All-India House Price Index Rises 3.6% in Q1 FY26; New Base Year Introduced

Mumbai, October 9, 2025 – The All-India House Price Index (HPI) recorded a year-on-year increase of 3.6% in the first quarter of FY2025-26, reflecting a steady rise in residential property prices across major Indian cities. The index has now been restructured with a new base year of 2022-23 and expanded coverage of 18 cities, including eight newly added urban centres.

New Base Year and Expanded Coverage

The Reserve Bank of India has revised the base year of the HPI to 2022-23 from 2010-11, thereby covering a larger and more representative sample of India’s real estate market. New cities covered under the index are Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh, and Nagpur, in addition to already covered cities like Mumbai, Delhi, Chennai, Kolkata, Bengaluru, and Ahmedabad.

Quarterly and Annual Trends

The All-India House Price Index (HPI) increased by 3.6% year-on-year during Q1 FY25-26, a moderation over the 7.6% increase observed in the corresponding quarter of the earlier fiscal year (Q1 FY24-25). From a sequential perspective, the index rose by 2.0% in Q1 FY26, showing moderate momentum following a robust earlier year. Based on the chart provided in the release, the national index value also recorded a marginal but sustained upward movement from FY2024-25 into the current year.

City-Wise Movement

Out of the 18 monitored cities, Nagpur, Chandigarh, Chennai, and Kochi recorded the steepest quarter-on-quarter growth, reflecting increased residential demand in new-age urban hubs outside the conventional metro markets.

Broader Housing Market Outlook

Although the rate of price increases has slowed relative to last year, the consistent quarterly rise indicates persistent housing demand underpinned by income stability, rising affordability, and ongoing urbanization. The addition of new regional markets accentuates India’s real estate ecosystem’s widening footprint.

The House Price Index (HPI) is prepared quarterly from transaction-level information received from the state registration offices. It is a critical macroeconomic indicator for tracking housing price trends in India. The release of the latest data marks a major methodological change, covering a broader sample and a new base period to accurately depict current market conditions.

REF: https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR12816A80EC62701F4A42BE3329600FF85E82.PDF

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