FY26 home sales value may rise 20% on year; but volumes to remain flat

India’s housing market is entering a new phase — one where fewer homes are changing hands, but the money involved is hitting record highs.

 

Despite global uncertainty, war-driven volatility in commodity markets, and elevated property prices, fresh ANAROCK research shows that homebuyer budgets are rising, not shrinking. The result? A smaller pool of sales is delivering bigger value, especially in the premium and luxury segment.

 

According to the data, housing sales value across the top seven markets — Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, and Kolkata — is set to rise 20% year-on-year in FY26, even though unit sales are expected to stagnate or grow no more than 4%. 

“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 Rs 6.65 lakh crore. In FY 2025, the total sales value in these cities was about Rs 5.59 lakh crore while sales volume stood at about 4,22,765 units,” said Prashant Thakur, Executive Director & Head – Research & Advisory, ANAROCK Group.

 

The trend highlights a powerful shift: India’s real estate boom is increasingly driven by wealthy homebuyers, not broad-based mass-market demand. 

“After reaching a peak in overall absorption in FY2024, housing sales have tapered down amid various headwinds,” said Dr. 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 Rs 5,59,290 Cr – 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%," added Thakur.

 

FY25: Fewer homes sold, but record value

 

FY25 marked the end of the post-pandemic housing frenzy, when record-low interest rates and price corrections fuelled unprecedented demand.

 

Key numbers from FY25:

 

• Metric FY25
• Units sold : 4,22,765 homes
• Value of homes sold ₹5.59 lakh crore
• Sales volume change -14% YoY
• Sales value change +6% YoY

 

Volumes dropped sharply, but total sales value rose to the highest since FY22, driven by rising prices and luxury demand.

 

FY26: Off to a blockbuster start

 

The momentum has only strengthened this fiscal.

 

H1 FY26 Highlights

 

• Metric H1 FY26
• Homes sold 1.93 lakh units
• Sales value ₹2.98 lakh crore
• % of FY25 value achieved already 53%

 

Crossing half of FY25’s sales value in just six months puts the market on track to beat last year decisively.

 

Luxury is driving the market

 

The story of FY26 — and arguably of India’s property cycle — is luxury housing. 

42% of the total new supply in H1 FY 2026 was in the luxury and ultra-luxury categories combined.

 

ANAROCK notes that 42% of new supply launched in H1 FY26 falls in luxury and ultra-luxury categories. High-net-worth buyers, NRIs, startup founders and corporate leaders are leading purchases of larger homes with premium amenities, and they are paying rising prices without flinching.

 

This also mirrors on-ground transactions at marquee projects like DLF Camellias and The Dahlias in Gurugram, Lodha projects in Mumbai, and large-ticket villa deals in Bengaluru and Hyderabad.

 

Rising disposable wealth, stock market gains, startup liquidity events, and luxury becoming a lifestyle statement, not an indulgence — are all fuelling this shift.

 

City-wise: NCR & Chennai surge; MMR trails 

City-wise, NCR and Chennai outpaced other cities in H1 FY26 by already respectively achieving 74% and 71% of the overall sales value of FY 2025. MMR achieved just 45% of the total sales value it recorded in previous fiscal.

 

In NCR, approx. 29,175 units have been sold in H1 FY2026 worth Rs 75,859 Cr. Back in FY 2025, a total of 58,775 units were sold, whose total sales value was approx. Rs 1,02,810 Cr – the highest since FY 2022.

 

Chennai witnessed total sales of approx. 11,670 units in H1 FY26 worth approx Rs 12,370 Cr. In FY 2025, the total units sold stood at 17,765 units while total sales value recorded was approx. Rs 17,387 Cr.

 

Contrastingly, in MMR, approx. 61,540 units have been sold in H1 FY2026 worth over Rs 1 lakh Cr. Back in FY 2025, a total of 1.44 lakh units were sold, whose total sales value was approx. Rs 2,23,220 Cr.

 

Meanwhile, Bengaluru witnessed total sales of approx. 29,955 units in H1 FY26 worth approx. Rs 43,627 Cr. In FY 2025, the total units sold stood at 62,440 units whose total sales value was approx. Rs 79,819 Cr.

 

In Pune, approx. 32,030 units have been sold in H1 FY2026 worth Rs 30,324 Cr. Back in FY 2025, a total of 74,200 units were sold, whose total sales value was approx. Rs 66,058 Cr – the highest since FY 2022.

 

Hyderabad witnessed total sales of approx. 22,345 units in H1 FY26 worth approx. Rs 30,646 Cr. In FY 2025, the total units sold stood at 48,980 units whose total sales value was approx. Rs 59,243 Cr.

 

In Kolkata, approx. 7,655 units have been sold in H1 FY2026 worth Rs 5,429 Cr. Back in FY 2025, a total of 16,580 units were sold, whose total sales value was approx. Rs 10,753 Cr.

 

H1 FY26 performance vs entire FY25 sales value:

 

NCR and Chennai are leading the value charge, hitting nearly three-quarters of last year’s value in just six months.

 

MMR, India’s most expensive housing market, recorded the largest unit sales but achieved only 45% of last year’s value, suggesting some price fatigue at the top end.

 

Why volumes are flat but value is rising

 

5 key drivers:

 

Luxury boom — larger ticket sizes offset lower volume

 

Higher per-sq-ft prices — driven by land scarcity, construction costs, and brand premium

 

End-user demand — buyers are purchasing to live, not speculate

 

NRIs re-entering aggressively, especially from the US and Gulf markets

 

Developers focusing on premium launches, reducing low-margin inventory

 

In short: India’s housing market has gone premium.

 

Flat volumes indicate pressure in mid-tier housing. Expect more EMIs, longer tenures, higher down-payments, and fewer sub-₹80 lakh offerings.