India's house price growth moderated to 3.6 per cent year-on-year in the first quarter of the current financial year, down from 4.5 per cent in the previous quarter, according to data released by the Reserve Bank of India (RBI) on Monday.
Annual Growth Steady from Year Ago
Although the pace of annual growth slowed from the March quarter, it remained unchanged from the corresponding period a year earlier. The RBI's All-India House Price Index (HPI) registered an annual growth of 3.6 per cent in Q1:2026-27, "same as in Q1 of previous year," the central bank stated. The moderation in the annual pace was attributed to cooling price increases across several metropolitan areas.
Quarterly Index Rises 1.1%
On a quarter-on-quarter basis, the All-India HPI increased by 1.1 per cent to stand at 117.5 in Q1 2026-27, up from 116.2 in Q4 2025-26. The index had stood at 113.4 in Q1 2025-26. The RBI noted that the quarterly increase was "primarily driven by an increase in the index for cities such as Chandigarh, Lucknow, and Thiruvananthapuram." The data indicates that while house prices continued to rise across the covered cities, the overall pace of annual growth moderated in the June quarter compared with the preceding three months.
Index Coverage and Methodology
The House Price Index is compiled by the RBI every quarter using transaction-level data received from property registration authorities. The latest index has 2022-23 as its base year and covers 18 major cities across the country: Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur. The index provides an indication of movements in residential property prices based on registered housing transactions across the cities covered by the RBI.