Within four days of each other in the last week of June 2026, two of India’s most respected real estate research organisations published Q2 housing data for the same quarter. PropEquity said sales were up 19%. Anarock said they were down 6%.
Both organisations are credible. Both are working from primary data. Both are measuring the April to June 2026 quarter.
And both are correct.
If that sounds like a contradiction, it isn’t — but the explanation matters enormously for how you read market data and how you use it to make field sales decisions. Because if your RSM is looking at a PropEquity headline and thinking “great market, push hard,” while their counterpart in the next territory is reading Anarock and pulling back because “the market is soft,” both of them are making territory decisions on incomplete information. And that gap — between what the national headline says and what the ground reality is in any specific city — is where sales plans go wrong.
Why the Numbers Are Different — It’s Not a Data Error
The first thing to understand is that PropEquity and Anarock are not measuring the same thing. They are measuring different city baskets, which sounds like a minor methodological footnote but is actually the entire explanation for the headline divergence.
PropEquity tracks nine cities: Mumbai, Navi Mumbai, Thane, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata. Their Q2 2026 number — 1,12,458 units sold, up 19% year on year — includes Navi Mumbai and Thane as separate markets. Navi Mumbai had a staggering 61% year-on-year sales surge in Q2, and its inclusion as a distinct market in a nine-city basket pulls the aggregate number upward significantly.
Anarock tracks seven cities — the same list minus Navi Mumbai and Thane, which are folded into MMR. Their number for the same quarter: 90,715 units, down 6% year on year. By grouping Navi Mumbai and Thane within MMR and measuring MMR as one market, Anarock’s aggregate captures the moderation in core Mumbai demand without the Navi Mumbai surge pulling the needle. MMR as a whole sold 28,710 units in Q2 2026 — down 8% annually according to Anarock — because the decline in central Mumbai more than offset the Navi Mumbai surge within the combined basket.
There are also differences in how each firm tracks and weights data across developer types and micro-markets that contribute to the divergence. But the city basket composition is the primary explanation. Neither firm is wrong. They are answering slightly different questions about the same quarter.
The Business Standard noted this directly, calling the two reports “in complete contrast” — but the contrast is methodological, not factual. For anyone making territory and investment decisions based on housing market data, this is the most important thing to understand about how to read the numbers.
The Real Story: A Market That Has Split Down the Middle
Strip away the headline disagreement and look at what both reports actually agree on, and a clear and actionable picture emerges.
Both PropEquity and Anarock agree that Bengaluru, Hyderabad, and Kolkata recorded year-on-year sales growth in Q2 2026. Both agree that Delhi-NCR, Pune, MMR, and Chennai were under pressure. The divergence is in the aggregate, not in the city-level directional read — which is the data that actually matters for territory planning.
The city-level picture, combining both reports, looks like this.
Bengaluru is the standout market. PropEquity puts Bengaluru’s Q2 2026 sales at 21,516 units, up 47% year on year. Anarock’s figure is more conservative at 15,285 units, up 1% — a significant difference that likely reflects differing coverage of micro-markets and developer segments. But both reports agree on the direction: Bengaluru is growing. New supply in the city jumped 71% year on year per PropEquity, reaching 24,340 units — the highest of any city in the basket — signalling developer confidence that demand will continue. For a tile or sanitaryware sales team, Bengaluru is unambiguously a city where you want to be investing right now.
Hyderabad is the second growth market. PropEquity shows 22% sales growth to 14,410 units. Anarock shows 2% growth to 11,270 units. Again, different coverage, different quantum — but the same directional signal. The city is growing. Supply is up 75% year on year per PropEquity, suggesting developers are launching with confidence. For building materials, Hyderabad’s IT-driven residential demand and its ultra-luxury segment activity make it a high-value market, not just a high-volume one.
Navi Mumbai is a market that most tile company beat plans don’t treat separately from Mumbai. They should. A 61% year-on-year sales surge is not a rounding error — it reflects real end-user demand in a market that is maturing rapidly as infrastructure connectivity improves. Supply is up 116% year on year. Projects are being launched and absorbed at a rate that should be on every western region RSM’s radar.
