Residential sales moderate by 9% y-o-y amidst cautious homebuying sentiment

• In Q2 2026, 10,021 residential units were sold in Delhi NCR. Gurgaon accounted for the largest share of sales at 43%, with demand concentrated in key micromarkets such as Dwarka Expressway, Golf Course Extension Road, New Gurgaon and Manesar (GIC).
• Noida followed with a 36% share of overall sales, while Ghaziabad accounted for 18%. Sales momentum remained healthy in Ghaziabad, Faridabad and Delhi, driven by a steady supply of new launches that attracted homebuyers seeking new products in these markets.

Residential launches decline by 16% y-o-y

• Over 11,250 residential units were launched in Q2 2026, led by Gurgaon with a 45% share, followed by Ghaziabad at 30%. New project launches remained muted in Noida, with a 17% share, while Delhi and Faridabad recorded quarterly growth in new supply.
• New launches were concentrated along Dwarka Expressway in Gurgaon and NH-24 in Ghaziabad, highlighting continued developer focus on established growth corridors. Launch activity was led by prominent developers such as Oberoi Realty, Signature Global and Sobha Developers.

Capital values and rents record steady growth during the quarter

• In Q2 2026, average residential capital values reached INR 8,333 per sq ft, growing 1.9% q-o-q and 9.4% y-o-y. Gurgaon led price appreciation with a 1.9% q-o-q increase and the strongest annual growth of 10%, while Noida followed with 1.8% q-o-q and 7.1% y-o-y growth.
• Ghaziabad and Faridabad recorded limited capital value appreciation of 1.4% q-o-q, while Delhi witnessed a comparatively moderate increase of 1.0% q-o-q. Rental growth remained steady across Delhi NCR, with average rents rising 1.3% q-o-q and 4.7% y-o-y.

Outlook: Residential sales and launches are likely to moderate in the coming months

• Residential launches are likely to moderate in the coming months as slower sales velocity, rising home prices and easing demand momentum may prompt developers to adopt a measured approach to new project launches.
• Gurgaon and Noida are expected to anchor Delhi NCR’s residential price upswing, supported by strong buyer interest and infrastructure-led growth. Capital values are likely to trend upward, while growth in Faridabad and Delhi may remain relatively moderate.