Where Home Prices Rose Fastest: A Micro-Market Breakdown of India's Housing Price Index
"Short answer: Over the past 12 months, home prices rose fastest in the outer corridors of Delhi NCR. Raj Nagar Extension in Ghaziabad led 40 tracked micro-markets at +14.9%, followed by NH-24, Ghaziabad (+12.8%) and Dwarka Expressway in Gurugram (+10.4%). Bengaluru's corridors came next at 7% to 9%. Established Mumbai localities such as Chembur, Andheri West and Mulund rose less than 2%. India's official indices show a slower national picture: the RBI House Price Index rose 3.6% in the year to June 2026."
Where Home Prices Rose Fastest: A Micro-Market Breakdown of India's Housing Price Index
Short answer: Over the past 12 months, home prices rose fastest in the outer corridors of Delhi NCR. Raj Nagar Extension in Ghaziabad led 40 tracked micro-markets at +14.9%, followed by NH-24, Ghaziabad (+12.8%) and Dwarka Expressway in Gurugram (+10.4%). Bengaluru's corridors came next at 7% to 9%. Established Mumbai localities such as Chembur, Andheri West and Mulund rose less than 2%. India's official indices show a slower national picture: the RBI House Price Index rose 3.6% in the year to June 2026.
Key findings
- Delhi NCR took the top five places. Raj Nagar Extension (+14.9%), NH-24, Ghaziabad (+12.8%), Dwarka Expressway, Greater Noida West and New Gurugram all rose about 10% or more.
- The top 11 micro-markets are all in Delhi NCR or Bengaluru. No micro-market in the other five cities rose more than 6.7%.
- Mumbai's core barely moved. Chembur rose 1.4% and Andheri West and Mulund 1.6%. Only Panvel and Virar, on the region's edge, rose more than 5%.
- The national index is cooling. The RBI House Price Index grew 3.6% year on year in April to June 2026, down from 4.5% the quarter before.
- The gap inside one city can be wider than the gap between cities. NCR micro-markets ranged from +8.7% to +14.9%.
- Dwarka Expressway is the long-run leader. Its average price rose about 165% between the end of 2019 and Q2 2026.
- Supply is building. Unsold inventory across the top seven cities rose 10% in a year to 6.17 lakh homes, and Hyderabad has 27 months of stock.
What India's housing price indices say
India has two official housing price indices. Neither goes below city level, which is why micro-market figures have to come from property consultants.
| Index | Published by | Cities | Data used | Latest annual growth |
|---|---|---|---|---|
| House Price Index (HPI) | Reserve Bank of India | 18 | Registered transaction values; base 2022-23 = 100 | +3.6% (Q1 FY27, April to June 2026) |
| NHB RESIDEX | National Housing Bank | 50 | Valuations from banks and housing finance companies | +5.0% (Q3 FY26, October to December 2025) |
RBI House Price Index. The all-India index stood at 117.5 in April to June 2026, against 116.2 the previous quarter and 113.4 a year earlier. That is growth of 3.6% over the year and 1.1% over the quarter. The RBI said Chandigarh, Jaipur, Kanpur, Lucknow and Thiruvananthapuram contributed most to the annual rise. None of them is among the eight largest markets. Business Standard reported annual rises of 49.6% in Chandigarh, 36.4% in Jaipur, 27.5% in Kanpur, 17.7% in Lucknow and 16.3% in Thiruvananthapuram. Chandigarh's jump followed a revision of its collector rate on 1 April 2026, which shows how an index built on registered values can move with official rates as well as market prices.
NHB RESIDEX. The 50-city index rose 5.0% year on year and 1.8% quarter on quarter in October to December 2025. Prices rose in 46 of 50 cities. Gurugram led the large markets at +22.8%, followed by Bengaluru (+12.7%), Chennai (+8.2%), Ahmedabad (+6.8%), Kolkata (+6.7%), Mumbai (+3.7%), Pune (+3.5%) and Hyderabad (+3.2%). Raipur fell the most, by 8.9%.
