India Real Estate: RBI House Price Index and Price Trends

The Reserve Bank of India compiles a quarterly House Price Index (HPI) from transaction-level data supplied by state registration authorities [1]. The current series has base year 2022-23 and covers 18 cities: Mumbai, Delhi, Chennai, Kolkata, Bangalore, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur [1].

In Q4 2025-26, the All-India HPI rose to 115.9 from 115.6 in the previous quarter, a gain of 0.2%. Jaipur, Lucknow and Pune drove the quarterly rise [1]. Year-on-year growth was 4.2%, compared with 3.8% in Q4 2024-25. Nagpur, Jaipur, Chandigarh and Kanpur led the annual increase [1].

Growth had slowed earlier in the year. In Q2 2025-26, the All-India HPI rose 2.2% year-on-year, down from 7.0% in the same quarter of 2024-25 [2].

BIS data adjust prices for consumer inflation. On that basis, Indian residential property prices rose about 1% year-on-year in Q1 2026 [3]. Over the same period, real prices across emerging market economies fell 2%, and prices in China fell 7% [3]. Over the longer term, India's real house prices are 62% above their post-GFC levels. Among G20 economies, only Turkiye (117%) is further above [3].

Our sources are RBI press releases for the All-India HPI in Q4 2025-26 [1] and Q2 2025-26 [2], and the BIS residential property price commentary for Q1 2026 [3]. RBI growth rates are nominal, as published, and fiscal-year quarters run from April to March. Each growth rate is the one RBI reported in its own release. BIS figures are deflated by the consumer price index, so they are not directly comparable with the nominal RBI figures [3]. RERA project registrations are out of scope for this edition. The report contains no FREEE.REPORT calculations.