Delhi-NCR Housing Sales Drop 17% QoQ in Q1 2026 Amid West Asia Conflict Impact: Anarock
Quarterly Decline Reflects Weak Sentiment
Housing sales in the Delhi-NCR region declined 17 per cent quarter-on-quarter to 15,985 units in the January to March period, as buyer sentiment weakened amid geopolitical tensions in West Asia, according to data released by real estate consultancy Anarock.The region had recorded sales of 19,250 units in the previous quarter, indicating a notable slowdown in momentum during the first quarter of 2026.
Annual Demand Remains Strong on Low Base Effect
Despite the sequential decline, housing demand in Delhi-NCR rose sharply by 44 per cent on a year-on-year basis. Sales stood at 11,120 units in the same period last year, highlighting a strong recovery driven largely by a low base effect.Geopolitical Uncertainty Weighs on Buyer Confidence
Anarock Chairman Anuj Puri stated that while long-term fundamentals of India’s residential market remain intact, short-term disruptions were evident.He noted that the impact of the Iran war was clearly visible in the first quarter, with uncertainty affecting buyer sentiment, especially in March. This contributed to a 7 per cent decline in housing sales across the top seven cities compared to the previous quarter.
Puri also highlighted that investment activity from Middle East-based buyers, who play a significant role in Indian real estate, has slowed due to the ongoing conflict.
Demand Trends Shift Towards Select Micro-Markets
Rishi Raj, CEO of Conscient Infrastructure, said the NCR housing market continues to show resilience, though growth is becoming more concentrated.He observed that demand momentum is increasingly focused on select micro-markets and specific product categories. Buyers are showing a preference for developments that offer strong location advantages, quality construction, and credible developers with robust financials.
Noida and Greater Noida Seen as Growth Drivers
Ashish Jerath, President Sales and Marketing at Smartworld Developers, pointed to strong growth potential in Noida and Greater Noida. He cited the upcoming operationalisation of the international airport as a key factor supporting long-term demand.He also noted that the NCR property market is expected to gradually move away from speculative activity.
Pan-India Housing Sales Show Mixed Trends
Across the top seven cities, housing sales rose 9 per cent year-on-year to 1,01,675 units during the January to March quarter, compared to 93,280 units in the same period last year.In value terms, sales increased 6 per cent to Rs 1.51 lakh crore from Rs 1.42 lakh crore.
However, on a quarterly basis, overall housing sales declined 7 per cent in volume and 6 per cent in value. In the previous quarter, 1,08,970 units were sold, amounting to Rs 1.60 lakh crore.
All seven major cities including MMR, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata recorded a sequential decline in sales during the quarter.
On an annual basis, Pune was the only city to register a slowdown in demand.
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