NCR housing launches plunge 40% in Q2 2026, but sales outpace new supply as inventory stays flat: Anarock

The National Capital Region's (NCR) residential property market witnessed a sharp slowdown in new project launches during the April-June quarter of 2026, but housing demand remained relatively resilient, allowing sales to outpace fresh supply while keeping inventory levels broadly stable, according to Anarock Research.

The NCR recorded 11,205 residential unit launches in Q2 2026, a steep 40% decline from 18,760 units in the year-ago quarter. Housing sales, however, fell by a much lower 6% to 13,365 units from 14,255 units, underscoring sustained buyer demand despite significantly lower supply additions.

According to Anarock, the available inventory remained virtually unchanged at 89,086 units at the end of the quarter, compared with 89,005 units a year earlier, making NCR the only one among India's top seven housing markets to maintain stable stock levels.

Sales outpace launches despite supply correction

"NCR saw a notable divergence between launches and sales in Q2 2026. Total launches across the region fell 40% annually to 11,205 units from 18,760 units in Q2 2025, with Noida and Greater Noida seeing the steepest drop at 72%. Yet, total housing sales declined only 6% to 13,365 units, suggesting that underlying demand remains comparatively resilient despite weaker supply additions," said Santhosh Kumar, vice chairman, Anarock Group.

The report highlighted that Gurugram remained the region's largest residential market during the quarter, leading NCR in both new launches and sales. The city recorded 5,200 unit launches and 5,435 housing sales, although both metrics declined 8% and 4%, respectively, compared with the corresponding quarter last year. Gurugram also continued to account for the highest available inventory in the region.

Noida-Greater Noida emerges as weak spot

Among NCR micro-markets, Noida and Greater Noida witnessed the sharpest correction. New launches plunged 72% year-on-year to 2,140 units, while housing sales declined 20%. Available inventory in the micro-market also dropped 3%, reflecting both weaker supply additions and continued sales.

Ghaziabad, too, reported substantial declines across key parameters, while reducing its available inventory by 27% year-on-year—the steepest inventory correction in the region. The Faridabad-Delhi-Bhiwadi cluster recorded a 12% decline in available stock.

Stable inventory signals healthier absorption

"Demand was clearly stronger than launches in NCR. The region added 11,205 units in the quarter but sold 13,365 units, indicating that housing sales outpaced new supply additions in Q2 2026. This points to healthier market absorption even in a slower launch environment," Kumar said.

He added that NCR stood out as the only top-seven housing market where inventory remained virtually unchanged despite softer launches. "While other major cities saw inventory rise, NCR maintained near status quo in available stock at just over 89,000 units. This makes it the most stable inventory market among the top seven cities," Kumar said.