City-level growth
| City | Avg. price per sq ft, Q2 2026 | Annual growth (ANAROCK) | Annual growth (NHB) | Micro-market range | Unsold inventory, months |
|---|---|---|---|---|---|
| Delhi NCR | ₹9,810 | +13% | Gurugram +22.8% | +8.7% to +14.9% | 18 |
| Bengaluru | ₹9,450 | +8% | +12.7% | +7.0% to +9.0% | 15 |
| Hyderabad | ₹8,090 | +6% | +3.2% | +4.6% to +6.0% | 27 |
| Kolkata | ₹6,345 | +6% | +6.7% | +4.0% to +6.7% | 21 |
| Pune | ₹8,300 | +5% | +3.5% | +4.0% to +6.7% | 16 |
| Mumbai MMR | ₹17,780 | +4% | +3.7% | +1.4% to +5.6% | 18 |
| Chennai | ₹7,250 | +4% | +8.2% | +4.1% to +5.1% | 18 |
Sources: ANAROCK Residential Market Viewpoints, Q2 2026; NHB RESIDEX, Q3 FY26. Micro-market range is from Table 3. Inventory in months is the time needed to sell current unsold stock at the current pace.
Across the seven cities, ANAROCK's average price rose 7% in a year to ₹9,575 per sq ft. NCR and Bengaluru pulled the average up. The other five cities grew 4% to 6%.
Supply helps explain the gaps. Hyderabad would need more than two years to sell its unsold homes at the current pace, and its prices are rising at less than half the rate of NCR's.
The 15 fastest-rising micro-markets
The two leaders are both in Ghaziabad and both are among the cheapest places to buy in NCR, at about ₹7,000 per sq ft. Prices there are catching up with Noida and Gurugram, where the same money buys far less. Ghaziabad was also the only NCR zone where sales rose quarter on quarter in Q2 2026.
Dwarka Expressway, New Gurugram and Sector-150 in Noida are a different story. They cost ₹13,400 to ₹14,800 per sq ft and still rose 9% to 10%, helped by the Dwarka Expressway and the newly operational Noida International Airport.
The 10 slowest
Seven of the ten slowest micro-markets are in Mumbai. The others are Perumbakkam in Chennai, Undri in Pune, EM Bypass in Kolkata.
All 40 micro-markets
Select a column heading to sort. Use the filter to show one city. Enter a budget to see how much floor area it buys in each micro-market at the quoted base price.
| 2 BHK rent per month | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1 | Raj Nagar Extension | Delhi NCR | ₹6,050 | ₹6,950 | +14.9% | +3% | ₹16,000–23,000 | |
| 2 | NH-24, Ghaziabad | Delhi NCR | ₹6,400 | ₹7,220 | +12.8% | +3% | ₹15,000–21,000 | |
| 3 | Dwarka Expressway | Delhi NCR | ₹12,850 | ₹14,180 | +10.4% | +1% | ₹25,500–37,000 | |
| 4 | Greater Noida West | Delhi NCR | ₹9,250 | ₹10,150 | +9.7% | +1% | ₹19,000–26,000 | |
| 5 | New Gurugram | Delhi NCR | ₹12,260 | ₹13,450 | +9.7% | +1% | ₹22,000–35,000 | |
| 6 | Whitefield | Bengaluru | ₹9,950 | ₹10,850 | +9.0% | +2% | ₹30,000–46,000 | |
| 7 | Electronic City | Bengaluru | ₹6,850 | ₹7,450 | +8.8% | +3% | ₹20,000–31,000 | |
| 8 | Sector-150, Noida | Delhi NCR | ₹13,600 | ₹14,780 | +8.7% | +1% | ₹23,500–35,000 | |
| 9 | Thanisandra Main Road | Bengaluru | ₹9,500 | ₹10,300 | +8.4% | +2% | ₹28,000–42,000 | |
