlying market dynamics shaping each city. For developers, investors, and real estate stakeholders, CRE Matrix<\/a> data provides a granular view of these shifts across markets and price segments.<\/p>\n\n\n\n Sales, launches, ticket sizes, and price bands tell different stories. Get the data to see where housing demand is moving.<\/p>\n\n\n\n Book a demo now<\/a>! <\/p>\n\n\n\nHow Did India\u2019s Housing Market Perform in H1 2026?<\/strong><\/h2>\n\n\n\n
MMR overtakes NCR as India\u2019s largest housing market<\/strong><\/h2>\n\n\n\n
Bengaluru records the strongest growth among large markets<\/strong><\/h2>\n\n\n\n
Is housing supply running ahead of demand?<\/strong><\/h2>\n\n\n\n
What is happening across MMR\u2019s major housing markets?<\/strong><\/h2>\n\n\n\n
Mumbai: Higher prices drive sales value<\/strong><\/h3>\n\n\n\n
Thane + Palghar: Volume-led growth<\/strong><\/h3>\n\n\n\n
Navi Mumbai + Raigad: Fastest-growing MMR pocket<\/strong><\/h3>\n\n\n\n
What happened to NCR housing sales?<\/strong><\/h2>\n\n\n\n
What happened in Gurugram?<\/strong><\/h2>\n\n\n\n
Which other markets stood out in H1 2026?<\/strong><\/h2>\n\n\n\n
What does H1 2026 tell us about India’s housing market?<\/strong><\/h2>\n\n\n\n
Media Mentions<\/strong><\/h2>\n\n\n\n