House Price Index Rises 1.1 Per Cent In Q1, Annual Growth At 3.6 Per Cent

The Reserve Bank of India’s (RBI) all-India House Price Index (HPI) has risen 1.1 per cent in the first quarter of 2026-27, from the previous quarter, reaching 117.5. The index is based on transaction-level data received from registration authorities and uses 2022-23 as its base year.

The RBI has released the HPI for the April-June quarter on August 24, covering 18 major cities across the country. The annual growth rate of the index stood at 3.6 per cent in Q1 2026-27, matching the growth recorded in the same quarter a year earlier.

Chandigarh, Lucknow Drive Quarterly Rise

The quarterly increase in the all-India HPI was primarily supported by higher index values in Chandigarh, Lucknow and Thiruvananthapuram, according to the RBI release.

The HPI measures changes in residential property prices and is compiled every quarter using transaction data from registration authorities. The latest reading indicates that house prices at the national level moved higher between the fourth quarter of 2025-26 and the first quarter of 2026-27.

The index stood at 117.5 in Q1 2026-27, compared with 116.2 in the previous quarter. At the same time, the index was 113.4 in Q1 2025-26, reflecting the annual increase recorded in the latest quarter.

Annual Growth Holds At 3.6 Per Cent

The annual increase in the HPI was 3.6 per cent in Q1 2026-27. This was the same rate recorded in Q1 2025-26.

The RBI has identified Chandigarh, Jaipur, Kanpur, Lucknow and Thiruvananthapuram as the main contributors to annual HPI growth during the latest quarter. The figures indicate that price movements differed across the cities covered by the index.

The HPI covers Mumbai, Delhi, Chennai, Kolkata, Bangalore, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur.

Index Base Year Is 2022-23

The RBI has set 2022-23 as the base year for the current HPI, with the index for that year assigned a value of 100. The Q1 2026-27 reading of 117.5 therefore represents the movement in the index relative to the base period.

The latest HPI numbers provide a quarterly and annual view of residential property price movements across the 18-city coverage. The Q1 2026-27 data also show that the annual rate of price growth was unchanged from the corresponding quarter of the previous year, while the index recorded a 1.1 per cent quarterly increase.