India’s House Price Index Rises 3.1% in Q4 FY25: RBI
The Reserve Bank of India (RBI) has reported that the All-India House Price Index (HPI) grew by 3.1% year-on-year during the January–March quarter (Q4) of FY2024–25. This marks a continuation of the growth rate observed in the previous quarter, although it is moderately lower than the 4.1% annual increase recorded during the same period last year.
The update comes as part of the RBI’s quarterly HPI release, which serves as a critical benchmark for policymakers, banks, housing finance institutions, and real estate developers tracking the trajectory of India’s urban housing market.
The RBI’s House Price Index is based on transaction-level data collected from property registration authorities across ten major Indian cities, namely:
This data set is designed to reflect authentic market-based pricing trends, making it a reliable tool for assessing the health of the residential property sector.
On a quarter-on-quarter (QoQ) basis, the national average house prices rose by 0.9% in Q4 FY25. This sequential growth, though modest, signals ongoing demand resilience in India’s housing markets, particularly in urban centers.
Cities that led the QoQ growth in house prices include:
These metros witnessed stronger local demand, driven by factors such as urban migration, infrastructure development, and rising disposable incomes.
The year-on-year growth in house prices revealed significant regional disparities. Here’s a closer look:
This variation underscores the importance of location-specific factors, such as employment hubs, infrastructure spending, and urban planning policies.
The stable 3.1% annual growth rate—unchanged from the previous quarter—indicates a steady and balanced recovery in India’s residential housing sector. It reflects:
For real estate developers, this trend suggests a favorable environment for launching mid-to-premium residential projects. For lenders, the HPI offers reassurance that housing finance remains a viable and stable asset class.
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