MUMBAI: Bricks may be getting pricier, but buyers are still laying the foundation for new homes. India’s residential property market remained on solid ground in the first half of 2026, with apartment sales rising 3 per cent year-on-year despite a modest slowdown during the second quarter.
According to the latest report by JLL, housing sales across the country’s seven largest cities reached 138,382 units between January and June 2026, making it the second-highest first-half sales performance after H1 2024.
While Q2 2026 sales stood at 67,751 units, down 4 per cent from 70,631 units sold in Q1, the consultancy said the quarterly moderation reflected seasonal trends, price recalibration and buyers taking a more measured approach to purchases rather than any structural weakness in demand.
Among the seven cities tracked, Bengaluru emerged as the strongest performer, recording 35,017 apartment sales, a 16 per cent increase over H1 2025. Chennai followed with the fastest growth rate, registering 8,587 units, up 27 per cent year-on-year.
Delhi NCR posted 20,761 units, growing 7 per cent, while Hyderabad slipped 3 per cent to 16,067 units. Mumbai remained one of the country’s largest housing markets with 28,518 units, although sales were 1 per cent lower than a year earlier. Kolkata recorded 6,650 units, down 1 per cent, while Pune saw the sharpest decline among the major markets, with sales falling 14 per cent to 22,782 units.
Together, Bengaluru, Mumbai and Pune accounted for around 62 per cent of total residential sales during the first six months of the year, while Bengaluru, Mumbai, Pune and Delhi NCR collectively contributed nearly 76 per cent of all apartment sales.
The report highlights a clear shift in buyer preferences towards higher-value homes.
Apartments priced between Rs 1.5 crore and Rs 3 crore recorded the strongest growth, with sales surging 58 per cent year-on-year to 51,231 units. This segment alone accounted for 37 per cent of all housing sales, compared with 24 per cent in H1 2025.
Overall, homes priced above Rs 1 crore registered 98,499 sales, representing 48 per cent annual growth and accounting for 71 per cent of all transactions, up from 62 per cent a year earlier.
By contrast, the affordable segment continued to lose momentum.
Homes priced below Rs 50 lakh declined 32 per cent to 8,936 units, with their market share shrinking from 10 per cent to 6 per cent. Sales in the Rs 50 lakh to Rs 1 crore category also dropped 20 per cent to 30,947 units, reducing its share from 29 per cent to 22 per cent.
The Rs 1 crore to Rs 1.5 crore segment recorded 25,739 units, down 12 per cent, while the Rs 3 crore to Rs 5 crore category remained broadly stable with 13,391 units, slipping 1 per cent. Luxury homes priced above Rs 5 crore rose 2 per cent to 8,138 units.
Supply also gathered pace during the first half of the year.
Developers launched 168,507 new apartments, a 9 per cent increase over H1 2025, signalling continued confidence in the residential market.
Bengaluru once again led the way with 48,748 new launches, registering a remarkable 41 per cent increase year-on-year.
Mumbai followed with 33,498 launches, up 18 per cent, while Delhi NCR recorded 24,884 units, growing 14 per cent.
Elsewhere, Pune launched 26,537 units, down 6 per cent, Hyderabad introduced 17,281 units, falling 14 per cent, Chennai saw 10,394 launches, down 14 per cent, while Kolkata recorded 7,165 units, declining 20 per cent.
Launch activity during Q2 2026 stood at 78,484 units, with developers pacing new projects strategically to ensure healthy market absorption.
Housing prices continued their upward journey across all seven cities.
Annual capital value appreciation ranged between 6 per cent and 15 per cent, with Bengaluru recording the highest increase at 15 per cent. Chennai and Kolkata followed closely with 13 per cent growth.
JLL attributed the steady rise in prices to elevated construction costs, sustained buyer demand and developers increasingly focusing on premium residential projects offering better amenities and locations.
JLL, senior managing director (Chennai and Coimbatore) and head of residential services, India, Siva Krishnan said, “The H1 2026 performance underscores the maturity of India’s residential sector, with 138,382 units sold representing a solid 3 per cent year-on-year growth despite temporary quarterly moderation. The fundamentals remain compelling. Sustained urbanisation, infrastructure development and rising aspirations continue to drive homebuying decisions.”
He added that the Rs 1 crore to Rs 3 crore segment’s strong performance demonstrated buyers’ willingness to invest in premium developments that offer long-term value, while the 9 per cent increase in launches reflected continued developer confidence.
Krishnan also said sales momentum is expected to improve in the coming quarters as buyers adapt to current pricing, supported by expanding metro networks, improving connectivity, rising incomes and easier access to housing finance.
Despite the brief quarterly slowdown, the report suggests India’s residential market remains firmly on solid footing. With demand shifting towards premium homes, developers continuing to launch new projects and infrastructure investment gathering pace, the housing sector appears well placed to sustain its growth trajectory through the remainder of 2026.