| 10 | Mysore Road | Bengaluru | ₹7,450 | ₹8,040 | +7.9% | +2% | ₹20,000–26,000 | |
| 11 | Sarjapur Road | Bengaluru | ₹10,800 | ₹11,560 | +7.0% | +1% | ₹33,000–46,500 | |
| 12 | Talegaon Dabhade | Pune | ₹6,000 | ₹6,403 | +6.7% | +2% | ₹12,000–17,000 | |
| 13 | Madhyamgram | Kolkata | ₹4,500 | ₹4,800 | +6.7% | +3% | ₹12,000–17,500 | |
| 14 | Joka | Kolkata | ₹5,400 | ₹5,750 | +6.5% | +3% | ₹15,200–22,000 | |
| 15 | Rajarhat | Kolkata | ₹5,700 | ₹6,050 | +6.1% | +2% | ₹17,300–25,000 | |
| 16 | Adibatla | Hyderabad | ₹4,850 | ₹5,140 | +6.0% | +2% | ₹14,500–20,000 | |
| 17 | Wakad | Pune | ₹11,400 | ₹12,079 | +6.0% | +2% | ₹25,500–33,000 | |
| 18 | Maheshtala | Kolkata | ₹4,500 | ₹4,760 | +5.8% | +3% | ₹12,500–17,000 | |
| 19 | Panvel | Mumbai MMR | ₹10,534 | ₹11,121 | +5.6% | +1% | ₹19,000–29,000 | |
| 20 | Kondapur | Hyderabad | ₹9,200 | ₹9,700 | +5.4% | +2% | ₹28,700–34,000 | |
| 21 | Virar | Mumbai MMR | ₹8,272 | ₹8,716 | +5.4% | +1% | ₹14,000–18,700 | |
| 22 | Gachibowli | Hyderabad | ₹9,500 | ₹10,000 | +5.3% | +2% | ₹32,000–43,000 | |
| 23 | Wagholi | Pune | ₹8,500 | ₹8,941 | +5.2% | +2% | ₹20,000–30,500 | |
| 24 | Avadi | Chennai | ₹5,100 | ₹5,360 | +5.1% | +1% | ₹13,300–18,000 | |
| 25 | Hinjawadi | Pune | ₹10,500 | ₹11,033 | +5.1% | +2% | ₹24,200–34,500 | |
| 26 | Perambur | Chennai | ₹7,700 | ₹8,070 | +4.8% | +1% | ₹19,000–27,000 | |
| 27 | LB Nagar | Hyderabad | ₹7,100 | ₹7,440 | +4.8% | +2% | ₹14,200–18,000 | |
| 28 | Miyapur | Hyderabad | ₹7,000 | ₹7,320 | +4.6% | +2% | ₹21,000–28,000 | |
| 29 | Oragadam | Chennai | ₹4,720 | ₹4,920 | +4.2% | +1% | ₹14,000–20,000 | |
| 30 | Guduvanchery | Chennai | ₹5,200 | ₹5,420 | +4.2% | +1% | ₹15,000–22,000 | |
| 31 | Perumbakkam | Chennai | ₹6,100 | ₹6,350 | +4.1% | +1% | ₹18,200–25,500 | |
| 32 | Undri | Pune | ₹8,400 | ₹8,738 | +4.0% | +2% | ₹17,300–25,000 | |
| 33 | EM Bypass | Kolkata | ₹8,600 | ₹8,940 | +4.0% | +2% | ₹25,000–34,000 | |
| 34 | Worli | Mumbai MMR | ₹75,365 | ₹77,655 | +3.0% | +1% | ₹86,000–1,38,000 | |
| 35 | Kolshet Road, Thane | Mumbai MMR | ₹16,250 | ₹16,700 | +2.8% | +1% | ₹28,000–40,000 | |
| 36 | Lower Parel | Mumbai MMR | ₹59,003 | ₹60,628 | +2.8% | 0% | ₹82,000–1,31,000 | |
| 37 | Dombivli | Mumbai MMR | ₹10,656 | ₹10,947 | +2.7% | +1% | ₹15,000–23,500 | |
| 38 | Mulund | Mumbai MMR | ₹26,500 | ₹26,924 | +1.6% | 0% | ₹42,000–65,000 | |
| 39 | Andheri West | Mumbai MMR | ₹44,300 | ₹45,007 | +1.6% | +1% | ₹50,000–83,000 | |
| 40 | Chembur | Mumbai MMR | ₹30,500 | ₹30,933 | +1.4% | 0% | ₹50,000–87,000 |
Prices are ANAROCK average quoted base rates in ₹ per sq ft. Windows: NCR, Bengaluru and MMR, Q2 2025 to Q2 2026; Hyderabad, Pune, Kolkata and Chennai, Q1 2025 to Q1 2026. Pune and MMR rates are quoted on carpet area and the rest on built-up area, so compare growth across cities, not price levels. Latest quarter is the change in the most recent quarter, rounded by ANAROCK to a whole percent. Rent is the latest quoted range for a 2 BHK flat.
