Knight Frank India's report on the first nine months of 2026, released on 5 October, describes a market that has stopped growing and started sorting. Across India's eight largest cities, sales were flat at 2,58,238 homes, while launches rose 4% to 2,79,899. Launches have now outpaced sales for 16 quarters in a row.

Shishir Baijal, Knight Frank India's chairman, put it this way: "India's residential market is entering a more discerning phase, in which the quality and relevance of supply will matter as much as the strength of demand."

The headline numbers

  • Sales: 2,58,238 homes in nine months, flat on 2025. In the July–September quarter alone, 86,767, down 1%.
  • Launches: 2,79,899, up 4%.
  • Unsold stock: 6.1 quarters of sales at the current pace, up from 5.8 a year earlier.
  • Prices: up 3% to 17% year on year depending on the city.

The shift upmarket

The flat total hides a clear move toward larger, more expensive homes:

  • Homes above ₹1 crore made up 55% of sales, up from 50% a year earlier.
  • ₹1–2 crore: 77,087 homes, up 6.8%, the largest band at 30% of sales.
  • ₹2–5 crore: 51,501 homes, up 19.4%.
  • ₹10–20 crore: 2,587 homes, up 16%; ₹20–50 crore: 571 homes, up 69%.
  • Below ₹50 lakh: 47,660 homes, down 14%. ₹50 lakh–1 crore: down 5.9%.

Bengaluru: steady growth

Bengaluru sold 43,140 homes in nine months, up 5%, with 53,142 launched, up 4%. Anarock, measuring differently, recorded July–September sales up 12% and prices up 8%. In Knight Frank's mid-year report, the fastest-rising localities over 12 months included KR Puram (+20%), Yelahanka (+18%) and Whitefield (+14%).

What it means: demand is holding, and the most active supply is in the ₹1–2 crore band. Area by area: Best Areas to Buy a Flat in Bangalore (2026), by Budget and Commute

Chennai: the best nine months since 2018

Chennai sold 13,871 homes, up 2%, its highest nine-month total since 2018, while launches fell 7%. The weighted average price in the September quarter was ₹7,715 per sq ft, up 5.9%. With unsold stock at 4.4 quarters of sales, Chennai has the second-tightest market of the eight cities.

The move upmarket is sharpest here: homes above ₹1 crore rose 26% and now make up 42% of sales, against 34% a year ago, and the ₹2–5 crore band grew 54%. Joseph Thilak of Knight Frank India called it Chennai's highest nine-month sales of any year since 2018. Chennai's luxury addresses: Luxury Apartments in Chennai (2026): The Best Addresses, by Budget

NCR and Gurgaon: a cooler market

NCR sales fell 11% to 35,574 homes and launches fell 5%. The ₹5–10 crore band dropped 39%. Gurugram holds 57% of NCR's unsold homes, and its weighted average price rose 4%, the smallest increase in the region, while NCR outside Gurugram grew sales 3%. New supply is moving toward Sohna, Dwarka Expressway and the expressway corridors.

What it means: buyers in Gurgaon have more choice and more room to negotiate than they did a year ago. The full debate on prices: Will Gurgaon Property Prices Fall? Bubble or Not, What the 2026 Data Says

What buyers should take from it