Luxury housing to drive nearly 19% rise in sales value to ₹6.65 lakh cr in FY26, but volumes may stagnate
The overall value of housing sales across the top seven cities is projected to rise by nearly 19% year-on-year in 2025–26, surpassing ₹6.65 lakh crore, driven largely by a surge in luxury home sales and high-value transactions, according to an analysis by Anarock.
However, sales volumes are expected to stagnate amid global headwinds, geopolitical tensions, and elevated prices. In 2024–25, the total sales value across the seven major cities stood at around ₹5.59 lakh crore, with approximately 4,22,765 units sold, the consultant added.
City-wise, NCR and Chennai are expected to lead the momentum, achieving around 74% and 71% of their total FY 2025 sales value, respectively, while MMR may lag at about 45%.
The seven cities included NCR, Chennai, MMR, Bengaluru, Pune, Hyderabad and Kolkata.
“Our research shows that the overall housing sales value in FY26 may see over 19% Y-o-Y growth across the top 7 cities to exceed ₹6.65 lakh crore in FY 2025, the total sales value in these cities was about ₹5.59 lakh crore, while sales volume stood at about 4,22,765 units,” said Prashant Thakur, Executive Director and Head – Research & Advisory, ANAROCK Group.
ANAROCK data indicates that more than 1.93 lakh units were sold in the top 7 cities in the H1 FY 2026 with the total sales value exceeding ₹2.98 lakh crore. This is already 53% of the total sales value clocked in the entire FY 2025, which was more than ₹5.59 lakh crore.
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“After reaching a peak in overall absorption in FY2024, housing sales have tapered down amid various headwinds,” said Thakur. “However, the sales value of the total homes sold is growing. While sales volume plummeted by 14% y-o-y in FY 2025, the sales value jumped up 6% to ₹5,59,290 crore – the highest since FY 2022. The current trends indicate potential double-digit sales value growth by the end of the ongoing fiscal, even as sales volume either stagnates or sees moderate growth not exceeding about 4%.”
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This sales value momentum is largely driven by the high-ticket priced homes across cities as demand for luxury and ultra-luxury housing continues to outdo all other segments. Developers are backing this demand with increased new supply in these budget categories – 42% of the total new supply in H1 FY 2026 was in the luxury and ultra-luxury categories combined. Average residential prices across cities have also skyrocketed over the years, making home buying more expensive, the analysis showed.
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Commenting on the report, Rajat Bokolia, CEO, Newstone said, “The primary takeaway from the FY 2026 projection is the clear segmentation of India’s top housing markets. The market is seeing sustained demand in the premium segment, driving up the average transaction size and ensuring price resilience. However, the projected stagnation in sales volume, with unit growth not crossing 4% is a critical signal.”
