Summary
India has two official house price indices, and they measure different things. The Reserve Bank of India builds its index from the prices recorded when homes are registered in 18 cities. The National Housing Bank builds NHB RESIDEX from the valuations banks and housing finance companies give homes they lend against, in 50 cities. This report puts the two side by side every quarter.
This is the Q2 2026 edition, covering January–June 2026. From Q3 2024 to Q2 2026, RBI’s annual growth ranged from 2.2% (Q3 2025) to 7.0% (Q3 2024), and NHB’s from 4.5% (Q1 2026) to 7.5% (Q1 2025). NHB’s valuation index rose faster than RBI’s index of registered sales in 6 of the 8 quarters from Q3 2024 to Q2 2026.
The city figures here are the ones NHB publishes in its national press releases. We do not reproduce NHB’s full 50-city series, which needs NHB’s written permission, and neither index is ours: both are credited to their publishers. Each quarter’s edition is kept as a PDF at a permanent address.
Key findings
Each finding stands on its own and may be quoted with credit to Property Nivesh Research. Link one with its anchor (#finding-1, #finding-2 …).
- 1
RBI’s all-India House Price Index, built from registered property sales in 18 cities, stood at 117.5 in Apr–Jun 2026 (base 2022-23=100): 3.6% higher than a year earlier and 1.1% up on the previous quarter.
- 2
NHB’s RESIDEX index of 50 cities, built from bank and housing-finance valuations, was 7.0% higher than a year earlier in Apr–Jun 2026 and 2.7% up on the quarter. 47 of the 50 cities were up on a year earlier, NHB reports.
- 3
In Apr–Jun 2026 lenders’ valuations rose 3.4 percentage points faster than registered sale prices: NHB’s index was up 7.0% on a year earlier, RBI’s 3.6%.
- 4
Among the major cities NHB names in its release, Bengaluru rose most (21.5%) and Pune least (3.7%) in Apr–Jun 2026.
- 5
Across all 50 cities NHB tracks, the year-on-year change in Apr–Jun 2026 ran from 24.4% in Faridabad to −1.7% in Kalyan Dombivali.
- 6
Over Jan–Jun 2026, RBI’s index was on average 4.0% higher than a year earlier each quarter, and NHB’s 5.8%.
- 7
From Q3 2024 to Q2 2026, RBI’s annual growth ranged from 2.2% (Q3 2025) to 7.0% (Q3 2024), and NHB’s from 4.5% (Q1 2026) to 7.5% (Q1 2025).
- 8
NHB’s valuation index rose faster than RBI’s index of registered sales in 6 of the 8 quarters from Q3 2024 to Q2 2026.
- 9
Bengaluru had the fastest annual rise among the cities NHB names in 8 of the 8 quarters from Q3 2024 to Q2 2026.
- 10
RBI revised its figures for 2 of the quarters shown after first publishing them; this report uses the latest figure RBI has stated for each quarter.
Key numbers
- Annual change, RBI index (registered sales)
- 3.6%
- Apr–Jun 2026 · 18 cities
- Annual change, NHB 50 cities (valuations)
- 7.0%
- Apr–Jun 2026
- Fastest major city (NHB)
- 21.5%
- Bengaluru, Q2 2026
- Cities up on a year earlier (NHB)
- 47 of 50
- Apr–Jun 2026
- RBI all-India HPI
- 117.5
- Q2 2026 · base 2022-23=100
- Gap between the two indices
- 3.4 pts
- NHB faster than RBI, Q2 2026
Two official indices, two different measures
The two indices answer different questions, so they rarely move together.
- RBI House Price Index uses the prices recorded when homes are registered with state registration departments, in 18 cities. It is grouped by zone within each city and combined into an all-India index (base 2022-23 = 100). It tells you what registered sales were worth.
- NHB RESIDEX uses the values banks and housing finance companies put on homes they lend against, in 50 cities. NHB smooths it with a four-quarter weighted moving average, so it turns more slowly than the market. It tells you how lenders value homes.
A valuation index can rise faster than sale prices when lenders mark values up, and the smoothing means NHB’s index keeps rising for a while after a slowdown starts. Neither index is a forecast.
Prices in Apr–Jun 2026
RBI’s all-India index stood at 117.5 in Apr–Jun 2026, 3.6% higher than a year earlier and 1.1% up on the quarter. NHB’s 50-city index was 7.0% higher than a year earlier and 2.7% up on the quarter, with 47 of its 50 cities up on a year earlier.
Of the 7 major cities NHB named in its release, Bengaluru rose most (21.5%) and Pune least (3.7%). Across all 50 cities, the change ran from 24.4% in Faridabad to −1.7% in Kalyan Dombivali.
