The Mumbai Metropolitan Region (MMR) has officially become India's largest Tier-1 housing market, exceeding the National Capital Region (NCR) in primary housing sales value during the first half of 2026. This significant shift is highlighted in the latest India Housing Report by NAR and CRE Matrix.
MMR's housing sales reached approximately ₹93,800 crore in H1 2026, marking an 8% increase year-on-year, with sales volumes rising around 9%. This performance secured MMR a 26% share of the total primary housing sales value across Tier-1 cities. In stark contrast, NCR's sales value declined by 24% to ₹68,217 crore, capturing only 19% of the market share, largely due to a sharp correction in its premium and luxury segments.
MMR's Growth Driven by Volume and Price Appreciation
The Mumbai market's robust growth was fueled by strong sales activity across various locations. Within Mumbai itself, primary housing sales value grew by approximately 4% to ₹58,362 crore. While volumes remained largely flat, the average ticket size saw a 4% increase, reaching a record ₹2.38 crore. Homes priced at ₹5 crore and above accounted for a substantial 40% of the sales value, up from 38% a year prior.
Outside the core Mumbai region, Navi Mumbai and Raigad proved to be significant growth engines. These areas experienced a remarkable 29% jump in sales value, reaching ₹12,292 crore in H1 2026. Volumes in Navi Mumbai and Raigad also surged by 20% to around 17,300 units, with the average ticket size rising 8% to ₹71 lakh. New housing launches in these regions also saw a substantial 29% increase, adding approximately 25,800 units to the market.
NCR Experiences Significant Downturn
The housing market in the National Capital Region moved in the opposite direction. Beyond the 24% decline in sales value, volumes fell by approximately 9% to 24,600 units. The average ticket size in NCR dropped by 16% to ₹2.77 crore from ₹3.31 crore in H1 2025. Despite this downturn, developers launched around 35,000 units, a 10% increase and the highest half-year launch figure recorded in the report's series.
Gurugram was particularly affected by this correction, experiencing a 33% fall in sales value to ₹37,726 crore. Its average ticket size plummeted by 32% to ₹3.15 crore from its H1 2025 peak of ₹4.65 crore. The luxury segment in Gurugram also lost ground, with homes priced at ₹5 crore and above accounting for 52% of sales value, down from 66% in H1 2025, while the ₹2-5 crore segment expanded its share.
Broader Market Trends and Future Outlook
Nationally, the Indian housing market is entering a phase of slower growth. Across Tier-1 cities, primary housing sales were valued at around ₹3.63 lakh crore in H1 2026, largely unchanged from the record levels of H1 2025. However, overall volumes declined by approximately 2% to 2.58 lakh units. The report also highlights that housing supply is increasing faster than absorption, with 2.98 lakh units launched nationally in H1 2026, up 7% year-on-year.
With sales value no longer accelerating despite increased supply, the report suggests that the next phase of housing market growth will depend more on actual volume absorption and genuine end-user demand, rather than continued price escalation. This indicates a maturing market where affordability and real demand will play a crucial role.