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THE FINANCEBASE List yours

Guide

How to Compare Home Prices and Inventory Across Indian Cities Before Buying

By TheFinanceBase Team 11 min read

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Compare Indian cities with the same dated NHB RESIDEX measure, then verify locality prices, primary-market supply, resale availability, RERA records and your complete household budget. An index shows how a defined price series moved; it is not the price of a particular flat, a listing average or a promise of future appreciation.

Start with a like-for-like comparison

A useful city comparison has two layers. First, use a consistent national indicator to see how prices have moved. Second, test the homes you could actually buy in the neighborhoods, projects and budgets that fit your household. Mixing an assessment-price index for one city with a registered-price figure for another, or comparing a new development in one city with resale apartments in another, produces a neat-looking but unreliable ranking.

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For the broadest official comparison, begin with the National Housing Bank’s (NHB) RESIDEX. NHB describes RESIDEX as an official housing price index covering 50 Indian cities. Its current series uses financial year 2024–25 as the base year from the quarter ending March 2026; the earlier FY2017–18 series is linked to the new series to preserve continuity. Record the base series and observation quarter whenever you save a figure, and do not join values from different base series without checking NHB’s linking notes.

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Then move down from city to locality and project. A city index cannot tell you whether a specific apartment is fairly priced, legally clear, available for sale, convenient for your commute or affordable after taxes, fees, financing and maintenance.

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Understand what each NHB RESIDEX series actually observes

NHB publishes several measures because a home’s price can be observed at different stages and through different data sources. The series are complementary, not interchangeable.

RESIDEX measure Underlying observation What it can help you compare What it does not establish
HPI@Registered Prices Prices reported by state and union-territory Sub-Registrar Offices. Movement in recorded registration prices for the covered transactions. The current asking price, every available home, or the value of a particular flat.
HPI@Assessment Prices Valuation data from primary lending institutions. A broad lending-assessment price trend across covered cities. A guaranteed sale price, a listing average or a forecast.
HPI@Market Prices for Under Construction Properties Primary and secondary data collected through market surveys for under-construction properties. A signal about developer inventory offered at different construction stages in the primary market. Resale stock, completed homes across the whole city or the number of units still unsold in a specific project.

Use the series name in every note or spreadsheet cell. “Bengaluru prices rose” is incomplete unless you state whether you mean registered, assessed or under-construction market prices, and which quarter is being compared. An index measures change relative to its base, not the rupee price of a home.

Base year and dashboard settings

The live RESIDEX dashboard lets you select a city and quarter, switch between HPI and carpet-area price options, download data and view city-wise percentage changes. NHB says the displayed city-wise percentage calculation uses a four-quarter moving average. That smoothing can make a change less volatile than a single-quarter comparison, so preserve the dashboard’s label and calculation method when you cite it.

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  1. Choose one index definition, such as assessment prices, for every city in your shortlist.
  2. Select the same quarter for every city; do not compare the latest quarter in one city with an older quarter in another.
  3. Keep the same unit. If you use a carpet-area price, record whether the dashboard reports a price per square metre or another unit and use the same area basis throughout.
  4. Write down the base year, selected quarter, download date and whether the percentage is the dashboard’s four-quarter moving-average calculation.

Read the inventory signal without overstating it

The under-construction market-price series is the closest national comparison route for developer-stock conditions in the material available from NHB. It represents developer inventory at different construction stages in the primary market. It excludes resale stock. Therefore, a weak or strong reading in this series does not describe every home available in a city.

Separate the supply questions that buyers often collapse into one word:

  • Primary-market inventory: homes being sold by a developer, including under-construction stock covered by the NHB market-price series.
  • Resale inventory: completed or previously owned homes offered by individual owners or investors; this is outside the NHB under-construction measure.
  • Project-level availability: units that remain available in a particular registered development, which can change after the latest disclosure or sales update.
  • Usable choice: homes matching your area, floor, orientation, possession timing, financing and legal requirements. A city can have many listings but few that meet your brief.

Check resale portals, local brokers or direct owner listings separately from the NHB signal, and label those figures as listings rather than official transaction prices or NHB indices. Count the date checked, asking versus transacted status, property type and whether duplicate listings may be present. Do not infer that a citywide inventory number exists when you have only a sample of advertisements.

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A repeatable city-comparison process

1. Fix your buying brief before looking at cities

Write the constraints that a national index cannot supply:

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  • Maximum purchase budget and the cash you can deploy without exhausting your emergency reserve.
  • Required carpet area, bedroom count, parking and accessibility needs.
  • New construction, ready-to-move property or resale preference.
  • Earliest acceptable possession date and tolerance for construction risk.
  • Maximum practical commute for each working household member, plus school, care and transport requirements.
  • Loan amount, rate assumption, tenure and a monthly payment that remains manageable if rates or expenses change.

These filters prevent a city with rapid headline growth from winning a comparison even though its suitable homes exceed your budget or make daily travel unworkable.

2. Build a consistent NHB price sheet

Create one row per city and columns for the exact HPI definition, quarter, base year, index value or percentage change, carpet-area price if available, download date and source note. Use the same assessment-price series and quarter across cities if your question is broad price movement. If your question concerns new developments, make a separate sheet for the under-construction market-price series rather than mixing it into the assessment series.

Do not turn the index into a quoted flat price. If the dashboard supplies carpet-area prices, compare homes with the same carpet-area definition and state the unit. A quoted builder rate may be per square foot of saleable or super-built-up area, while a dashboard value may use carpet area; those bases are not directly interchangeable.

3. Separate price level from price movement

A city can have a high price level but modest recent growth, or a lower level with faster growth. Keep two columns: the observed price level or carpet-area price, and the percentage movement for the same period. Neither column alone answers whether a particular home is good value. For an actual candidate, collect the seller’s or promoter’s asking price, recent registered transactions where available, carpet area and all mandatory charges, then investigate why the difference exists.

