Luxury & premium housing trend still strong
Kumar said the post-Covid shift toward spacious homes with balconies, flexible workspaces, and integrated amenities continues to fuel premium housing demand across India’s top 10–15 cities.
He added that India has long been an “underserved housing market,” especially in the budget and affordable segments. Many buyers with latent demand are still waiting for the right product and price point, keeping long-term demand intact.
Muted Q2 was a supply issue, not demand weakness
While the broader market showed tepid numbers in Q1 and Q2—down 19% and 4%, respectively—Kumar attributes the softness primarily to regulatory uncertainties in major markets like Bengaluru and Mumbai, along with seasonal monsoon weakness.
Despite this, sustenance sales remained strong and top developers continued to gain market share.
Top developers see 38% growth in pre-sales
According to JM Financial data, pre-sales for the top 10 developers rose 38% year-on-year in Q2, even with fewer launches.Kumar says this is part of a larger industry consolidation trend that began after RERA: large, well-capitalised developers continue to outperform while smaller players struggle.
H2 FY26 expected to be “much stronger”
In H1, top developers launched projects worth ₹480 billion. Kumar expects H2 launches to reach ₹600 billion, setting up a stronger performance in the second half of FY26.
While the broader industry may finish the year flat, top developers are expected to deliver much better growth.