Two separate reports on Q1 FY27 point the same direction: residential prices rose 6-7% year-on-year nationally, with New Delhi, Noida and Greater Noida among the leading markets.
Two different measures of India's housing market landed within weeks of each other this quarter, and they broadly agree. A research report from Kotak Institutional Equities puts all-India residential price growth at 6% year-on-year in Q1 FY27, while the National Housing Bank's RESIDEX, the government's official housing price index across 50 cities, reportedly clocked 7% growth for the same quarter. The gap between the two numbers comes down to methodology, Kotak tracks listed developers' actual project-level realizations, while NHB RESIDEX draws on bank and housing finance company valuation data across a much wider set of cities, but the direction is the same: prices kept climbing through April-June 2026.
According to Kotak's report, average realization across the markets it tracks rose to ₹9,629 per square foot in Q1 FY27, up 6% year-on-year though down 2% sequentially. That price growth is doing real work for the industry's numbers. Sales value grew 9% year-on-year during the quarter, even though volume growth was a much more modest 3%, meaning pricing, not more homes sold, is the main driver of headline sales growth right now.
Kotak named New Delhi, Noida, Greater Noida, Chennai and Bengaluru as the markets leading the price gains, with several projects in Bengaluru and Gurugram specifically posting strong price compound annual growth rates over the past few years. That's a notable cluster for anyone tracking NCR: three of the five named markets, New Delhi, Noida and Greater Noida, sit inside Delhi-NCR, alongside Gurugram's mention as a standout performer on multi-year CAGR.
All-India residential sales came in at 247 million square feet for the quarter, up 3% year-on-year but down 3% sequentially, while new launches fell more sharply, down 14% year-on-year and 16% quarter-on-quarter to 242 million square feet. NCR was the weakest link on volume specifically. Sales in the region fell to 23.5 million square feet, a 27% year-on-year decline and an 8% sequential drop, as launches in the region also pulled back to 21.2 million square feet. That's the tension worth sitting with: NCR is among the price leaders named in the report, even as its sales volumes fell harder than almost anywhere else in the country.
The Economic Times Realty headline puts NHB RESIDEX's Q1 FY27 growth at 7% across its 50-city index, but the source page was inaccessible to us directly, so we can't independently confirm the city-by-city breakdown, the number of cities that declined, or the sequential change that NHB typically reports alongside the headline figure. Past RESIDEX releases have shown this composite figure moving in the 4.8-7% range over recent years, so 7% would sit at the higher end of that recent history rather than being an outlier, but we'd treat the specific number as reported rather than independently verified until we can access NHB's own release or a second outlet's account of it.
We've tracked pieces of this story already. NCR's investment momentum has been building even as sales volumes wobble, something we saw play out in Uttar Pradesh's real estate investment climbing 53% to ₹68,328 crore, a chunk of which flows through Noida and Greater Noida. Read together with this quarter's price data, the pattern looks less like a slowdown and more like a market that's pricing in future demand faster than current transaction volumes can keep pace with, worth watching over the next couple of quarters rather than reading into a single data point.
