House price growth slows to 3.6% in Q1 FY27, says RBI; what’s driving the moderation

India's house price growth slowed to 3.6% year-on-year in Q1 FY27, according to data released by the Reserve Bank of India (RBI). This follows a 4.5% growth in the previous quarter, indicating a moderation in the pace of residential property price increases. The All-India House Price Index (HPI) rose to 117.5 in Q1 FY27, from 116.2 in Q4 FY26 and 113.4 in the year-ago quarter.

The slower annual growth suggests that the sharp momentum seen in some housing markets has eased, with the RBI attributing the latest annual growth to Chandigarh, Jaipur, Kanpur, Lucknow, and Thiruvananthapuram.

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