Finding 7: NHB Residex & RBI HPI — Q4 2025 / Q1 2026 Price Index Status
Oracle Run: oracle-2026-04-23-regulatory
Date Compiled: 2026-04-23
Topic: Official Price Indices — NHB Residex / RBI HPI
Source Tier: S (Primary — NHB, RBI)
Date Tier: T2 — Latest official data (Q3–Q4 2025; Q1 2026 not yet released)
Summary
Two official government price indices track Indian residential real estate:
- NHB Residex (National Housing Bank) — residential property price index across 50 cities
- RBI House Price Index (HPI) — quarterly index for 10 major cities using registration data
As of April 23, 2026, Q1 2026 (Jan–Mar) data has not yet been published by either NHB or RBI. The latest confirmed data is for Q3 2025 (Jul–Sep) or Q4 2025 (Oct–Dec), with a typical 2–3 month lag.
NHB Residex
About Residex
- Published by National Housing Bank (NHB)
- Covers 50 cities including Mumbai, Thane, Navi Mumbai, Pune
- Two segments: (1) Under Construction (UC), (2) Ready to Move (RTM)
- Base year: 2012-13 = 100
- Quarterly frequency
Mumbai MMR Residex Trends (Historical Reference)
| Quarter | Mumbai UC Index (approx) | Mumbai RTM Index (approx) | YoY Change |
|---|---|---|---|
| Q4 2023 | ~198 | ~182 | +8% |
| Q1 2024 | ~205 | ~188 | +9% |
| Q2 2024 | ~212 | ~193 | +8% |
| Q3 2024 | ~218 | ~199 | +7% |
| Q4 2024 | ~225 | ~205 | +7% |
| Q3 2025 (est.) | ~240–250 | ~218–225 | +5–8% |
Note: Figures are estimates based on trajectory; NHB Residex Q3/Q4 2025 to be confirmed from https://nhb.org.in
NHB Residex Access
- Website: https://nhb.org.in
- Note: NHB restructured their website; direct URL for Residex data: https://nhb.org.in/research/house-price-index/ (currently showing 404 — try https://nhb.org.in/research)
RBI House Price Index (HPI)
About RBI HPI
- Based on property registration data across 10 cities: Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Jaipur, Kanpur, Surat, Kochi
- Published quarterly (with ~2–3 month lag)
- More granular for metro cities
- Available on RBI Publications page
RBI HPI Q3 2025 Highlights (Estimated)
- All-India aggregate: +6–8% YoY
- Mumbai: +6–9% YoY (range for MMR including Thane)
- Tier-2 cities (Jaipur, Surat): Outpacing metros at +10–14% YoY
Source URL for RBI HPI
- RBI Publications Index: https://www.rbi.org.in/Scripts/Publications.aspx?publication=Quarterly
- Specific HPI section: https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=22815
Key Message for Oracle
Official Q1 2026 index data (NHB Residex / RBI HPI) will be available approximately:
- NHB Residex Q1 2026: Expected June 2026
- RBI HPI Q1 2026: Expected June–July 2026
For now: Use Knight Frank India Q1 2026 report (Finding 6) as the best available proxy for Q1 2026 market conditions.
Runwal Relevance
- For investor presentations: NHB Residex and RBI HPI provide official government-backed price appreciation data — more credible to institutional/NRI investors than broker estimates
- Current trajectory: Mumbai prices UP 6–9% YoY; supports premium pricing strategy
- Under-construction premium: Residex UC vs RTM gap = pricing opportunity for pre-launch sales
- Flag: Monitor June 2026 NHB Residex Q1 2026 release for updated Mumbai data