Delhi-NCR, Mumbai core, Pune, and Chennai are where the softness is concentrated. Delhi-NCR saw a 6% decline in sales per Anarock, with new launches falling 40% — both demand and supply are contracting simultaneously, which is a more concerning signal than demand alone softening. Pune fell 15% per Anarock, the steepest decline of any city in their basket. Chennai was down 9%. MMR’s core Mumbai market declined 8% per Anarock even as Navi Mumbai surged.
This is a polarised market. The national headline, whether it reads +19% or −6%, tells you nothing useful about any of these individual dynamics.
What This Means If You’re Building a Q3 Beat Plan Right Now
For RSMs and sales heads finalising their July to September plans, the implication of this data is specific and practical.
If your territory covers Bengaluru, Hyderabad, or Navi Mumbai, you are operating in rising demand markets where construction activity, new project launches, and buyer confidence are all moving in a positive direction. In these markets, Q3 2026 is a period to increase field coverage, deepen dealer relationships, push influencer and project specification activity, and position stock aggressively ahead of the post-monsoon finishing season in Q3. The macro tailwind is with you.
If your territory covers Delhi-NCR, core Mumbai, or Pune, you are operating in a demand lull with no clear near-term catalyst for reversal. In these markets, Q3 strategy should focus on protecting counter share rather than volume growth, supporting dealers through a difficult period, and using the quiet months to build the project and influencer pipelines that will convert in Q4 when the market typically picks up around the festive cycle. The macro headwind is real — but it is not permanent.
If your territory includes both — an RSM covering, say, parts of Bengaluru and Hyderabad alongside Chennai — you need a split strategy: different visit frequencies, different dealer conversation agendas, and different targets for the growth corridor versus the softer market. Running one strategy across a mixed-performance territory will result in under-investing in the growth market and over-pushing in the soft one.
The Data Habit Your Sales Team Needs to Build
There is a broader point here that goes beyond this specific quarter’s numbers. India’s housing market has become too geographically complex — too divergent across cities and micro-markets — for national-level data to be a reliable input for territory-level sales decisions.
A few years ago, when the residential market moved broadly together, a national report was a reasonable proxy for what was happening in any given city. That is no longer true. Bengaluru growing 47% and Pune declining 15% in the same quarter, from the same data source, in the same country — that is a market that requires city-level and ideally micro-market-level data to navigate.
The practical implication for sales teams: stop reading only the headline number. When a housing report lands — and they land every quarter from multiple firms — the habit should be to go immediately to the city-level table, find the specific markets in your territory, and read those numbers. The aggregate is context. The city data is intelligence.
RSMs who build this habit — who can walk into their weekly team call and say “Bengaluru is up 47%, Hyderabad up 22%, NCR is down 6%, here’s what that means for our beat plan this quarter” — are doing something genuinely valuable. They are translating market data into field strategy, which is precisely what the distance between a research report and a dealer visit requires.
The data is there. Both PropEquity and Anarock publish it publicly. What most sales teams don’t do is use it at the territory level. That gap — between data availability and data usage — is one of the more consequential competitive differences between the sales teams that outperform their markets and the ones that trail behind them.
References
- Business Standard / PropEquity Q2 2026 — https://www.business-standard.com/industry/news/housing-sales-in-india-s-top-nine-cities-grow-19-in-q2-2026-propequity-126062500871_1.html
- Business Standard / Anarock Q2 2026 — https://www.business-standard.com/finance/personal-finance/housing-sales-fall-6-launches-rise-as-builders-pivot-to-premium-projects-126062900384_1.html
- Outlook Money / PropEquity Q2 2026 — https://www.outlookmoney.com/invest/housing-sales-jump-19-across-top-nine-cities-in-q2-2026-as-supply-surges
- Outlook Money / Anarock Q2 2026 — https://www.outlookmoney.com/invest/housing-sales-dip-6-per-cent-across-top-7-cities-says-report
- The Realty Today — India Housing Sales Q2 2026 — https://therealtytoday.com/news/market-insights/indias-housing-sales-grow-19-in-q2-hyderabad-bengaluru-lead/
- Indoneo / Anarock Deep Dive — https://www.indoneo.com/capital/india-housing-sales-fall-inventory-glut-metros/
- Business Today / Q2 2026 Supply Data — https://www.businesstoday.in/real-estate/story/housing-sales-in-indias-top-9-cities-rise-19-in-q2-2026-supply-jumps-43-reports-539248-2026-06-26
