In the January-March quarter of 2023, housing sales in India experienced a 4% decline, totaling 84,827 units across eight major cities, according to data from Knight Frank. This drop from 88,361 units in the same period last year is attributed to high property prices and market uncertainty due to geopolitical tensions in West Asia. Major cities such as Mumbai, Delhi-NCR, and Pune reported significant declines in sales, with Mumbai's sales falling 7% to 23,185 units, and Delhi-NCR's dropping 11% to 12,734 units. Conversely, cities like Bengaluru and Chennai reported sales increases of 5% and 9%, respectively. The overall new housing supply also saw a 2% decrease, amounting to 94,855 units. Shishir Baijal, Chairman & Managing Director of Knight Frank India, noted that the current moderation in demand follows a prolonged period of growth and highlights the impact of rising prices on affordability.