Where momentum is still strong
Annual growth looks backward. The latest quarter shows what is happening now. Six micro-markets were still rising 3% a quarter in the most recent report: Raj Nagar Extension (NCR), NH-24, Ghaziabad (NCR), Electronic City (Bengaluru), Madhyamgram (Kolkata), Joka (Kolkata), Maheshtala (Kolkata). Dwarka Expressway, New Gurugram, Greater Noida West and Sector-150, which rose 3% to 5% a quarter in mid-2025, have slowed to 1%. Lower Parel, Chembur and Mulund did not rise at all in the latest quarter.
The spread inside each city
A city average hides most of what a buyer needs to know. In NCR the fastest micro-market grew six percentage points more than the slowest. In Mumbai, Panvel grew four times as fast as Chembur. Bengaluru and Chennai are tighter: every tracked corridor moved within about two points of the others in Bengaluru and one point in Chennai.
City-by-city breakdown
Delhi NCR: the outer ring leads
All six tracked micro-markets rose between 8.7% and 14.9%. Raj Nagar Extension went from ₹6,050 to ₹6,950 per sq ft and NH-24 from ₹6,400 to ₹7,220. Quarterly growth has slowed to 1% to 3%, from 3% to 5% a year ago, and new launches across NCR fell 40% year on year in Q2 2026.
Bengaluru: steady across every corridor
Whitefield (+9.0%), Electronic City (+8.8%) and Thanisandra Main Road (+8.4%) led. Sarjapur Road, the most expensive of the five at ₹11,560, rose 7.0%. Unsold inventory rose 34% in a year as launches jumped 42%, so buyers have more choice than a year ago.
Mumbai MMR: the edge is rising, the core is flat
Panvel (+5.6%) and Virar (+5.4%) rose fastest, with Navi Mumbai International Airport a factor in Panvel. Worli and Lower Parel rose about 3%. Chembur, Andheri West and Mulund rose less than 2%, which is below inflation.
Hyderabad: modest growth, heavy supply
Growth ran from 4.6% in Miyapur to 6.0% in Adibatla. Gachibowli reached ₹10,000 per sq ft. The city has 27 months of unsold inventory, the most of the seven, and launches rose 53% year on year in Q2 2026.
Pune: the cheapest micro-market rose fastest
Talegaon Dabhade (+6.7%) and Wakad (+6.0%) led. Hinjawadi and Wagholi rose about 5% and Undri 4.0%. Sales in the city fell 15% year on year in Q2 2026.
Kolkata: the north and south-west suburbs
Madhyamgram (+6.7%), Joka (+6.5%) and Rajarhat (+6.1%) outpaced EM Bypass (+4.0%), the most expensive of the five. All remain under ₹9,000 per sq ft.
Chennai: slow and even
All five tracked micro-markets rose 4.1% to 5.1%, the narrowest range of any city, with Avadi and Perambur at the top. Each rose about 1% a quarter. The NHB index shows faster growth for the city, at 8.2%.
The long run: 2019 to 2026
| Micro-market | City | End of 2019 | Q2 2026 | Total change | Per year |
|---|---|---|---|---|---|
| Dwarka Expressway | Delhi NCR | ₹5,359 | ₹14,180 | +165% | 16.1% |
| Whitefield | Bengaluru | ₹4,765 | ₹10,850 | +128% | 13.5% |
| New Gurugram | Delhi NCR | ₹6,100 | ₹13,450 | +120% | 12.9% |
| Panvel | Mumbai MMR | ₹5,520 | ₹11,121 | +101% | 11.4% |
| Sarjapur Road | Bengaluru | ₹5,870 | ₹11,560 | +97% | 11.0% |
| Dombivli | Mumbai MMR | ₹6,625 | ₹10,947 | +65% | 8.0% |
Per-year figure is the compound rate over six and a half years. The 2019 and 2026 figures come from different ANAROCK publications, so treat the totals as approximate.
