Gurgaon, Noida housing demand drops 8-9% as NCR property market cools

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The Economic Times daily newspaper is available online now. Read Today's Paper Gurgaon, Noida housing demand drops 8-9% as NCR property market coolsBy Faizan Haidar, ET BureauLast Updated: Oct 21, 2026, 12:48:00 PM ISTSynopsis

Housing demand in the National Capital Region showed a decline in the third quarter of 2026, particularly in Gurgaon and Noida. While demand grew across six major Indian metros, new launches in NCR experienced significant reductions. Bengaluru demonstrated strong demand growth and price appreciation, making it a standout market. Pune and Mumbai Metropolitan Region saw substantial increases in new supply ahead of the festive season.

New Delhi: Housing demand in the National Capital Region (NCR) weakened in the third quarter of 2026, falling 8% year-on-year (YoY) in Gurgaon and 9% in Noida, even as demand across six major metropolitan markets grew 7%, up from 3% in Q2 2026, according to NoBroker’s report.

Across the six metros, residential launches rose 32% YoY to 69,718 units, even as supply trends diverged across cities.

In NCR, new launches declined 23% to 7,177 units as developers turned away from Gurgaon, where high entry prices and premium, large-format launches have put homes out of reach for many buyers. Ghaziabad, Noida and Faridabad together accounted for 77% of the region’s launches, while Faridabad was the only NCR market to record demand growth.

Bengaluru emerged as the strongest market for both demand growth and price appreciation.

Housing demand in the city grew 14% YoY, while residential launches declined 12% to 15,180 units. Average residential prices increased 14.5% YoY to Rs 11,293 per sq. ft., the highest rate of price growth among the six markets tracked in the report.

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The quarter also highlighted contrasting market dynamics across India. Pune and the Mumbai Metropolitan Region (MMR) recorded sharp increases in new supply, supported partly by a low base in Q3 2025 and project registrations ahead of the festive season.

Meanwhile, developers in Hyderabad and the NCR remained cautious about adding fresh inventory amid affordability concerns and unsold inventory.

Pune records the sharpest launch increase: New supply surged 643% YoY to 16,192 units across 237 projects, compared with 2,180 units in Q3 2025.

MMR recorded 20,762 units across 212 projects,up 198% YoY and broadly in line with its Q3 2024 level.

The report attributes the improvement in purchasing power in several markets partly to lower home loan rates over the past year and changes in income tax slabs. Bengaluru and Chennai also benefited from hiring activity in technology and global capability centres.

Residential prices increased across all six major markets in Q3 2026, although the pace of appreciation moderated compared with the previous quarter. Bengaluru recorded the highest YoY price growth at 14.5%, with average residential prices reaching Rs 11,293 per sq. ft. NCR followed with a 10.6% increase to Rs 12,311 per sq. ft., while Chennai prices rose 10.2% to Rs 10,841 per sq. ft.

“For buyers, the lesson of Q3 is that affordability and timing now matter as much as location. For developers, it is that launch calendars must follow absorption and not the festive season alone. As Q4 approaches, we expect Pune and MMR to stay busy, Bangalore to remain supply-constrained, and NCR to stay cautious,” said Saurabh Garg, Co-founder and Chief Business Officer, NoBroker.
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Read More News onHousing demand Q3 2026Gurgaon housing demandNoida housing demandNCR real estate marketBengaluru property pricesIndia housing marketresidential property pricesPune housing launchesMumbai Metropolitan Region real estateNoBroker housing report

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Read More News onHousing demand Q3 2026Gurgaon housing demandNoida housing demandNCR real estate marketBengaluru property pricesIndia housing marketresidential property pricesPune housing launchesMumbai Metropolitan Region real estateNoBroker housing report

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