House Prices Falling in Kochi While India's Housing Market Grows by 3.12%: RBI
According to the latest data from the Reserve Bank of India (RBI), Kochi has seen the sharpest decline in housing prices among the top 10 cities in India. While the national housing market recorded a growth of 3.12% between January–March 2024 and the same period in 2025, Kochi witnessed a contraction of 2.3%.
City-wise Comparison (Jan–Mar 2025 vs. Jan–Mar 2024):
- Kochi: -2.3%
- Delhi: -0.86%
- Kanpur: -1.6%
- Kolkata: +8.82%
- Chennai: +7.2%
- Jaipur: +7.65%
- Bengaluru: +5.56%
- Ahmedabad: +3.86%
- Mumbai: +2.35%
- Lucknow: +0.21%
Kochi's HPI Trend:
Kochi’s House Price Index (HPI) for the January–March quarter of 2025 stands at 331.14. This reflects a 231.14% increase since the base year 2010–11 (HPI = 100). However, a declining trend has been observed in the past financial year, with a 4.15% drop from Q1 (Apr–Jun) to Q4 (Jan–Mar).
The index briefly rose in the third quarter (Oct–Dec), but fell again in the final quarter. Kochi remains the only city in Kerala included in RBI’s HPI data.
National Overview:
Despite declines in a few cities, the broader housing market in India remains positive. The national average housing price increase was 3.12% year-over-year, led by cities like Kolkata, Chennai, and Jaipur.
Note: The RBI's House Price Index (HPI) is calculated quarterly based on actual housing sale transactions, and uses 2010–11 as the base year (Index = 100).
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