Housing sales value rose 5% year-on-year (YoY) in June 2026, registering a 6% month-on-month (MoM) increase, while expanding 9% in the second quarter and 11% across the first half of 2026 (H1CY26), according to a Nuvama report.
Key Highlights
- Housing sales value rose 11% in H1 2026, with Bengaluru surging 37% year-on-year in demand.
- NCR sales value declined 7% YoY, even as most other major cities posted steady growth.
During H1CY26, demand value recorded its strongest expansion in southern India, surging 37% YoY in Bengaluru, followed by a 26% rise in Chennai. The Mumbai Metropolitan Region (MMR), Pune, and Kolkata each recorded a 13% increase in sales value over the same period.
In contrast, sales value in the National Capital Region (NCR) dropped 7% YoY. On the volume front, H1CY26 sales volumes jumped 22% in Bengaluru and fell 18% in NCR, while all other major cities saw growth in the range of 4% to 9%.
According to the report, supply metrics showed moderation, as launches by value fell 10% YoY in June 2026, alongside a 5% reduction in launch volumes. Total launches by value in Q2CY26 declined 6% YoY, even as overall supply edged up 9% during H1CY26.
Also Read: India's Housing Sales Rise 16% to Rs 9.33 Lakh Crore in FY26
Regional launch patterns varied significantly during the six-month period. MMR, Bengaluru, Kolkata, and Hyderabad recorded an uptick in launches between 10% and 43%, whereas NCR and Chennai experienced slowdowns between 21% and 34%. Bengaluru retained its position as the best-performing market for both supply and demand growth.
Inventory levels across the country held firm at 20 months, remaining flat on both a YoY and MoM basis. Pune maintained the leanest inventory position among major markets at 14 months. Most other cities reported inventory levels between 17 and 22 months, whereas Hyderabad recorded the highest level at 29 months.
Sustained activity in the luxury and premium housing segments supported price increases across all major cities in Q2CY26, led by a 20% YoY jump in Chennai, while other cities saw price gains of 4% to 8%.
What This Means for Real Estate Stocks
In its assessment of real estate equities, the Nuvama report noted, "We argue volume growth will determine the performance of RE stocks." Outlining the conditions necessary to sustain physical sales momentum, the report stated that volumes can remain healthy provided developers "reduce focus on luxury segment and reorient towards mid-income/premium segment" and "focus on improving affordability by keeping prices/ticket size restricted."
Addressing regional performance variations, the report added, "While the NCR market will continue to face challenges in pockets (especially in the INR50-100mn ticket size bracket), Bengaluru and Chennai are well placed to continue on the growth path."
