Gurugram sold homes worth ₹37,726 crore between January and June 2026, down ₹18,381 crore or 33% from the same six months of 2025, and the drop was big enough to cost the National Capital Region its position as India’s largest housing market.
The Mumbai Metropolitan Region has taken the top slot with 26% of all money spent on new homes across the country’s Tier-1 cities. NCR is down to 19%, according to the India Housing Report released this month by the National Association of Realtors-India and data firm CRE Matrix.
What makes the Gurugram number unusual is that buyers did not disappear. The city sold 11,972 homes in H1 2026 against 12,054 a year earlier — flat. The value fell because the price of what sold changed. The average ticket size dropped 32%, from ₹4.65 crore to ₹3.15 crore. Homes above ₹5 crore made up 52% of the money spent, down from 66%. The ₹2-5 crore band picked up the slack, rising to 39%.
“Gurugram’s luxury surge unwound,” CRE Matrix CEO and co-founder Abhishek Kiran Gupta writes in the report.
The base year was built on a handful of towers
The 2025 peak Gurugram is being measured against was set by a small number of very large deals. DLF’s The Dahlias had booked around ₹15,818 crore by the September 2025 quarter, at an average of roughly ₹72 crore per apartment, the company’s investor presentation showed. Four flats at The Camellias, including two penthouses, registered for more than ₹270 crore in a single month in 2025. A market where a few hundred transactions can move the half-yearly total by thousands of crore does not repeat that total easily.
Once those launches cleared, the arithmetic turned. Against the second half of 2025, Gurugram’s value is actually up about 4%, on 37% higher volumes. The city is selling more homes, at lower prices, to a wider set of buyers.
Builders say the money moved down a band, not out
NCR has not lost its buyers. CRE Matrix’s segment data shows the region sold ₹27,125 crore worth of homes in the ₹2-5 crore band in H1 2026 across 8,778 units, second only to Bengaluru’s ₹31,216 crore.
Robin Mangla, President, M3M India, said the segment’s run “reflects the growing depth of India’s premium residential market and a shift in buyer preferences towards larger homes, established locations and enhanced lifestyle offerings.” NCR’s ₹27,125 crore across 8,778 homes, he said, “underline the region’s sustained appetite for premium residences.”
“This trend indicates that buyers are increasingly evaluating homes beyond basic requirements, with factors such as design, amenities, connectivity and overall living experience gaining importance,” Mangla said. “For developers, it reinforces the opportunity to create differentiated premium developments that are aligned with evolving expectations and the changing aspirations of homebuyers.”
Santosh Agarwal, Executive Director and CFO, Alpha Corp Development Limited, said the ₹2-5 crore bracket “is increasingly becoming a reflection of how premium homebuying is evolving,” with the focus “moving beyond size and price towards the overall proposition of a residence, including planning, design, amenities, connectivity and the quality of the surrounding ecosystem.”
Agarwal cited CRE Matrix data placing NCR’s average residential ticket size at ₹3.64 crore in CY2025, “pointing to the growing relevance of higher-value housing in the region.” He added: “For developers, this calls for a more nuanced approach to premium projects, where differentiation and experience become central to the product. For buyers, it represents a market offering greater depth and choice across the premium spectrum.”
NCR is building into a falling value pool
The worry in the NCR numbers is supply. Developers across the region launched 35,038 units in H1 2026, up 10% and the highest for any half-year in the report’s series, which runs from 2023. Sales in the same period fell 9% to 24,630 units. Gurugram added another 12,848 launches, up 4%.
Independent data points the same way. Savills India recorded 4,549 luxury launches in Gurugram in H1 2026 against 6,350 a year earlier, a 28% fall, with Golf Course Extension Road, Southern Peripheral Road and Dwarka Expressway accounting for nearly 70% of new supply. Capital values of completed premium stock in the city rose just 2% year-on-year, well below the 11-13% compounded growth those corridors saw between 2022 and mid-2026.
Noida moved the other way. Its sales value rose 7% to ₹21,918 crore even though it sold 7% fewer homes, because the average ticket size firmed 15% to ₹2.78 crore. Launches there fell 38% to 7,778 units, unwinding a supply rush of about 12,500 units in H1 2025.
Mumbai region grew on volume, not price
MMR sold ₹93,757 crore worth of homes, up 8%, its strongest half on record. It did that by selling 83,613 units, 9% more than last year, while the average ticket size stayed put at ₹1.12 crore.
Within the region, the pattern splits. Mumbai city’s value rose 4% to ₹58,362 crore on flat volumes of about 24,500 units, with the average ticket size at a record ₹2.38 crore and launches up 40% after a two-year low. Thane and Palghar added ₹23,052 crore, up 10%, on 41,740 homes sold at a steady ₹0.55 crore each. Navi Mumbai and Raigad grew fastest of any market in the country, up 29% to ₹12,292 crore on 20% higher volumes, with launches up 29% to 25,802 units.
Bengaluru was the standout among the large cities. Sales value jumped 25% to ₹60,875 crore, its best half on record, with volumes up 7% and ticket sizes up 17% to ₹1.76 crore. Launches rose 22%. Its share of national value is now close to 17%, just behind NCR.
The national picture: flat at the top
Across Tier-1 cities, homes worth ₹3,63,433 crore were sold in H1 2026, a shade below the ₹3,64,519 crore record of H1 2025. Volumes slipped about 2% to 2,57,586 units. The average ticket size settled at ₹1.41 crore, up 2% — the slowest rise in three years.
Supply did not slow with it. Launches rose 7% to 2,98,435 units, the strongest half since H1 2024 and 18% above H2 2025. New supply is running ahead of absorption.
Gupta describes H1 2026 as the first half in three years where growth “paused rather than accelerated”, and says premiumisation is now “consolidating, not compounding.”
Elsewhere, Hyderabad held value almost flat at ₹56,966 crore while selling 11% fewer homes, with launches up 22% to 46,857 units — a gap worth watching. Pune’s value rose 4% to ₹36,025 crore on 5% fewer sales, with launches at their lowest in the series. Chennai’s value climbed 16% on a 32% jump in ticket size to ₹1.31 crore, even as volumes fell 12%. Ahmedabad slipped 9% in value and 13% in volume. Kolkata was near flat, but homes above ₹5 crore went from 7% of its value to 20% in a year.
What it sets up for the second half
For Haryana, the question is whether Gurugram’s reset holds at the ₹3 crore mark or drifts lower. Developers are betting it holds: Signature Global has two Gurugram projects lined up for the second half of FY27 with a combined revenue potential of ₹10,000-12,000 crore.
The report’s own reading is that the next leg of growth will come from markets that turn steady end-user demand into volume, and from developers who match launches to what actually sells.
