Housing Demand Falls 8% in Gurugram and 9% in Noida as NCR Property Market Cools

India’s residential property market is showing diverging trends, with housing demand weakening in parts of the National Capital Region (NCR) even as activity increased across several other major cities during the third quarter of 2026.

According to a NoBroker report cited by The Economic Times on October 21, housing demand declined 8% year-on-year in Gurugram and 9% in Noida. In contrast, demand across six major metropolitan markets grew 7%, accelerating from 3% growth in the previous quarter.

Residential launches across these six markets rose 32% year-on-year to 69,718 units. However, new launches in NCR fell 23% to 7,177 units as developers adopted a more cautious approach.

High property prices and the growing emphasis on premium, larger homes have made affordability a concern for some buyers in Gurugram. Noida, meanwhile, also recorded a decline in housing demand. Ghaziabad, Noida and Faridabad together accounted for 77% of NCR’s new launches, while Faridabad was the only market in the region to record demand growth.

Bengaluru emerged as a stronger market, with housing demand rising 14% year-on-year. Average residential prices increased 14.5% to ₹11,293 per square foot, the highest price growth among the six markets tracked in the report.

Supply patterns varied elsewhere. Pune recorded a 643% annual increase in residential launches to 16,192 units, while the Mumbai Metropolitan Region registered 20,762 units, up 198%. These increases were partly influenced by a lower comparison base and project registrations ahead of the festive season.

The report noted that developers in Hyderabad and NCR were cautious about adding fresh inventory amid affordability concerns and unsold housing stock. Lower home-loan rates and changes in income-tax slabs supported purchasing power in some markets, while hiring activity in technology and global capability centres helped demand in Bengaluru and Chennai.

The latest figures highlight the importance of matching new supply to actual buyer demand. For homebuyers, affordability, location and timing remain key considerations; for developers, sales absorption and inventory levels are becoming increasingly important.