One Lakh Homes in a Quarter: What Anarock's Q3 Numbers Do and Do Not Say

Top Seven Cities Sales Volume & Concentration

Real-estate consultancy Anarock reported, in figures covered by Business Today on 29 September 2026, that housing sales in the top seven cities were about 1,00,220 units in the July-September quarter of 2026. That is 3% higher than the roughly 97,080 units in the same quarter of 2025 and 10% higher than the previous quarter. The value of those sales was about Rs 1.55 lakh crore, up 2% from Rs 1.52 lakh crore. These are a consultancy's estimates from its own tracking, not official statistics.

The city picture: The Mumbai Metropolitan Region led with about 31,750 units and Bengaluru followed with about 16,670. Together they made up 48% of all sales. On an annual basis, Hyderabad grew 15%, Bengaluru 12% and the MMR 5%. Pune, the National Capital Region, Kolkata and Chennai each recorded annual declines. The report excerpt we reviewed did not give the size of the declines, so we do not state them.

What a 3% Rise Means & Ticket Size Analysis

A 3% rise in units and a 2% rise in value are close to flat. If both numbers are right, the average value per unit sold fell slightly, by roughly 1%, even though Anarock separately reported that average prices per square foot rose 7% to Rs 9,714. Both can be true if buyers purchased smaller homes or cheaper locations, or if the mix shifted between cities. That is our inference, not Anarock's explanation, and the data we have cannot settle it. A reader who needs the answer should look at the full report's breakdown by ticket size.

A rough ticket-size check (our arithmetic): Dividing the reported sales value by the number of units gives an average of about Rs 1.55 crore per home across the seven cities. That is a blended number across very different markets, and it hides a wide spread. It is useful only as a reminder that the typical sale in these data is not an entry-level home.

“A national total rising while four of seven cities fall is a story about concentration.”

Consultancy Outlook & Buyer Selectivity

What Anarock expects: Anarock chairman Anuj Puri was quoted as saying that "buyers are likely to remain selective amid higher prices and affordability concerns." The festive season, which runs through Diwali, often lifts launches and bookings, and the report suggested demand could improve. A forecast is not a result, and readers should wait for Q4 data.

Guide to Reading Quarterly Residential Figures

How to read a quarterly sales number: our guide: 1. Know who is counting. Anarock covers seven cities. Other firms cover nine or ten. A comparison of Anarock's growth with another firm's growth is a comparison of two different baskets. 2. Separate units from value. Units tell you about volume; value tells you about mix and price. Look at both. 3. Remember the base. A rise on a weak quarter and a rise on a strong quarter are different things. Check the previous year's level. 4. Do not extrapolate a quarter. Festive timing, launch calendars and policy changes can move a single quarter. Look at four-quarter trends. 5. Look for the cities that diverge. A national total rising while four of seven cities fall is a story about concentration.

Market Implications for Buyers, Developers & Lenders

What it means for buyers: If you are shopping in Hyderabad or Bengaluru, you are in the cities with the strongest reported growth, which usually means more choice and more competition for good units. If you are in Pune or the NCR, where sales fell, you may have more room to negotiate, but a fall in sales is not the same as a fall in prices. Prices in the NCR rose the most of any city in the Anarock data, at 12%. We discuss the price and inventory picture in the next piece.

What it means for developers: Developers face a market in which customers compare more and decide more slowly. Clear delivery records, transparent pricing and honest timelines are worth more when buyers are cautious. Those with unsold inventory in cities where sales are falling face pressure to offer incentives or phase launches.

What it means for lenders and investors: Housing credit follows housing demand. A flat volume with rising prices implies that each loan is larger, which matters for credit risk and for the affordability analysis in our piece on the RBI's rate decision. This is general information and not investment advice.

What we do not know: We do not know the sizes of the declines in the four weaker cities, the split of sales by price band, or how much of the quarter-on-quarter rise is seasonal. We have not independently verified Anarock's counts.