ANAROCK's 2024 study also ranked Bagaluru in north Bengaluru (+90% from 2019 to mid-2024) and Kokapet in Hyderabad (+89%) first and second in the country. Bachupally (+57%) and Tellapur (+53%), both in Hyderabad, were in the top ten. Comparable 2026 prices for those four were not available.
Price bands
| Latest price per sq ft | Micro-markets | Average growth | Range |
|---|---|---|---|
| Under ₹8,000 | 15 | +6.7% | +4.1% to +14.9% |
| ₹8,000 to ₹15,000 | 19 | +6.5% | +2.7% to +10.4% |
| ₹15,000 and above | 6 | +2.2% | +1.4% to +3.0% |
Micro-markets under ₹8,000 per sq ft grew 6.7% on average and those between ₹8,000 and ₹15,000 grew 6.5%, which is almost the same. The band above ₹15,000 grew 2.2%, and every micro-market in it is in Mumbai. Location explains more than price: a ₹7,000 flat in Ghaziabad rose 13% to 15%, and a ₹7,400 flat in LB Nagar, Hyderabad, rose 4.8%.
Why indices disagree
Bengaluru's annual price growth is 8% on ANAROCK's figures, 12.7% on the NHB index and 26% on PropTiger's. All three can be right, because they measure different things.
- RBI HPI uses prices recorded at registration. These can lag the market and may reflect declared values.
- NHB RESIDEX uses lenders' valuations of homes they finance.
- ANAROCK reports the base price developers quote, averaged across projects.
- PropTiger reports a sales-weighted average of new homes sold. When buyers shift to bigger and costlier homes, this average rises even if like-for-like prices do not. PropTiger put Bengaluru at ₹9,931 per sq ft (+26.0%) and MMR at ₹15,422 (+20.4%) in Q2 2026.
For a single locality, quoted prices from one source over time are the most consistent guide. That is the method used in Table 3.
How to use this data
- Start with the city, then the micro-market. The city sets the range; the micro-market sets where you land in it.
- Check the quarterly trend. NCR's leaders grew 3% to 5% a quarter in mid-2025 and 1% to 3% a quarter in mid-2026. Fast annual numbers can hide a slowdown.
- Look at supply. A high and rising stock of unsold homes tends to hold prices back. Table 2 shows the months of inventory in each city.
- Compare price with rent. If prices rise much faster than rents, the rental yield is falling.
- Find the cause. An opened expressway, metro line or airport supports a price rise. An announced one may not.
- Verify locally. Check recent registered sale prices for the building or project on your state's registration or RERA portal.
Method and limits
- Micro-market growth is calculated from average quoted base rates in ANAROCK's quarterly city reports, comparing the latest available report with the one a year earlier.
- ANAROCK tracks five to nine micro-markets per city. Localities outside that list, including some that may have risen faster, are not covered.
- Quoted prices are asking prices from developers. Actual transaction prices can be lower after negotiation.
- Ahmedabad is not covered by ANAROCK's reports. The NHB index shows it rose 6.8%.
- The latest NHB RESIDEX release found was for October to December 2025. Later quarters may have been published since.
Glossary
- House Price Index (HPI)
- A number that tracks the change in home prices over time against a base period set to 100.
- NHB RESIDEX
- The National Housing Bank's family of housing price indices for 50 Indian cities.
- Micro-market
- A locality or corridor within a city that behaves as its own housing market.
- Quoted base price
- The developer's asking price per sq ft before floor-rise, parking, taxes and other charges.
- Carpet area and built-up area
- Carpet area is the usable floor inside the walls. Built-up area adds the walls and balconies, so the same flat has a lower price per sq ft on built-up area.
- Inventory overhang
- The number of months needed to sell all unsold homes at the current sales pace.
- Year on year (YoY)
- The change against the same quarter one year earlier.
Frequently asked questions
Where did home prices rise fastest in India in 2026?
Among 40 micro-markets tracked by ANAROCK, Raj Nagar Extension in Ghaziabad rose fastest, up 14.9% in the 12 months to Q2 2026, followed by NH-24, Ghaziabad (12.8%) and Dwarka Expressway in Gurugram (10.4%). The top 11 places are all in Delhi NCR and Bengaluru.
