MMR Overtakes NCR as India's Biggest Housing Market by Sales Value
The Mumbai Metropolitan Region is now India's largest housing market by the value of new homes sold. In the first half of 2026, MMR's primary sales were worth about Rs 93,800 crore — roughly 26% of the tier-1 total — while Delhi-NCR's fell 24% to Rs 68,217 crore, a 19% share. The figures come from the India Housing Report, September 2026, prepared by CRE Matrix and NAR-India, and were reported by Business Today on 26 September.
The headline is real, but read it carefully. MMR has sold far more homes than NCR for years. What changed in 2026 is that NCR's average deal got much smaller, mostly because Gurugram's luxury boom cooled. That is a story about ticket sizes as much as about demand.
Key takeaways
- MMR sold about 83,600 new homes worth roughly Rs 93,800 crore in January-June, up about 9% in units and 8% in value.
- NCR sold about 24,600 homes worth Rs 68,217 crore: units down around 9%, value down 24%.
- NCR's average ticket size dropped from Rs 3.31 crore to Rs 2.77 crore; Gurugram's fell from Rs 4.65 crore to Rs 3.15 crore.
- MMR's growth was volume-led: its average ticket stayed near Rs 1.12 crore. The mix did not shift to luxury there.
- Across tier-1 cities, primary sales held at about Rs 3.63 lakh crore, flat on the year, while units fell 2% and launches rose 7%.
The facts at a glance
| Market (H1 2026) | Sales value | Change in value | Units sold | Change in units | Average ticket |
|---|---|---|---|---|---|
| MMR | ~Rs 93,800 crore (26%) | +8% | ~83,600 | +9% | ~Rs 1.12 crore, stable |
| Delhi-NCR | Rs 68,217 crore (19%) | -24% | ~24,600 | -9% | Rs 2.77 crore (was Rs 3.31 crore) |
| Gurugram (within NCR) | Rs 37,726 crore | -33% | ~12,000 | Broadly flat | Rs 3.15 crore (was Rs 4.65 crore) |
| Bengaluru | Rs 60,875 crore (~17%) | +25% | ~34,600 | +7% | Rs 1.76 crore, up 17% |
| Hyderabad* | Rs 52,913 crore | Not stated | 26,068 | -13% | Rs 2.03 crore (was Rs 1.85 crore) |
| All tier-1 cities | ~Rs 3.63 lakh crore | Flat | ~2.58 lakh | -2% | — |
Source: CRE Matrix and NAR-India, India Housing Report, September 2026 (primary sales only). *Hyderabad is from the separate CREDAI Hyderabad and CRE Matrix report for the same half-year; on the national total it works out to roughly a 15% share.
Background: how NCR held the top spot, and lost it
Work the report's growth rates backwards and the swap is clear. In the first half of 2025, NCR's primary sales were worth roughly Rs 89,800 crore against MMR's roughly Rs 86,900 crore — our arithmetic from the published percentages, so treat both as approximate. NCR was ahead because it was selling fewer, far costlier homes. A year later, NCR's value dropped by about Rs 21,500 crore while MMR added about Rs 7,000 crore.
A second data set points the same way on volume. Knight Frank counted 47,355 homes sold in Mumbai (its MMR market) in January-June, up 1%, against about 24,860 in NCR, down roughly 7%. Knight Frank's Mumbai count is much lower than CRE Matrix's MMR figure, while for NCR the two are close, because the two firms cover different footprints with different methods. Don't mix their numbers; the direction is what matches.
Why NCR's value fell
The Gurugram luxury wave normalised
Through 2024 and the first half of 2025, Gurugram's sales value was dominated by homes priced at Rs 5 crore and above, much of it in launches along Golf Course Road, Golf Course Extension Road and Dwarka Expressway. In H1 2025 that pushed Gurugram's average ticket to Rs 4.65 crore. This year it fell to Rs 3.15 crore. In the CRE Matrix / NAR-India data, homes above Rs 5 crore made up 52% of Gurugram's sales value, down from 66%, while the Rs 2-5 crore band rose to 39%. Unit sales in Gurugram barely moved — around 12,000 — so the 33% value drop is almost entirely about what sold, not how much.
Fewer mega-launches, and affordable stock used up
Knight Frank's reading is that homes below Rs 1 crore in Gurugram, Noida and Delhi have largely been absorbed, while fresh supply has moved above Rs 2 crore. That shrinks the pool of people who can buy. An affordability ranking reported in July also put NCR among only two of eight cities where the typical EMI takes more than half of household income. Geopolitical uncertainty earlier in the year hit sentiment too. Our Gurgaon market study covers sector-level prices, and whether Gurugram prices will fall looks at the downside case.
