Key information about House Prices Growth

• India house prices grew 2.6% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2011 to Sep 2024, with an average growth rate of 5.1%.
• House price data reached an all-time high of 30.6% in Mar 2011 and a record low of -11.4% in Sep 2020.

The average purchase price of a property by Indian buyers in the United States increased notably in the period between 2010 and 2024. In 2024, Indian buyers paid on average ******* U.S. dollars for American properties. With a total of *** billion U.S. dollars, Indian buyers were one of the top five largest foreign buyers of residential real estate in the U.S.

In 2023, Ahmedabad had the most affordable housing market of the eight biggest metropolitan areas in India with a proportion of ** percent of income to monthly instalment of a housing unit. In Mumbai the affordability index was at ** percent, the only city with higher than threshold affordability ratio set at ** percent. However, the affordability index has significantly improved from pre-pandemic times in 2019 for many cities including Mumbai, Bengaluru and NCR.

Graph and download economic data for Residential Property Prices for India (QINN628BIS) from Q1 2009 to Q4 2024 about India, residential, HPI, housing, price index, indexes, and price.

Residential Property Prices in India increased 3.10 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for India Residential Property Prices.

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.

House price index in India, December, 2024 The most recent value is 338.12 index points as of Q4 2024, an increase compared to the previous value of 336.81 index points. Historically, the average for India from Q1 2009 to Q4 2024 is 230.7 index points. The minimum of 78.57 index points was recorded in Q1 2009, while the maximum of 338.12 index points was reached in Q4 2024. | TheGlobalEconomy.com

As of the first quarter of 2023, year-on-year real estate price increase was highest in Bengaluru and lowest in Chennai with 16.3 and 1.3 percent respectively. Followed by Bengaluru was Kochi and Delhi with an increase of 8.46 and 6.65 percent.

This statistic shows the average residential property prices in India in 2015, by location. In 2015, the average residential property price in Ulwe, Mumbai was ************ rupees per square foot. It was the highest in Madh-Marve in Mumbai during the measured time period.

India Housing Price Index: 2008-09Q4=100: Delhi data was reported at 259.200 2008-09Q4=100 in Mar 2013. This records an increase from the previous number of 247.800 2008-09Q4=100 for Dec 2012. India Housing Price Index: 2008-09Q4=100: Delhi data is updated quarterly, averaging 135.200 2008-09Q4=100 from Mar 2009 (Median) to Mar 2013, with 17 observations. The data reached an all-time high of 259.200 2008-09Q4=100 in Mar 2013 and a record low of 99.700 2008-09Q4=100 in Dec 2009. India Housing Price Index: 2008-09Q4=100: Delhi data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.EA001: Housing Price Index: Reserve Bank of India. Rebased from 2008-09Q4=100 to 2010-11Q1=100. Replacement series ID: 354942677

India Real Estate Industry Report is Segmented by Property Type (Residential, Office, Retail, Hospitality, and Industrial) and Key Cities (Mumbai Metropolitan Region (MMR), Delhi NCR, Pune, Chennai, Hyderabad, Bengaluru and Rest of India). The Report Offers the Market Size and Forecasts in Value (USD) for all the Above Segments.

India Housing Price Index: 2008-09Q4=100: Bangalore data was reported at 148.300 2008-09Q4=100 in Mar 2013. This records an increase from the previous number of 147.900 2008-09Q4=100 for Dec 2012. India Housing Price Index: 2008-09Q4=100: Bangalore data is updated quarterly, averaging 113.600 2008-09Q4=100 from Mar 2009 (Median) to Mar 2013, with 17 observations. The data reached an all-time high of 148.300 2008-09Q4=100 in Mar 2013 and a record low of 98.500 2008-09Q4=100 in Mar 2010. India Housing Price Index: 2008-09Q4=100: Bangalore data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.EA001: Housing Price Index: Reserve Bank of India. Rebased from 2008-09Q4=100 to 2010-11Q1=100. Replacement series ID: 354942687

In the first half of 2023, south-central Mumbai had the highest average real estate price rate of around 35.6 thousand Indian rupees per square foot in the Mumbai metropolitan region. Peripheral central suburbs recorded the cheapest property rates.

Mumbai’s real estate market

India’s financial capital, Mumbai’s increasing population, rapid urbanization, and employment opportunities have contributed to skyrocketing property rates in the city. Its real estate market is the most expensive in India. Since the onset of the pandemic, the demand for larger units has been on the rise. In 2023, the realty market saw a surge, especially in luxury and high-end properties catering to the affluent of the city.

New metro connectivity with suburbs

As per realtors, the inauguration of new metro lines connecting the suburbs of Mumbai will provide enhanced connectivity, ease of traveling, and reduced travel time. As a result, a rise in homebuying sentiment in the city, especially in the western suburban areas is expected. The area is considered to be one of the most preferred home-buying destinations in Mumbai with Bollywood actors, non-resident Indians, and industrialists vying for properties.

RBI: Housing Price Index: 2010-11Q1=100: All India data was reported at 323.255 2010-2011=100 in Dec 2024. This records an increase from the previous number of 322.000 2010-2011=100 for Sep 2024. RBI: Housing Price Index: 2010-11Q1=100: All India data is updated quarterly, averaging 252.358 2010-2011=100 from Jun 2010 (Median) to Dec 2024, with 59 observations. The data reached an all-time high of 323.255 2010-2011=100 in Dec 2024 and a record low of 94.240 2010-2011=100 in Jun 2010. RBI: Housing Price Index: 2010-11Q1=100: All India data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.EA001: Housing Price Index: Reserve Bank of India. [COVID-19-IMPACT]

This statistic shows the average residential property prices in India in 2020, by select location. It was forecasted that the average residential property price in the Guindy-Alandur cluster in Chennai was about 10,900 Indian rupees per square foot. The highest average price per square foot was projected for Madh-Marve in the city of Mumbai at over 26,000 Indian rupees.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

In the first half of 2024, central Bengaluru had the highest average price rate of **** thousand Indian rupees per square feet in the whole of city. South Bengaluru recorded the cheapest property rates.

In the second half of 2023, Mumbai remained India's most expensive city on the residential market with a square feet price of ***** Indian rupees per square feet. Among the eight biggest metropolitan areas of India Ahmedabad has the lowest square feet price at around ***** thousand Indian rupees.

In the financial year 2023, the balance of property prices by annual income resulted in an affordability of *** for housing in India. The recent period has witnessed the best affordability in the last two decades.

NHB: Assessment Price: Housing Price Index: 2017-18=100: Uttarakhand: Dehradun data was reported at 152.000 2017-2018=100 in Dec 2024. This records an increase from the previous number of 150.000 2017-2018=100 for Sep 2024. NHB: Assessment Price: Housing Price Index: 2017-18=100: Uttarakhand: Dehradun data is updated quarterly, averaging 106.000 2017-2018=100 from Jun 2013 (Median) to Dec 2024, with 47 observations. The data reached an all-time high of 152.000 2017-2018=100 in Dec 2024 and a record low of 79.000 2017-2018=100 in Mar 2014. NHB: Assessment Price: Housing Price Index: 2017-18=100: Uttarakhand: Dehradun data remains active status in CEIC and is reported by National Housing Bank. The data is categorized under Global Database’s India – Table IN.EA002: Housing Price Index: National Housing Bank: Assessment Price: 2017-2018=100: Current Quarter.