House prices rise 3.6 percent annually across 18 Indian cities
The Reserve Bank of India reported that the All-India House Price Index rose 3.6 percent year-on-year and 1.1 percent quarter-on-quarter in the first quarter ofthe financial year 2026-2027. The index stood at 117.5, driven primarily by price increases in Chandigarh, Lucknow, and Thiruvananthapuram.
Tier-two cities lead index gains
The Reserve Bank of India (RBI) compiled the provisional House Price Index (HPI) using transaction-level data received from municipal and state registration authorities across 18 major urban centers.
In the first quarter of the financial year 2026-27, the all-India index rose by 1.1 percent over the previous quarter to reach 117.5, against the base year of 2022-23. The sequential increase was driven primarily by property price growth in Chandigarh, Lucknow, and Thiruvananthapuram.
On an annual basis, housing prices expanded by 3.6 percent, matching the growth rate recorded in the corresponding quarter of the prior year.
Annual price growth across the 18 surveyed cities was led by Chandigarh, Jaipur, Kanpur, Lucknow, and Thiruvananthapuram.
Eighteen urban centers tracked
The quarterly index tracks housing market transactions across Mumbai, Delhi, Chennai, Kolkata, Bangalore, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh, and Nagpur.
The current reading of 117.5 follows index levels of 113.4 in the first quarter of 2025-26 and 116.2 in the fourth quarter of 2025-26, reflecting steady property price progression.
Moderate pace masks regional shifts
Stable annual growth of 3.6 percent indicates healthy consolidation rather than overheating in urban residential real estate.
Momentum is clearly shifting away from primary metropolises toward expanding tier-two urban hubs.
For financial stability, steady nominal appreciation at this modest rate presents minimal systemic credit risk.
Source: All-India House Price Index for Q1:2026-27
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