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The trend from Q3 2024 to Q2 2026
From Q3 2024 to Q2 2026, RBI’s annual growth ranged from 2.2% (Q3 2025) to 7.0% (Q3 2024), and NHB’s from 4.5% (Q1 2026) to 7.5% (Q1 2025). NHB’s valuation index rose faster than RBI’s index of registered sales in 6 of the 8 quarters from Q3 2024 to Q2 2026.
RBI revises its index after first publishing it. Where it has, the tables mark the figure, and this report uses the latest figure RBI has stated for the quarter. NHB moved its RESIDEX base year from FY 2017-18 to FY 2024-25 with its March 2026 release; the year-on-year changes NHB publishes are used as printed.
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City by city
Bengaluru had the fastest annual rise among the cities NHB names in 8 of the 8 quarters from Q3 2024 to Q2 2026. NHB names the major cities’ annual changes in each national press release, but not always the same cities: some quarters leave out Delhi, for example. Where a city is missing, the table shows a dash rather than an estimate.
NHB also names the cities with the fastest quarterly rises, shown in the last table. These are the only city figures this report uses. We do not reproduce NHB’s full 50-city series or its rupee prices per square foot, which need NHB’s written permission.
What this report does not cover
This report tracks India’s official house price indices at the national level and for the cities NHB names. It does not give locality prices or prices per square foot, and it does not compare individual projects. RBI publishes its city-by-city indices in its statistical database rather than in its press releases, and NHB’s full city series needs its permission, so neither is reproduced here.
Government circle rates, which some reports use as a price signal, are minimum values for stamp duty, not sale prices. Our India Infrastructure Impact Report shows how they moved in Gurugram and Mumbai.
How to read these figures
Use the indices to see the direction and pace of price change across cities, not to value a particular home. An index measures a typical change in a city; one project or one street can move very differently. Check current prices for the specific project, its RERA registration and the price trend in its locality before you decide anything. This report does not forecast prices or recommend buying or selling any property.
Data tables
| Quarter | RBI index | RBI y-o-y | RBI q-o-q | NHB y-o-y | NHB q-o-q | NHB cities up (of 50) | Fastest (NHB) | Slowest (NHB) |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 (Apr–Jun 2026) | 117.5 | 3.6% | 1.1% | 7.0% | 2.7% | 47 | Faridabad 24.4% | Kalyan Dombivali −1.7% |
| Q1 2026 (Jan–Mar 2026) | 116.2* | 4.5%* | 0.2% | 4.5% | 1.9% | 44 | Ludhiana 22.2% | Delhi −4.3% |
| Q4 2025 (Oct–Dec 2025) | 115.6 | 3.6% | 1.2% | 5.0% | 1.8% | 46 | Gurgaon 22.8% | Raipur −8.9% |
| Q3 2025 (Jul–Sep 2025) | 114.2* | 2.2% | −0.6% | 4.8% | 0.7% | 39 | Gurgaon 25.9% | Kochi −7.9% |
| Q2 2025 (Apr–Jun 2025) | 113.4 | 3.6% | 2.0% | 5.7% | 0.5% | 45 | Navi Mumbai 39.1% | Howrah −6.1% |
| Q1 2025 (Jan–Mar 2025) | — | 3.8% | — | 7.5% | 1.9% | 48 | Navi Mumbai 45.8% | Howrah −3.5% |
| Q4 2024 (Oct–Dec 2024) | — | 6.9% | — | 7.2% | 1.6% | 47 | Gurgaon 33.9% | Thiruvananthapuram −5.8% |
| Q3 2024 (Jul–Sep 2024) | — | 7.0% | — | 6.8% | 1.6% | 48 | Gurgaon 30.9% | Howrah −0.8% |
| City | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Ahmedabad | 7.9% | 7.6% | 6.1% | 6.8% | 6.0% | 6.8% | 7.2% | 7.9% |
| Bengaluru | 11.1% | 12.5% | 13.1% | 9.1% | 11.3% | 12.7% | 13.1% | 21.5% |
| Chennai | 9.4% | 9.2% | 9.0% | 7.0% | 6.7% | 8.2% | 8.6% | 10.8% |
| Delhi | 0.4% | 0.4% | 2.9% | — | — | — | −4.3% | — |
| Hyderabad | 6.7% | 5.9% | 4.8% | 2.3% | 2.6% | 3.2% | 3.3% | 5.2% |
| Kolkata | 6.1% | 8.3% | 9.6% | 6.8% | 5.8% | 6.7% | 5.3% | 6.9% |
| Mumbai | 4.0% | 6.0% | 5.9% | 5.2% | 4.8% | 3.7% | 4.5% | 6.2% |
| Pune | 6.2% | 7.4% | 6.8% | 6.0% | 4.6% | 3.5% | 2.9% | 3.7% |
| Quarter | 50-city q-o-q | Fastest risers named by NHB | Largest fall named by NHB |
|---|---|---|---|
| Q2 2026 | 2.7% | Bengaluru 7.2%, Faridabad 7.1% | — |
| Q1 2026 | 1.9% | Faridabad 9.7%, Kochi 9.1% | — |
| Q4 2025 | 1.8% | Gurgaon 4.5%, Greater Noida 4.4% | — |
| Q3 2025 | 0.7% | Greater Noida 5.3%, Bengaluru 4.5% | — |
| Q2 2025 | 0.5% | Gurgaon 5.2%, Greater Noida 4.4%, Noida 4.1% | Kochi −7.4% |
