Urban housing markets in India’s major metropolises—Mumbai, Delhi NCR, Bengaluru, Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad—are undergoing rapid transformation driven by migration, demographic shifts, and infrastructure expansion. This study examines the dynamics of supply and demand, focusing on land availability, regulatory frameworks, transit-oriented development, and household income patterns. It highlights how affordability is increasingly strained in high-demand cores, where price-to-income ratios exceed sustainable thresholds, while peripheral nodes show relative resilience contingent on infrastructure delivery. Rental markets have tightened due to post-pandemic migration and office normalization, further burdening household budgets. Using affordability metrics such as price-to-income ratios, rent-to-income ratios, and housing affordability indices, the analysis reveals stark disparities across cities and micro-markets.