Which city had the highest home price growth in 2026?
Delhi NCR. ANAROCK's average quoted price for NCR rose 13% year on year to ₹9,810 per sq ft in Q2 2026, ahead of Bengaluru at 8%. Hyderabad and Kolkata rose 6%, Pune 5%, and Mumbai MMR and Chennai 4%. The NHB RESIDEX for October to December 2025 also put Gurugram first among major markets at 22.8%.
What is India's Housing Price Index?
India has two official housing price indices. The Reserve Bank of India's House Price Index covers 18 cities and uses property registration data, with 2022-23 as the base year. The National Housing Bank's RESIDEX covers 50 cities and uses valuation data from banks and housing finance companies. Both are published quarterly and both stop at city level.
How much did India's house price index rise in 2026?
The RBI's all-India House Price Index rose 3.6% year on year in April to June 2026, down from 4.5% in the previous quarter. The index stood at 117.5 against 113.4 a year earlier. The NHB's 50-city RESIDEX rose 5.0% year on year in October to December 2025, the latest quarter for which we found a release.
What is a micro-market in real estate?
A micro-market is a locality or corridor inside a city where homes share similar prices, buyers and infrastructure, such as Whitefield in Bengaluru or Dwarka Expressway in Gurugram. Prices inside one city can move at very different speeds from one micro-market to the next.
Why do housing price indices show different numbers for the same city?
They measure different things. The RBI index uses registered transaction values, the NHB index uses lenders' valuations, ANAROCK reports developers' quoted base prices, and PropTiger reports sales-weighted prices of new homes. For Bengaluru these methods give annual growth of 8%, 12.7% and 26%. A shift towards larger or more premium launches raises a sales-weighted average even when like-for-like prices rise slowly.
Which micro-markets have risen the most since 2019?
Of the micro-markets with comparable ANAROCK data, Dwarka Expressway rose about 165% between the end of 2019 and Q2 2026, from ₹5,359 to ₹14,180 per sq ft. Whitefield rose about 128%, New Gurugram about 120%, Panvel about 101% and Sarjapur Road about 97%.
Are affordable or premium localities rising faster?
Price band mattered less than city. Micro-markets priced under ₹8,000 per sq ft rose 6.7% on average over 12 months and those between ₹8,000 and ₹15,000 rose 6.5%. Those above ₹15,000, all in Mumbai, rose 2.2%. Within Delhi NCR, Pune and Hyderabad, the cheapest tracked micro-market rose fastest.
Where did home prices rise slowest?
In established Mumbai localities. Chembur rose 1.4%, and Andheri West and Mulund rose 1.6% each over the 12 months to Q2 2026. These are also among the most expensive micro-markets in the country, at ₹26,900 to ₹45,000 per sq ft.
Is fast price growth a reason to buy in a micro-market?
Not on its own. Fast growth often follows a new expressway, metro line or airport, and much of the gain may already be in the price. Check unsold inventory, the number of new launches and rental demand before you buy. Hyderabad, for example, has 27 months of unsold inventory, the highest of the seven cities.
Sources and resources
- ANAROCK Residential Market Viewpoints, Q2 2026: Pan India, NCR, Bengaluru, MMR
- ANAROCK Residential Market Viewpoints, Q1 2026: Hyderabad, Pune, Kolkata, Chennai
- ANAROCK year-earlier reports: NCR Q2 2025, Bengaluru Q2 2025, MMR Q2 2025, Chennai Q1 2025, Hyderabad Q1 2025, Pune Q1 2025, Kolkata Q1 2025
- RBI House Price Index, Q1 FY27 (ANI, 24 August 2026) and city-level figures (Business Standard)
- NHB RESIDEX press release, Q3 FY 2025-26
- ANAROCK micro-market price study, 2019 to H1 2024 (Business Standard, August 2024)
- PropTiger Real Insight Residential, Q2 2026
- Primary data to track: Reserve Bank of India (House Price Index), NHB RESIDEX (50-city indices), and your state's RERA and registration portals for project-level prices.
This page is general information, and not financial or investment advice. Figures are averages from the sources listed and will differ for individual properties.
