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Residential property registrations across nine major Indian cities declined 5 per cent to 5.45 lakh units till December 25, 2025, even as the total value of transactions rose 11 per cent to Rs 4.46 lakh crore, according to data released by real estate consultant Square Yards.

The report covers Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, and Ghaziabad, including transactions in both primary and resale markets. In comparison, 2024 saw 5.77 lakh registrations valued at Rs 4.03 lakh crore, indicating that while fewer homes were sold, the overall market value increased significantly.

Tanuj Shori, Founder and CEO of Square Yards, said that the growth in transaction value was largely driven by premium and luxury housing. He explained that a rising number of affluent Indians with higher disposable incomes contributed to the dominance of high-value properties, particularly in markets such as the Mumbai Metropolitan Region.

Shori noted that sustained price appreciation over the last three to five years has started testing affordability thresholds in several premium micro-markets. Despite these pressures, demand remains structurally resilient. He added that incremental growth in the luxury segment is expected to moderate in 2026, signalling the beginning of a stabilisation phase rather than a slowdown.

Looking ahead, Square Yards expects the housing market to continue on a sustainable growth path in 2026. This outlook is supported by disciplined supply pipelines, a maturing buyer base, and a gradual rebalancing of demand towards mid-market segments, reflecting a shift in focus from purely high-end transactions.

Industry experts also highlighted evolving buyer preferences. Rajat Khandelwal, Group CEO of Tribeca Developers, observed that homebuyers are increasingly drawn to newly launched projects, while Santosh Agarwal, CFO and Executive Director of Alpha Corp Development Ltd, pointed out that growth is being fuelled by sustained demand for larger, premium homes, higher average ticket sizes, and a clear shift toward branded, quality developments.

Both end-users and investors, Agarwal added, are prioritising projects with good locations, superior amenities, and long-term value rather than volume-driven purchases. This indicates that the market is gradually moving toward more thoughtful buying decisions, reflecting changing priorities and growing expectations among homebuyers.

With these trends, the residential property market is expected to maintain steady growth in 2026, with mid-market housing gaining traction while the luxury segment sees moderated expansion after years of strong performance.