Delhi-NCR Housing Sales Decline 17% Quarter-on-Quarter Amid Geopolitical Tensions

Housing sales in Delhi-NCR declined 17 per cent on a quarterly basis to 15,985 units during the January-March period, according to data released by Anarock. The dip in sales is attributed to weakened buyer sentiment amid geopolitical tensions in West Asia.

The data shows that sales fell from 19,250 units in the preceding quarter, indicating a slowdown in transaction volumes. On a year-on-year basis, however, demand rose 44 per cent from 11,120 units, supported by a lower base in the corresponding period last year.

At the national level, housing demand across the seven major cities—Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata—recorded a 9 per cent annual increase, with total sales reaching 1,01,675 units during the quarter. In value terms, sales stood at approximately INR 1.51 lakh crore, marking a 6 per cent rise compared to the same period last year. Despite the annual growth, the market witnessed a sequential decline of 7 per cent in volume and 6 per cent in value compared to the previous quarter, when 1,08,970 units were sold for around INR 1.60 lakh crore.

Anuj Puri, chairman of Anarock, indicated that while the long-term outlook for India's residential market remains stable, short-term disruptions linked to geopolitical developments were evident during the quarter. He noted that uncertainty arising from the conflict in West Asia had affected buyer sentiment, particularly in March, contributing to the decline in sales across cities.

The report also highlighted that a segment of prospective buyers from the Middle East, who typically invest in Indian real estate, had deferred purchase decisions amid the prevailing uncertainty, impacting demand in key markets such as Delhi-NCR.

Industry stakeholders pointed to evolving demand patterns within the region. Rishi Raj, chief executive officer of Conscient Infrastructure, stated that while demand remains resilient overall, growth is becoming uneven, with stronger momentum concentrated in specific micro-markets and product categories. He added that homebuyers are increasingly prioritising developments offering quality construction, location advantages, and credible developer backing.

Ashish Jerath, president for sales and marketing at Smartworld Developers, indicated that markets such as Noida and Greater Noida continue to hold growth potential, particularly with infrastructure developments such as the upcoming international airport. He also noted that the NCR housing market is gradually shifting away from speculative activity.

Quarterly data shows that all seven major cities recorded a decline in sales compared to the previous quarter, reflecting a broader market correction. On an annual basis, however, most cities posted growth, with Pune being the only exception to record a slowdown.

The data underscores a phase of short-term moderation in housing demand amid external uncertainties, even as structural drivers such as urbanisation, infrastructure expansion, and end-user demand continue to support the residential real estate sector across key urban markets.