West Asia conflict tempers home price growth across top seven cities in Jan–Mar: Anarock

India’s top seven housing markets saw a muted 2% growth in average prices during January-March against the previous quarter as sales fell amid negative consumer sentiments because of the West Asia conflict, according to Anarock. 

Real estate consultant Anarock data showed that the average housing prices across seven major cities rose to ₹9,456 per square feet in January-March from ₹9,260 per square feet in the preceding quarter. 

On an annual basis, the prices rose 7% from ₹8,868 per square feet in January-March 2025. 

Anarock tracks primary (first sale) housing markets of seven cities, Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata. 

Anarock pointed out that housing sales across these seven cities fell 7% in volume terms and 6% value-wise during January-March 2026 from the previous quarter. This kept prices under check to a large extent. 

As per the data, the average housing price in Delhi-NCR appreciated 3% in January-March to ₹9,620 per square feet from ₹9,300 per square feet in the preceding quarter. Rates rose 15% from ₹8,330 per square feet in the same period last year.  

In MMR, the rates grew 1% to ₹17,600 during January-March 2026 from ₹17,350 per square feet in the preceding quarter. On an annual basis, the prices went up 4% from ₹16,900 per square feet in January-March 2025. 

The average prices in Bengaluru rose 2% to ₹9,310 in January-March 2026 from ₹9,100 per square feet in the preceding quarter. The city saw an 8% annual appreciation from ₹8,650 per square feet in the January-March 2025. 

In Pune, the prices of residential properties rose 2% to ₹8,220 in January-March this year, from ₹8,050 per square feet in the preceding quarter. A 5% increase was recorded from ₹7,800 per square feet in the January-March period last year. 

Hyderabad saw a 2% price appreciation to ₹7,990 per square feet in January-March quarter this year, from ₹7,830 per square feet in the preceding quarter. The rates grew 6% annually from ₹7,550 per square feet in January-March 2025. 

In Chennai, the average housing prices grew just 1% to ₹7,165 per square feet during January-March this year from ₹7,100 a square feet in the preceding quarter. The rates increased 4% annually from ₹6,900 per square feet in the January-March period last year. 

The average housing prices in Kolkata went up 3% in January-March 2026 to ₹6,290 from ₹6,120 per square feet in the preceding quarter. The rates grew 6% annually from ₹5,950 per square feet in January-March last year. 

Anarock Chairman Anuj Puri noted that the "short-term tremors of the Iran War were clearly visible in the first quarter." He pointed out that the war-induced uncertainty has affected buying sentiments, particularly in March.  

"The decline in sales also aligns with large numbers of prospective Middle East homebuyers, who invest significantly in Indian real estate, hitting the pause button under the war cloud," Puri said. He, however, noted that the long-term outlook for India's housing market remains positive. 

As per the Anarock data, housing sales rose 9% annually in January-March across the top seven cities but fell 7% from the previous quarter amid global economic uncertainties.  

Sales increased to 1,01,675 units during the January-March period from 93,280 units in the year-ago period. However, the sales fell from 1,08,970 units in the preceding quarter. During the 2022-24 calendar years, the housing prices rose sharply across major cities, as sales surged on post-pandemic pent-up demand. 

After a sharp rally, the pace of growth subsided from the beginning of the 2025 calendar year. Mumbai-based Anarock is one of the leading housing brokerage firms in the country. It also provides consultancy services for leasing of commercial (office, retail and warehousing) real estate spaces, land acquisition, and fundraising.