New Delhi [India], June 29 (ANI): According to a report by Elara Capital, India’s mid-income segment, consisting of homes with an average ticket size of Rs 10-30 million, saw sales volumes increase by 8
per cent quarter-on-quarter (QoQ) and 16 per cent year-on-year (YoY). Similarly, the luxury segment, featuring an average ticket size exceeding Rs 30 million, registered a 12 per cent volume expansion quarter-on-quarter and a 9 per cent growth year-on-year. Conversely, the affordable housing segment, where the average ticket size sits below Rs 10 million, faced significant headwinds, with sales plunging 7 per cent quarter-on-quarter and 21 per cent year-on-year. As per the report, the country’s Tier-I cities experienced a 4 per cent quarter-on-quarter and a flat 1 per cent year-on-year growth in housing absorption volume during the fourth quarter of fiscal year 2026, heavily anchored by the mid-income and luxury housing segments. The geographic performance across major markets highlighted substantial variances. Bengaluru and Kolkata stood out as the leading real estate markets, both clocking double-digit expansions of 11-23 per cent across both quarter-on-quarter and year-on-year metrics. As per the report, Bengaluru also registered the sharpest quarterly rise in the take rate of new launches, moving up 12 percentage points quarter-on-quarter and finishing 8 percentage points higher than its trailing eight-quarter average. In contrast, reduced speculative activity in the National Capital Region (NCR) pulled down the aggregate take rate. Gurugram experienced a sharp decline, with its individual take rate dropping by approximately 20 percentage points, contributing to a broader 600 basis point drop across NCR compared to the eight-quarter average. “Inventory overhang across markets was broadly stable QoQ but Gurugram saw an uptick of three months where we believe demand momentum is currently strong only for projects that have a pull factor vs push ” the report said. It also detailed a wider annual divergence between individual regional luxury micro-markets during the fiscal year. “Gurugram was an outlier, which saw a 15% YoY drop in luxury sales volume – the share of luxury in both overall supply and absorption declined 16ppt YoY and 2ppt YoY, respectively. Bengaluru witnessed the highest increase in luxury sales volume, up 55% YoY, accounting for ~30% of luxury sales volume growth in FY26.” For the full fiscal year 2026, the aggregate market share by absorption volume and value for large, organized developers increased by up to 200 basis points year-on-year. Listed firms continued to outpace the broader industry, with their new launch take rates exceeding the industry average by 15 percentage points in Tier-I cities. This trend underpinned distinct market share gains, as presales for listed firms jumped 21 per cent year-on-year in FY26, comfortably beating the broader industry’s value growth of 8 per cent. Strong execution was reflected in an 18 per cent year-on-year growth in collections, while the inventory overhang for listed developers settled at 13 months compared to 19 months for unlisted entities. Commercial and retail segments showed mixed operational trends. In the office segment, gross leasing maintained its quarterly run-rate above 20 million square feet, though net absorption fell 26 per cent year-on-year and 27 per cent quarter-on-quarter. For the retail segment, vacancy trends improved across most key markets, though Chennai opposed the trend with a 0.5 percentage point quarterly increase, and NCR vacancy trended up 1 percentage point quarter-on-quarter. (ANI)
