Noida and Kolkata have emerged as notable exceptions to a broader cooling in India’s housing market, with both cities recording stronger buyer interest during the April–June 2026 quarter even as overall residential demand across major urban centres softened.
The trend highlights the growing influence of infrastructure investment, affordability and regional economic expansion in shaping homebuying decisions. Fresh residential market data for the second quarter of 2026 indicates that demand across India’s leading housing markets slipped marginally on a quarterly basis. However, the residential demand trajectory varied sharply between cities, signalling that local infrastructure and employment ecosystems are increasingly outweighing traditional metropolitan appeal. Among major urban centres, Kolkata registered the strongest quarterly rise in buyer enquiries, while Noida and Greater Noida also witnessed healthy growth. Pune recorded moderate gains, contrasting with weaker demand in Hyderabad, Chennai, New Delhi and Bengaluru. Mumbai remained broadly stable, suggesting that affordability pressures and changing buyer preferences continue to influence purchasing decisions differently across regions.
Urban planners note that housing markets are becoming more location-specific, with residents placing greater emphasis on accessibility, public transport, employment clusters and civic infrastructure rather than city size alone. Expanding metro networks, expressways and new economic corridors are reshaping the geography of demand, particularly in emerging suburban districts. The report also showed that residential supply increased modestly across the country, although fresh inventory additions did not always align with areas witnessing stronger buyer interest. Bengaluru, Gurugram and Hyderabad recorded notable increases in new housing supply, whereas Noida and Pune experienced relatively restrained additions despite rising demand. Such imbalances may influence pricing trends if supply fails to keep pace with future absorption. Property values continued their gradual upward movement during the quarter, with Greater Noida recording the strongest quarterly increase among surveyed markets.
Moderate price appreciation was also observed in Hyderabad, Bengaluru, Gurugram and Kolkata. Analysts suggest that while price growth remains measured, sustained infrastructure investment and improving connectivity could support market resilience in select urban regions. Housing preferences also remain concentrated in practical family-sized homes. Two-bedroom and three-bedroom apartments together accounted for the overwhelming share of buyer interest, reflecting affordability considerations alongside evolving household requirements. Developers, meanwhile, continue to launch a larger proportion of three-bedroom units, indicating confidence in demand from mid-income and upper-mid-income segments. For urban policymakers, the findings reinforce the need to synchronise housing growth with transport, public services and environmental planning. As residential demand increasingly shifts towards emerging growth corridors, balanced land use, adequate social infrastructure and climate-resilient urban development will become critical to ensuring that expansion translates into more liveable and inclusive cities rather than unchecked sprawl.
