India apartment sales dip 13% to 98,761 units in Q1 amid lower fresh supply: PropEquity

India’s residential real estate market witnessed a notable slowdown in the first quarter of calendar year 2026, with apartment sales across the country’s top nine cities falling below the one lakh mark after 18 consecutive quarters, according to the latest report by PropEquity.

The data analytics firm reported that apartment sales declined 13 per cent year on year and 6 per cent quarter on quarter to 98,761 units during the January to March period. The dip has been largely attributed to a sharp fall in fresh supply across most major urban markets, reflecting cautious developer sentiment and moderated buyer activity.

This marks a significant milestone for the sector, as sales have now slipped below one lakh units for the first time in four and a half years. Industry experts believe that the decline is not necessarily a sign of weakening long-term demand, but rather a result of reduced launches and limited inventory additions in key micro markets.

Despite the overall moderation, Bengaluru emerged as the strongest performing city, recording sales of 17,991 units during the quarter. The city posted a 16 per cent quarter on quarter rise and a 3 per cent annual increase, underlining its continued dominance in India’s housing market.

Delhi NCR also remained resilient, with sales touching 12,141 units and registering 13 per cent year on year growth. However, on a sequential basis, the market saw a marginal decline, indicating that supply-side constraints are beginning to influence momentum even in high-demand regions.

According to market observers, lower launches in major cities such as Mumbai, Pune, Hyderabad and Chennai have impacted overall transaction volumes. The report also highlighted that nearly 22,000 fewer units were launched in the first quarter compared to the same period last year.

With interest rates stabilising and infrastructure-led growth continuing across major cities, the residential sector is expected to regain momentum in the coming quarters, provided supply improves and project launches accelerate.