Home sales across India's eight largest property markets were broadly unchanged in the first nine months of 2026, but the mix of what people are buying has moved sharply towards more expensive homes, according to a Knight Frank India report released on October 8.

The consultancy recorded sales of 2,58,238 units between January and September. New launches rose 4% year on year to 2,79,899 units. Launches have now outpaced sales for 16 consecutive quarters, which the report links to a gradual build-up of unsold inventory.

Mumbai leads, Delhi-NCR slips

Mumbai remained the largest market with 72,804 units sold, up 1%. Bengaluru grew 5% to 43,140 units and Pune was roughly flat at 36,402 units. Kolkata, Chennai, Hyderabad and Ahmedabad each grew between 2% and 4%.

Delhi-NCR was the exception. Sales there fell 11% to 35,574 units, and the ₹5–10 crore segment in the region dropped 39% to 4,033 units. Gurugram carried the highest share of unsold stock in the region, at 57%. Taken together, the seven markets outside Delhi-NCR grew 2%.

Premium homes gain, affordable housing shrinks

Homes priced above ₹1 crore accounted for 55% of all sales, up from 50% a year earlier. The ₹2–5 crore band grew fastest, up 19.4%, and the ₹1–2 crore band rose 6.8% to 77,087 units.

At the other end, sales of homes priced at ₹50 lakh to ₹1 crore fell 5.9%, and the below-₹50 lakh segment dropped 14% to 47,660 units.

Knight Frank describes the shift as normalisation rather than a broad-based slowdown.

Shishir Baijal, chairman and managing director of Knight Frank India, said buyers were becoming more selective and that the market was entering a more discerning phase. The report adds that inflation limits the room for further interest-rate cuts, so income growth, fresh supply and local demand will shape the next phase.