Navigating a high base effect and inherent market cyclicality, momentum during the year, underpinned by sustained demand from 2025, marked by an equilibrium between supply and absorption. New launches and sales exceeded 270,000 residences, particularly across Delhi-NCR and Hyderabad. units each during the year, reflecting developers' calibrated approach to inventory management. Consequently, the unsold In fact, Delhi-NCR, Mumbai, and Hyderabad remained the dominant inventory overhang contracted to ~10%,the lowest level since luxury housing markets, collectively capturing ~90% of total luxury sales, with Gurugram emerging as the primary contributor to regional Mumbai, Bengaluru, and Pune remained the primary contributors to overallhousing sales in the country, supported Responding to these dynamics, developers launched roughly 52,000 aligning new supply with the prevailing high-demand environment. Capital availability, low delinquency reinforce the Funding availability for residential real estate remained robust, with to experience robust demand, a paradigm shift emerged participation from private credit funds. This sustained liquidity and during the year. The high-end category(INR 1.25 to 3 crore)* lakh to 1.5 crore) for the first time, accounting for a 27% share capital. As a result, distressed-asset opportunities remained limited, of total sales. This shift can be attributed to a growing prompting stressed capital platforms to explore alternative avenues. On the consumer side, scheduled commercial banks (SCBs) reported resilient mortgage portfolios, with home loan GNPAs standing at ~0.9%, segments between 2021 and 2025. Bubble size reflects the total number of units launched during 2022-2025. Individual according to the RB's latest Financial Stability Report?. Notably, as absorption increasingly shifted towards higher- ticket inventory, average transaction values witnessed a Greater availability of capital, coupled with healthy mortgage balance representation of broad market trends rather than a precise quantitative measure. surge, which helped offset the normalisation in unit sales *Definition ofsgments as pertice size (NR forMumbai &Delhi-NCR Affordable- up to 45 lakh Budge -45lakh-1 crore Mid-end- 15crore High-end-153 croe;Premium -3-6 crore; Luxury-6-50 crore and Ultra Luxury- 50 crore and above. For Bengaluru & Hyderabad: Affordable-up to 45 lakh; Budget 45-75 lakh; Mid-end -75 lakh-1.5 crore; High-end -15C-25 crore; Premium-255 crore; Luxury -5-50 crore and Ultra Luxury -50 crore and above; for Pune, Chennai & Kolkata: Affordable -upto 45lakh; Budget -4575 Source:1 CBRE Research, Q1 2026; 2. Financial Stability Report, Reserve Bank of India, December 2025