Apartment prices across India’s top seven cities rose between 8 per cent and 20 per cent in the January–March quarter, driven by higher input costs, even as demand showed signs of slowing, according to data released by real estate consultant JLL India on Thursday.
The firm said housing sales rose 8 per cent year-on-year to 70,631 units during the quarter, up from 65,222 units a year earlier. New supply grew at a faster pace, rising 13 per cent to 90,023 units.
The analysis covers Delhi-NCR, Mumbai, Bengaluru, Pune, Chennai, Hyderabad and Kolkata. Mumbai includes Mumbai city, suburbs, Thane and Navi Mumbai, while Delhi-NCR spans Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna. The data covers apartments only, excluding villas, rowhouses and plotted developments.
“Residential property prices in India’s top seven cities continued their upward trajectory in Q1 2026, with year-on-year increases ranging from 8 per cent to 20 per cent. This sustained appreciation reflects strong underlying demand fundamentals, rising land and construction costs, and the shift toward premium product offerings,” JLL said.
Sales growth lags behind new launches
While both supply and demand expanded, the pace of new launches outstripped sales growth.
• Housing sales rose 8 per cent year-on-year to 70,631 units
• New launches increased 13 per cent to 90,023 units
• Sales growth remained slower than supply additions, pointing to cautious buyer sentiment
“The residential market is navigating a transitional phase where robust supply is meeting with measured buyer sentiment. While launches have surged 13 per cent year-on-year, sales growth of 8 per cent suggests buyers are exercising greater discretion amid economic uncertainties,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head – Residential Services, India, JLL.
Premium homes drive demand
The data shows a clear shift towards higher-value housing.
• Apartments priced above Rs 1 crore saw sales rise 30 per cent to 50,362 units
• Homes priced below Rs 50 lakh recorded a 24 per cent decline to 20,269 units
• Premium housing accounted for 71 per cent of total sales, up from 59 per cent a year earlier
The Rs 1.5 crore to Rs 3 crore segment saw a 67 per cent jump in sales, reflecting demand for larger homes in prime locations. In contrast, the share of homes priced below Rs 1 crore dropped to 29 per cent from 41 per cent.
JLL attributed this shift to rising land and construction costs, limited supply in the affordable segment, and developers focusing on projects with higher margins.
Key markets and price trends
Bengaluru, Mumbai, Pune and Delhi-NCR remained the largest markets, accounting for around 77 per cent of total sales during the quarter.
• Kolkata, Bengaluru, Delhi-NCR and Chennai recorded annual price growth of 12–15 per cent
• Bengaluru led new launches with 27,055 units, up 32 per cent year-on-year
• Delhi-NCR saw a 64 per cent increase in new supply
Prices may keep rising, but at a slower pace
JLL said property prices are expected to continue rising, although the pace may ease if demand remains steady.
“With ongoing construction and operational cost pressures, property prices are likely to keep increasing, though the rate of growth may slow if sales growth remains measured,” the consultant said.
The gap between supply and sales, the firm added, reflects developers positioning for medium- to long-term demand, even as buyers take a more cautious approach in the current economic environment.
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