India’s housing market continues to perform well, even though real estate stocks have not shown strong results in recent months. Nomura’s analysis for Q3 FY26 clearly states that home buying activity remains steady across major cities and price ranges in India.
The report covers the period from October to December 2025 and shows that housing pre-sales are expected to remain stable for the third quarter in a row. Most buyers are end users who plan to live in the homes they purchase. This type of demand is more stable and supports the market in the long run.
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What Nomura’s Analysis for Q3 FY26 Reveals About Buyer Demand
According to Nomura’s latest analysis for Q3 FY26, buyers continue to prefer well-known and trusted residential projects. People are choosing homes that offer clear ownership, proper approvals, and reliable developers.
Demand remains strong in multiple price segments. In cities like Mumbai, Pune, and Hyderabad, high-value homes priced between ₹4 crore and ₹17 crore continue to attract buyers. Premium homes priced between ₹3 crore and ₹3.5 crore are selling steadily in Bengaluru, Gurugram, and NCR. Even mid-range homes around ₹1.5 crore in Pune are seeing consistent demand.
Developers are not facing a lack of buyers. Instead, many are dealing with delays in project approvals, which has slowed down new supply. This limited availability of new homes is helping existing projects maintain demand.
Why Real Estate Stocks Do Not Match Housing Demand
While homes continue to sell, real estate stocks have declined. Nomura explains that this drop is linked to overall market conditions and not to housing demand.
In the previous quarter, Q2 FY26, housing pre-sales increased by nearly 50 percent. This strong performance has continued into Q3. Nomura’s latest analysis for Q3 FY26 highlights that the stock market movement does not reflect actual home buying activity happening across cities.
Strong Sales From Leading Developers
Several major developers are reporting healthy sales. Lodha Developers are expected to record around ₹5,500 crore in quarterly sales. Godrej Properties is seeing steady growth due to multiple new project launches. Aditya Birla Real Estate has benefited from projects that are almost fully sold. Prestige Estates continues to show good sales, even though some projects are waiting for approvals.
These trends show that buyers trust developers with a strong track record and clear project details.
What the Report Indicates About Property Prices
Nomura does not directly predict price increases, but the report suggests that prices are likely to remain firm. When demand remains steady and new supply is limited, prices usually stay stable or rise slowly.
Surveys for 2026 support this view. Around 70 percent of developers expect home prices to increase by more than 5 percent in the coming year. This growth is driven by real demand from buyers rather than short-term buying.
City data also supports this trend. Since 2019, property prices have increased by nearly 97 percent in Mumbai, 98 percent in Bengaluru, and 115 percent in Pune. Hyderabad continues to see good demand in higher-priced homes, helping prices remain steady.
What This Means for Homebuyers
For homebuyers, the current market offers steady options but requires careful selection. Buyers should focus on verified properties, approved layouts, and clear ownership details.
Platforms like Openplot help buyers find trusted property listings and avoid risks. As shown in Nomura’s latest analysis for Q3 FY26, India’s housing market remains strong and stable, supported by genuine buyer demand across cities and price segments.
Frequently Asked Questions
Is now a good time to buy a home?
Yes, demand is steady and prices are firm across major cities.
Are first-time buyers active?
Yes, mainly in mid-range and premium homes in major cities.
Will limited supply affect buyers?
Yes, fewer new launches mean buyers should act quickly.
Are smaller cities seeing demand growth?
Yes, demand is rising near metro areas with better connectivity.