Residential sales momentum moderates in Q1 2026

• In Q1 2026, 10,740 residential apartments were sold in Delhi NCR, translating into a marginal moderation of 3% q‑o‑q. This trend reflects organic rationalisation in the residential market after a period of robust growth in the preceding year.
• Gurgaon dominated quarterly residential sales with a 53% share, driven by healthy buyer interest in newly launched projects, followed by Noida at 38%. Sales were primarily concentrated across Dwarka Expressway, Manesar and the Noida-Greater Noida Expressway.

Residential launches increase by 13% q-o-q

• Over 13,600 residential units were launched in Q1 2026, reflecting a 13% q-o-q increase. Gurgaon dominated new supply with a 58% share, followed by Noida at 33%. Ghaziabad and Faridabad saw limited launch activity, while no new launches were recorded in Delhi.
• In Gurgaon, new launch activity was driven by micro markets such as Sector M-9 and Manesar, with projects from developers like M3M and Smartworld. In Noida, supply additions were largely concentrated along the Yamuna Expressway and the Noida-Greater Noida Expressway.

Capital values and rents increase marginally during the quarter

• In Q1 2026, average residential capital values stood at INR 8,182 per sq ft. Gurgaon led quarterly price growth at 1.9%, followed by Faridabad at 1.5% and Noida at 1.3%. Sales moderation has started to lead to slower price growth in the near term.
• Rentals recorded a marginal increase of 1.3% q-o-q and 5.0% y-o-y. Rental growth during the quarter was led by Gurgaon, which registered 1.5% appreciation, followed by Noida at 1.0%.

Outlook: Residential sales are likely to moderate in the coming quarters

• Residential launch activity is likely to moderate in the short term owing to slower sales, rising capital values and a softening in demand momentum.
• Residential sales momentum in Delhi‑NCR is expected to be sustained by prime markets such as Gurgaon and Noida, with a positive medium‑term outlook supported by land acquisitions by leading developers.