Why MMR rose
MMR's gain came from more people buying, not from bigger cheques. The average ticket held near Rs 1.12 crore, which suggests the growth sat in mid-market homes, most likely across Thane, Navi Mumbai and the suburbs, rather than in sea-view towers. Three things help explain it:
- Infrastructure that is now open, not promised. Atal Setu (the Mumbai Trans Harbour Link) opened in January 2024, the coastal road opened in phases from 2024, and Navi Mumbai International Airport began commercial flights on 25 December 2025, adding its first international route, to Abu Dhabi, on 15 July 2026. Each shortens commutes to places where homes cost less.
- Redevelopment. Old housing societies across the island city and western suburbs being rebuilt add new primary supply in established neighbourhoods, where buyers already want to live.
- Steady transaction flow. Mumbai city registered 12,503 properties in August, the highest August in 14 years, with stamp duty of about Rs 1,123 crore. We covered that in our note on the August registrations record.
What the value metric hides
Sales value is units multiplied by price, and it can move sharply without anyone's demand changing. Three points to keep in mind:
- NCR's fall is mostly price mix. Value fell 24% but units only 9%. The bigger half of the drop is smaller average deals, not fewer buyers.
- Bengaluru's jump is partly the reverse. Value rose 25% but units only 7%, because the average ticket climbed 17% to Rs 1.76 crore.
- "Largest market" depends on the yardstick. By units, MMR has been well ahead of NCR throughout. The value ranking flips when one region's luxury share swings, which is what happened here.
The tier-1 total tells the same story from above: value flat, units down 2%, launches up 7%. Supply is running ahead of absorption, and CRE Matrix puts the time to clear unsold stock at about 13.5 quarters at the current pace, a little better than 14.3 quarters a year ago. For the latest quarterly volumes, see our report on the September-quarter sales dip.
The honest view for buyers in each market
If you're buying in MMR
Volume-led growth at stable ticket sizes is the healthy kind, and liquidity is good — you'll find a buyer when you sell. The flip side: sellers have pricing power, and festive discounts will be thin in Thane and Navi Mumbai projects near the new airport and link roads. Pay for completed infrastructure, not for promises. Our Mumbai market study has micro-market rates.
If you're buying in NCR
You have more room to negotiate in Gurugram's Rs 3 crore-plus segment than you did a year ago. Developers who launched at peak luxury pricing are now selling into a market where the average cheque is a third smaller. Ask for charges to be waived, and compare against resale in finished projects nearby. Below Rs 1.5 crore, there is little new supply, so resale is often your real option.
Who this news is for
End users in either region deciding where they have leverage; investors who bought NCR luxury in 2024-25 and are reviewing their exit maths; and anyone comparing a Mumbai or Gurugram flat against a similar ticket overseas, where our Dubai vs India comparison sets out the costs side by side. Buyers in the south can read our Bengaluru study for the fastest-growing value market.
Frequently asked questions
Is Mumbai now India's biggest housing market?
By the value of new homes sold, yes. CRE Matrix and NAR-India put MMR at about Rs 93,800 crore in January-June 2026, or 26% of tier-1 primary sales value, ahead of NCR at 19%. By units, MMR was already the largest.
Why did NCR's housing sales value fall 24%?
Mostly because the average deal shrank. NCR's ticket size fell from Rs 3.31 crore to Rs 2.77 crore as Gurugram's run of Rs 5 crore-plus launches cooled. Units fell a smaller 9%, to about 24,600 homes.
Are Gurugram property prices falling?
The report shows the average home sold in Gurugram cost less — Rs 3.15 crore against Rs 4.65 crore — but that reflects fewer ultra-luxury deals, not a like-for-like price cut. Unit sales held near 12,000. Price per sq ft in a given project is a separate question you should check against recent registrations.
What drove MMR's sales growth in 2026?
More buyers at similar prices: units rose about 9% while the average ticket stayed near Rs 1.12 crore. Newly opened infrastructure such as Atal Setu and Navi Mumbai airport, plus redevelopment supply in established suburbs, are the likely contributors.
Which source published the MMR vs NCR housing data?
The India Housing Report, September 2026, prepared by data firm CRE Matrix with NAR-India, covering primary sales in tier-1 cities for January-June 2026. Business Today reported it on 26 September.
Weighing a flat in Mumbai against one in Gurugram, or wondering whether a luxury launch is priced right after this reset? Realty Hunting can compare recent registrations in both markets and give you a straight answer.
