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Housing Price Index in India, by cities from 2010 to 2024

UID: EC-20240829-IN-01

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Source

Reserve Bank of India

Last Updated

August 30, 2024

Time Range

2010 – 2024

Periodicity

Quarterly

Overview

The Housing Price Index in India is a statistical measure designed to reflect the changes in housing prices across various regions. It is calculated by the Reserve Bank of India (RBI) using data from housing transactions, which include registration documents and mortgage data from banks and housing finance companies. The HPI is constructed using a base year, and the price levels of that base year are set at 100. Changes in the index from the base year reflect how housing prices have increased or decreased. The Reserve Bank compiles quarterly house price index (HPI) (base: 2010-11=100) for ten major cities, viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi. Based on these city indices, the average house price index represents all of India’s house price movements. The Housing Price Index (HPI) is a critical economic indicator that measures the changes in residential housing prices over time. In India, the HPI is an essential tool used by policymakers, economists, real estate developers, investors, and homebuyers to gauge the trends in the real estate market. The HPI helps track the inflation or deflation in the housing market, thus providing insights into the economy’s overall health.

Trends & Insights

Overall, there has been a significant upward trend in housing prices across India over the past 14 years. The HPI at the national level rose from 94.24 in Q1 2010-11 to 316.33 in Q4 2023-24, indicating substantial appreciation in real estate values nationwide. However, this growth has not been uniform across all cities. Delhi consistently showed the highest HPI values, experiencing dramatic increases, particularly in the early 2010s. In Q4 2023-24, Delhi’s HPI reached 351.15, nearly quadrupling from its Q1 2010-11 value of 100.72. Mumbai, another major metropolitan area, has also seen significant growth, though not as dramatic as Delhi. Its HPI more than tripled during that time, rising from 90.63 in Q1 2010–11 to 294.18 in Q4 2023–24. This reflects Mumbai’s status as a prime real estate market, albeit with slightly more moderate growth compared to Delhi. Bangalore also demonstrated robust and steady growth, as evidenced by its HPI, which more than tripled over the period from 98.64 in Q1 2010–11 to 355.67 in Q4 2023–24, indicates Bangalore’s growing prominence as a major tech hub and its growing appeal to professionals and investors from both domestic and foreign markets. Interestingly, some cities have shown more volatile patterns. Kolkata, for instance, started with a relatively low HPI of 77.88 in Q1 2010-11 but experienced rapid growth, reaching 326.26 by Q4 2023-24, more than quadrupling its initial value. This suggests a significant transformation in Kolkata’s real estate market over the period. In contrast, cities like Jaipur and Kanpur have shown more modest growth. Jaipur’s HPI increased from 95.31 to 170.57, while Kanpur’s rose from 91.74 to 182 over the same period. This indicates that tier-2 cities have experienced real estate appreciation but at a slower pace compared to major metros. It’s also worth noting that there have been periods of stagnation or slight declines in some cities, particularly around 2015-2016 and 2019-2020, possibly reflecting broader economic conditions or local market dynamics.  However, the overall trend across most cities has been upward, especially in the largest metropolitan areas.

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Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

Reserve Bank of India. Housing price index in India, by cities from 2010 to 2024 (360 Analytika, Ed.) [Dataset]. 360 Analytika. https://360analytika.com/housing-price-index-in-india-by-cities/

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