Housing Sales Fall 6% in the September Quarter: Hyderabad Up, Pune and NCR Down
Housing sales across India's nine biggest primary markets fell about 6% in the July-to-September quarter, to 1,03,170 units from 1,09,420 a year earlier, according to data analytics firm PropEquity, which released the numbers on 26 September. Developers launched fewer homes too: new supply slipped to 98,165 units from 1,00,330. Only three markets grew — Navi Mumbai (+12%), Hyderabad (+11%) and Bengaluru (+1%) — while Pune fell 16%, Delhi-NCR 12%, and Chennai and Kolkata 17% each.
For you as a buyer, the short version is this: demand has slipped year on year again after a stronger June quarter, prices have not, and in most of these cities the festive season is a better time to negotiate than the brochures suggest.
Key takeaways
- PropEquity counts 1,03,170 homes sold across nine cities in July-September, down 6% year on year and about 4% on the April-June quarter.
- New launches fell 15% quarter on quarter to 98,165 units, so developers pulled back supply rather than push stock into a slow market.
- Hyderabad (+11%) and Navi Mumbai (+12%) were the bright spots; Chennai and Kolkata (-17%), Pune (-16%) and Delhi-NCR (-12%) were the weakest.
- Anarock's festive outlook on 20 September expected top-seven sales 3-4% above the June quarter. That was a quarter-on-quarter call, and even if it lands it still implies a year-on-year fall.
- Average prices in the top seven cities rose about 59% between 2021 and 2025 (Anarock). Fewer units are selling, but each one costs more.
The numbers at a glance
| Market | Jul-Sep 2026 (units) | Jul-Sep 2025 (units) | Change |
|---|---|---|---|
| Pune | 17,860 | 21,190 | -16% |
| Bengaluru | 17,340 | 17,170 | +1% |
| Thane | 16,230 | 18,240 | -11% |
| Hyderabad | 15,470 | 13,890 | +11% |
| Mumbai | 9,830 | 10,690 | -8% |
| Navi Mumbai | 9,810 | 8,730 | +12% |
| Delhi-NCR | 8,090 | 9,230 | -12% |
| Chennai | 4,680 | 5,640 | -17% |
| Kolkata | 3,860 | 4,640 | -17% |
| Total, nine cities | 1,03,170 | 1,09,420 | -6% |
| New supply (launches) | 98,165 | 1,00,330 | -2% YoY, -15% QoQ |
Source: PropEquity, primary (new-home) sales only. Resale deals are not in these figures. Add Mumbai, Thane and Navi Mumbai together and the Mumbai region sold 35,870 homes, down about 5% from 37,660.
Background: two firms, two city lists
You will see two sets of quarterly numbers this autumn, and they are not interchangeable. PropEquity tracks nine primary markets and splits the Mumbai region into Mumbai, Thane and Navi Mumbai. Anarock tracks seven — MMR as one, Delhi-NCR, Pune, Bengaluru, Hyderabad, Chennai and Kolkata — using its own research base. Their totals differ every quarter because the methods differ.
Anarock's own July-September count was not out when this was written. When it lands, compare it with Anarock's earlier numbers, not PropEquity's.
One more caveat: PropEquity's release came four days before the quarter closed, so the final weeks of September are partly its estimate. Treat the city figures as close, not final.
Setting the result against the festive forecast
On 22 September we reported Anarock's festive outlook, which expected top-seven sales to finish 3% to 4% above the June quarter's roughly 90,715 units. The two don't clash as much as they seem to.
- The forecast was quarter on quarter. Applied to 90,715 units, a 3-4% rise gives roughly 93,400 to 94,300 homes for July-September.
- A year ago, Anarock counted 97,080 homes in the same seven cities for July-September 2025. So even a forecast that lands in full means sales about 3% to 4% lower year on year.
- PropEquity's series moved the other way quarter on quarter — down about 4% — on a different city set and method.
The honest reading: both firms now describe a market where the September quarter is weaker than last year's. Where they disagree is on the direction from the June quarter, and that gap will only close when Anarock's actual count comes out.
Why sales slipped
Prices have run far ahead of incomes
Anarock puts the average residential price across the top seven cities at Rs 9,260 per sq ft in 2025, against Rs 5,826 in 2021 — a rise of about 59% in four years, while construction costs rose around 34%. In the April-June quarter, average prices were still up 7% year on year even as sales fell 6%. Knight Frank's affordability index for the first half of 2026 found the Mumbai region and NCR the only two of eight cities where a typical household's EMI eats more than half its income.
