RBI All-India House Price Index Rises 4.2% Year-on-Year in Q4 FY26
The Reserve Bank of India has released the All-India House Price Index for the January to March 2026 quarter. The index rose to 115.9, marking a 0.2 per cent gain over the previous quarter and a 4.2 per cent rise year-on-year, with Nagpur, Jaipur, Chandigarh and Kanpur leading the annual increase.
The Reserve Bank of India has released the latest All-India House Price Index (HPI) for the January to March 2026 quarter, the fourth quarter of fiscal year 2025-26. The index serves as a key gauge of how residential property prices are moving across the country and is published every three months.
The HPI is built using actual transaction data supplied by property registration authorities in eighteen major cities. The current series uses 2022-23 as its base year, which makes it easier to compare price movements over recent quarters. The eighteen cities covered include Mumbai, Delhi, Chennai, Kolkata, Bangalore, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur.
For the fourth quarter of 2025-26, the All-India HPI stood at 115.9, a slight rise from 115.6 recorded in the previous quarter. This translates to a quarter-on-quarter growth of 0.2 per cent. The push for this small gain came from a rise in housing prices in Jaipur, Lucknow and Pune.
On an annual basis the picture is more striking. The year-on-year growth in the HPI was 4.2 per cent in the fourth quarter of 2025-26, an improvement over the 3.8 per cent growth recorded in the same quarter of the previous fiscal year. The cities that contributed most to this annual rise were Nagpur, Jaipur, Chandigarh and Kanpur.
For policymakers and students of economics, the HPI is a useful early signal of demand conditions in the real estate sector, which has strong links to construction, cement, steel and home loans. A steady annual rise of around 4 per cent suggests that the housing market is growing in a controlled manner, neither overheating nor stalling.
The data also feeds into the central bank's broader assessment of asset prices and helps shape its outlook on financial stability. City-wise and time series data for the index is made available through the RBI's Database on Indian Economy portal for researchers and analysts.
Key Points to Remember
- All-India House Price Index for Q4 FY26 stood at 115.9, up from 115.6 in Q3
- Quarter-on-quarter growth came in at 0.2 per cent, led by Jaipur, Lucknow and Pune
- Year-on-year growth was 4.2 per cent versus 3.8 per cent in the same quarter last year
- Annual gains were driven by Nagpur, Jaipur, Chandigarh and Kanpur
- Index uses 2022-23 as base year and covers transaction data from eighteen major cities
Exam Relevance
Relevant for RBI Grade B and SBI/IBPS PO under Banking and Economic Awareness, and for UPSC CSE Prelims and Mains on Indian Economy indicators. The HPI links to topics on real estate, monetary policy transmission and statistical indicators of the economy.
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