NCR Housing Sales Slip 6% in Q2 2026, But Prices Keep Climbing: What Anarock's Latest Report Reveals
The Delhi-NCR residential market posted a mixed scorecard in the April-June quarter of 2026, according to the latest Anarock Research report on India's top seven cities. While demand softened, the region's fundamentals — from pricing power to inventory absorption — tell a story that's far from a slowdown panic.
Across India's top 7 cities, housing sales fell 6% year-on-year to approximately 90,715 units in Q2 2026, down from 96,285 units in the same period last year, and 11% lower than the previous quarter. Delhi-NCR mirrored this trend, with sales declining from about 14,255 units in Q2 2025 to roughly 13,365 units in Q2 2026 — a 6% annual dip and a steeper 12% fall on a quarterly basis. By comparison, Pune recorded the sharpest annual decline among all seven cities at 15%, while MMR slipped 8%. Only Kolkata, Hyderabad, and Bengaluru bucked the trend with modest sales growth.
What makes the NCR story distinct is the launch-versus-demand gap. New housing launches across NCR plunged 40% year-on-year, falling to about 11,205 units in Q2 2026 from 18,760 units a year earlier. Yet despite this steep drop in fresh supply, the region still sold more homes than it launched — 13,365 units sold against 11,205 new units added — indicating that buyer appetite in NCR actually outpaced fresh inventory during the quarter. Within the region, Noida and Greater Noida saw the steepest correction, with new launches crashing 72% year-on-year to around 2,140 units and sales falling 20% in that micro-market specifically.
Despite fewer launches, NCR's unsold inventory stayed remarkably stable, ending the quarter at 89,086 units, almost unchanged from 89,005 units a year earlier — making NCR the only major city where inventory levels held steady even as most other markets saw stock pile up. Anarock data also flagged NCR as the biggest price gainer among the top 7 cities, with average residential prices rising 13% annually in Q2 2026, the highest appreciation recorded across all markets tracked.
Anarock Group Chairman Anuj Puri attributed the broader slowdown to global headwinds rather than any structural weakness in Indian real estate. Puri noted that the geopolitical situation's impact on the sector was "all too obvious," while also pointing out that the market is now more balanced, with new supply catching up to absorption levels and sales growth moderating across most top cities. He added that the strongest sales momentum currently is concentrated in premium housing, GCC-led employment hubs, and infrastructure-driven corridors — a trend that plays directly into NCR's core strength, particularly in Gurugram's high-growth micro-markets.
For homebuyers watching Gurugram specifically, the data points to a market shifting decisively toward quality over quantity. Corridors like Dwarka Expressway, Golf Course Extension Road, and Southern Peripheral Road continue to see developer activity concentrated in the premium and luxury brackets. Nationally, homes priced between Rs 80 lakh and Rs 2.50 crore now make up over half of all new launches, while affordable housing has shrunk to just 6% of new supply — a shift that mirrors what's playing out on the ground in Gurugram's newer sectors.
The takeaway for prospective buyers is nuanced: a temporary dip in transaction volumes doesn't equal falling prices. With NCR posting the steepest price rise among top cities even as sales cooled, the message is clear — genuine end-user demand for well-located, RERA-registered projects in growth corridors remains resilient, even when overall sentiment turns cautious.
