India’s residential real estate market may be nearing its peak, with early signs of pressure building beneath the surface, according to Pankaj Kapoor, Founder & Managing Director of Liases Foras.

Kapoor noted that sales have already seen a marginal decline for four consecutive quarters, slipping 1–3% quarter-on-quarter. Overall, sales are down about 7–8% from their peak across 75 cities monitored by Liases Foras.

Kapoor stated that while developers are launching more projects than ever, construction is not keeping pace. The share of projects under construction has fallen from 65–75% earlier to nearly 50% in some cities, signalling labour shortages, approval delays, and funding issues.

This gap between launches and construction raises the risk of project delays, weaker cash flows, and ma

See Full Page