The all-India House Price Index (HPI), compiled from real estate transactions across 18 major cities, rose by 2.2 per cent in the second quarter of FY 2025–26 compared to the same period last year, according to data released by the Reserve Bank of India (RBI) on Thursday. The RBI noted that cities including Nagpur, Ghaziabad and Chandigarh were key contributors to the uptick.
The year-on-year rise, however, remains significantly lower than the 7 per cent growth observed in the corresponding quarter of the previous financial year. On a quarter-to-quarter basis, the index declined by 0.6 per cent, a drop mainly driven by Kolkata, Chennai, Lucknow and Hyderabad. The HPI value slipped from 113.4 in Q1:2025–26 to 112.7 in Q2:2025–26, reflecting this downturn, the RBI statement added.
The central bank compiles the HPI every quarter using transaction-level data sourced from registration authorities. The 18 cities included in the index are Mumbai, Delhi, Chennai, Kolkata, Bangalore, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur.
The Q2:2025–26 HPI has been published with a revised base year of 2022–23, replacing the earlier base year of 2010–11. With the update, eight cities — Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur — have been added to the earlier set of 10 major cities to widen the index’s coverage.
In the first quarter of the current fiscal, the all-India HPI rose by 3.6 per cent year-on-year, as per RBI data released last month, lower than the 7.6 per cent surge recorded in the same quarter of the previous year. Nagpur, Chandigarh, Chennai and Kochi saw the highest quarter-over-quarter increases.
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