| Q1 2025 | 1.9% | Navi Mumbai 17.3%, Bhubaneswar 8.5%, Gurgaon 7.5%, Noida 7.0% | Raipur −2.6% |
| Q4 2024 | 1.6% | Navi Mumbai 8.3%, Gurgaon 7.2%, Bhubaneswar 6.8%, Greater Noida 6.1% | Thiruvananthapuram −3.8% |
| Q3 2024 | 1.6% | Gurgaon 7.3%, Navi Mumbai 6.5%, Chandigarh 6.4%, Coimbatore 5.9% | Howrah −3.8% |
Methodology
Data. RBI all-India House Price Index (base 2022-23 = 100, 18 cities) from RBI’s quarterly press releases (dataset version 1.0). RBI labels quarters by financial year (Q1:2026-27 = April–June 2026); this report labels them by calendar year (Q2 2026). Where RBI later revised a quarter, we use the latest figure RBI has stated and mark it. NHB RESIDEX HPI @ Assessment Prices (50 cities) — the composite and city figures exactly as printed in NHB’s national press releases for the quarters ended September 2024 to June 2026, reproduced with acknowledgement under NHB’s website copyright policy.
Calculations. Our own: the difference between the two indices’ annual changes, averages over an edition’s quarters, and counts of quarters. We do not compute any RBI or NHB figure, and nothing is estimated: a figure a source did not publish is shown as a dash. Editions. Quarterly, covering the calendar year to date. The page shows at most the last eight quarters; each edition’s PDF shows only its own quarters.
How we collect, check and publish research data: Property Nivesh research methodology.
Data sources
- Reserve Bank of India — All-India House Price Index press releases, Q1:2024-25 to Q1:2026-27.
- National Housing Bank — NHB RESIDEX national press releases, quarters ended September 2024 to June 2026, published on the NHB website. NHB RESIDEX is a registered trademark of National Housing Bank.
Limitations
- National indices and the cities NHB names only; no locality figures or prices per square foot.
- RBI’s index covers 18 cities and NHB’s 50; their all-India figures are not directly comparable.
- NHB’s index is a four-quarter moving average of valuations, so it lags turning points in the market.
- RBI revises earlier quarters; the latest stated figure is used and earlier ones are superseded.
- NHB does not name the same cities every quarter, so the city table has gaps.
Editions and PDFs
This report is updated every quarter at this address. Each edition is kept as a PDF — findings, charts, data tables, methodology and sources for its period.
- India Property Price Report — Q2 2026LatestData: January–June 2026 Download PDF
- India Property Price Report — Q1 2026Data: January–March 2026 Download PDF
- India Property Price Report — Q4 2025Data: January–December 2025 Download PDF
Frequently asked questions
How much have house prices risen in India? ＋
In Apr–Jun 2026, RBI’s all-India House Price Index was 3.6% higher than a year earlier, and NHB’s 50-city RESIDEX was 7.0% higher. RBI uses registered sale prices and NHB uses lenders’ valuations, so the two differ.
What is the difference between RBI’s House Price Index and NHB RESIDEX? ＋
RBI’s index uses prices recorded when homes are registered, in 18 cities. NHB RESIDEX uses the values banks and housing finance companies put on homes they lend against, in 50 cities, smoothed over four quarters.
Which Indian city has seen the biggest rise in property prices? ＋
In Apr–Jun 2026, NHB reported the biggest annual rise of its 50 cities in Faridabad (24.4%). Among the major cities it names, Bengaluru rose most, at 21.5%.
How often is this report updated? ＋
Every quarter, after RBI and NHB publish their latest figures. The page always shows the newest edition, and each earlier edition is kept as a PDF at a permanent address.
Cite this research
You may quote the findings and reuse the charts under CC BY 4.0. Please credit Property Nivesh Research and link to this page.
Reference (APA style)
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Version history. Report v1.0 (2026-10-10): First publication, with editions for Q4 2025, Q1 2026 and Q2 2026. · India house price indices by quarter — RBI all-India HPI and NHB RESIDEX national releases v1.0 (2026-10-10): First release: 9 quarters (2024-Q2 to 2026-Q2); NHB figures for 8 quarters.
This research describes official historical data. It is not investment advice, does not forecast prices and does not recommend buying or selling any property. Government circle rates are minimum values for stamp duty, not market prices. See our methodology, editorial standards and disclaimer.