Developers stopped launching into a slow market
PropEquity's founder Samir Jasuja pointed to the supply cut: new launches fell 15% from the June quarter, while sales fell only 4%. Thane, Chennai, Delhi-NCR and Pune saw the sharpest pullback in launches. Fewer launches also mean fewer launch offers in a quarter the monsoon already slows.
Stock is still sitting
Anarock estimated unsold inventory across its seven cities at over 6 lakh units at the end of June. CRE Matrix puts the time needed to clear tier-1 unsold stock at about 13.5 quarters — roughly 40 months — in the first half of 2026, a little better than 14.3 quarters a year earlier. Hyderabad, the star of this quarter, has its own problem: CREDAI Hyderabad and CRE Matrix count 1,42,722 unsold homes there, up 21% in a year, or about 29 months of sales.
Why it matters: volume is down, value may not be
PropEquity's release gives units, not rupees, and nobody has published a July-September sales value yet. But the pattern of the last two years is clear. Anarock's 2025 count showed volumes down 14% while total sales value rose 6% to over Rs 6 lakh crore. CRE Matrix found tier-1 primary sales in the first half of 2026 at about Rs 3.63 lakh crore, flat on the year, while units fell 2%.
So "sales fell 6%" doesn't mean prices are about to crack. It means fewer people can afford what is being built, and those who can are paying more: a narrower market, not a falling one.
The honest view for a buyer this festive season
If you're shopping between Navratri and Diwali, the city you're in matters more than the national headline.
- Pune, Chennai, Kolkata, Thane and Delhi-NCR: sales fell 11% to 17%. Sales teams have targets they're missing. Ask for waived floor-rise and preferential location charges, a capped all-in price, and registration costs borne by the developer on ready units. See our Pune market study and NCR price guide for what fair looks like.
- Hyderabad and Navi Mumbai: demand is up, so headline discounts will be thin. But Hyderabad's unsold pile is large, so project-level deals still exist. Check current property rates in Hyderabad before you sit down to talk price.
- Bengaluru: flat on volume and the most balanced of the nine. Expect limited room on price, more on payment terms. Our Bengaluru market study has micro-market rates.
Everywhere, ask what the last three units in the tower actually registered at. That number beats any festive offer sheet. And if you're comparing a big metro with a smaller one, our note on tier-2 price growth shows where the money has been moving.
Who this news is for
It matters most to first-time buyers in the Rs 60 lakh to Rs 1.5 crore band, who feel the affordability squeeze first; to investors deciding whether to book in a new launch now or buy ready stock later; and to anyone in the Mumbai region, where the three sub-markets are moving in different directions — read our note on MMR overtaking NCR by sales value for the half-year picture.
Frequently asked questions
How much did housing sales fall in the July-September quarter?
PropEquity counts 1,03,170 new homes sold across nine cities in July-September, against 1,09,420 a year earlier — a fall of about 6%. Compared with the April-June quarter, sales were down about 4%.
Which cities saw housing sales rise this quarter?
Three of nine: Navi Mumbai rose 12% to 9,810 units, Hyderabad 11% to 15,470 units and Bengaluru 1% to 17,340 units. The other six fell, with Chennai and Kolkata down 17% each and Pune down 16%.
Did Anarock's festive forecast turn out wrong?
Not yet provable. Anarock forecast a 3-4% rise over the June quarter for its seven cities, which would still be about 3-4% below last year. PropEquity's nine-city data uses a different method and shows a 4% quarterly dip. Anarock's own actual count is due at the end of September.
Will property prices fall because sales are down?
Unlikely in the short run. Average prices in the top seven cities were still up 7% year on year in April-June, and developers cut launches by 15% this quarter rather than flood the market. What falls first is usually the add-ons: waived charges, better payment plans and developer-paid registration.
Is the festive season a good time to negotiate on a new flat?
In cities where sales fell 11% to 17% — Pune, Chennai, Kolkata, Thane and Delhi-NCR — yes, your hand is stronger than usual. Push for charges to be waived and an all-in price in writing. In Hyderabad and Navi Mumbai, where sales grew, expect less give on price.
If you want a second opinion on a specific project's price before you sign this festive season, talk to Realty Hunting — we'll pull the recent registrations and tell you plainly whether the offer is a good one.
