India's House Price Index rose by 1.1% in the first quarter of 2026-27
India's housing market saw a quarterly increase in prices in the first quarter of 2026-27, while the annual growth rate remained steady compared to last year. The Reserve Bank's index covers 18 major cities, with Chandigarh, Lucknow, and Thiruvananthapuram emerging as the main drivers of growth.
Highlights
- The all-India House Price Index rose by 1.1% quarter-on-quarter to reach 117.5 in the first quarter of 2026-27.
- On an annual basis, the House Price Index recorded a 3.6% increase, with major contributions from Chandigarh, Jaipur, Kanpur, Lucknow, and Thiruvananthapuram.
- The RBI index covering 18 major cities shows regional disparities, helping banks, developers, and investors analyze trends.
This article was translated from the original. Read the original version by our correspondent here.
Key Highlights of RBI's Latest Index
As stated in the Reserve Bank of India press release, the central bank prepares the quarterly House Price Index based on transaction-level data from registration authorities and today releases the index for the first quarter of 2026-27. Using 2022-23 as the base year, this index covers 18 major cities.The all-India House Price Index increased by 1.1% quarter-on-quarter to reach 117.5. This rise is mainly supported by increases in the indices of Chandigarh, Lucknow, and Thiruvananthapuram.
On an annual basis, the House Price Index recorded a 3.6% increase, similar to the first quarter of last year. The main contributors to this yearly growth are Chandigarh, Jaipur, Kanpur, Lucknow, and Thiruvananthapuram.
Impact on Cities and the Real Estate Sector
The latest data indicate that the rise in residential prices remains broad-based, though the pace is still moderate. The contribution of select cities on both quarterly and annual bases shows that demand and price trends are not uniform across regional markets.The index includes Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh, and Nagpur. City-level and all-India time-series data are available on the RBI's Database on Indian Economy portal, helping banks, developers, and investors assess regional price trends.
Our previous report discussed the latest updates from ICRA, which included rating actions for some real estate companies as well as projections for GDP growth, WPI inflation, and business trends for FY2027. That article also highlighted that despite a slight easing in wholesale inflation, food prices and cost pressures could keep core inflation elevated, which is a key indicator for credit conditions and sector-level risk assessment.
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