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4. Pair the inventory signal with local evidence

For each shortlisted city, record the NHB under-construction market-price reading and its quarter, then conduct a separate locality check. Note the number of relevant primary projects, apparent unsold configurations, construction stage, possession commitments and resale listings that match your size and budget. Treat portal counts as time-stamped observations; listings can be duplicated, withdrawn or stale.

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5. Validate every new project through the correct RERA authority

Identify the state or union-territory Real Estate Regulatory Authority responsible for the project. Search its project register using the project name, promoter and registration number, and compare the authority record with the current sales material.

  1. Confirm that the project and promoter details match the brochure, application form and booking documents.
  2. Read the sanctioned plan, declared land and approvals, construction schedule, proposed possession date and registered phase.
  3. Check the authority’s updates and extensions rather than relying only on a sales representative’s verbal timeline.
  4. Review the latest quarterly information available on the authority site, including construction progress and other disclosures required by the applicable rules.
  5. Save dated copies or screenshots of material claims so a later change can be identified.

The Ministry of Housing and Urban Affairs’ Real Estate Act FAQ explains that section 11 requires promoters to update information furnished at registration on the authority’s website, including specified quarterly updates intended to help buyers make an informed choice. Section 12 makes promoters responsible for the veracity of information in advertisements and prospectuses. These duties do not prove that a particular unit remains available or independently verify its physical or legal condition, so keep checking the unit and documents you would actually purchase.

6. Compare the complete purchase cost

Use a worksheet for each candidate home. Include the quoted base price and every known component, then mark amounts that still need confirmation:

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  • Agreement value and any floor, view, parking or preferential-location charges.
  • Goods and Services Tax or other applicable taxes, stamp duty and registration charges.
  • Maintenance deposits, club or amenity charges, utility connections and corpus contributions.
  • Brokerage, legal review, lender fees, valuation charges and insurance.
  • Interim rent, temporary accommodation, loan pre-EMI or interest during construction where relevant.
  • Expected monthly maintenance, property tax, insurance, repairs and commuting costs.
  • Cash required before possession and the monthly payment after the loan begins.

The sources used for this guide do not publish one universal cross-city all-in cost figure. Calculate these items for the actual property and locality, using your own financing assumptions, rather than applying a national average.

Historical NHB figures: what they show and what they do not

NHB’s Annual Report 2024–25 reports assessment-price HPI movements for fiscal Q4 2025, January through March 2025. These are historical observations, not current asking prices or forecasts. The report says the 50-city assessment-price HPI increased 7.5% year over year; 48 cities rose and two fell.

City Assessment-price HPI year-over-year change, fiscal Q4 2025
Navi Mumbai +45.8%
Howrah −3.5%
Ahmedabad +6.1%
Bengaluru +13.1%
Chennai +9.0%
Delhi +2.9%
Hyderabad +4.8%
Kolkata +9.6%
Mumbai +5.9%
Pune +6.8%

The spread—from a 45.8% increase in Navi Mumbai to a 3.5% decline in Howrah—shows why a national average or familiar “top city” list is not enough. A historical percentage can reflect the selected measure, local mix and comparison period; it does not establish that the same rate continued after March 2025. The NHB publication listing gives 25 February 2026 as the publication date for the Report on Trend & Progress of Housing in India, 2025, but the figures above remain specifically fiscal 2024–25 observations.

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Use a decision matrix instead of a single ranking

After collecting comparable data, score each city or locality against the factors that matter to your household. Keep the raw evidence beside each score so a favorable number cannot hide a disqualifying issue.

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Decision axis Evidence to record Question it answers
Price movement Same NHB HPI definition, quarter, base year and moving-average note. How did the selected broad price measure change?
Price level NHB carpet-area price where available, plus verified local comparables using the same area basis. What does a suitable home cost in this locality?
Primary inventory NHB under-construction signal and project-level RERA disclosures. What developer stock may be available, and at what stage?
Resale choice Dated, deduplicated listings matching area, type and budget. Can you actually choose among completed homes?
Delivery and legal risk RERA registration, updates, approvals, possession status and document review. What could delay or prevent the intended purchase?
Household fit Commute time, schools, care, transport, services and usable layout. Will the home work in daily life?
Affordability All-in cash requirement, monthly payment, carrying costs and stress-tested assumptions. Can you buy and hold it without financial strain?

Set your weights before seeing the results. For example, a household with a fixed office location might weight commute and affordability above appreciation, while a buyer with a flexible job might give more weight to area and possession certainty. A weighted score is a way to expose trade-offs, not a substitute for legal or financial due diligence.

Common comparison mistakes and their fixes

Comparing unlike NHB series

Mistake: using registered prices for one city and assessment prices for another. Fix: select one measure, quarter, unit and base series, and label every output.

Treating an index as a flat quote

Mistake: calling an HPI value the price of a home. Fix: use the index only for movement; obtain locality and property-level evidence for price.

Calling developer inventory citywide supply

Mistake: interpreting the under-construction market-price measure as all homes for sale. Fix: state that it covers primary-market developer inventory and excludes resale, then check resale stock separately.

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Ignoring area definitions

Mistake: comparing a super-built-up quote with a carpet-area figure. Fix: normalize to the same area basis and keep the unit visible.

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Using stale or duplicated listings

Mistake: adding every portal result to an inventory count. Fix: date the search, remove duplicates, distinguish asking from transacted prices and verify availability directly.

Relying on promotional claims without the authority record

Mistake: accepting a possession date, approval or “limited units left” statement as proof. Fix: compare the promoter’s material with the relevant RERA record and updates, and obtain professional advice for documents that you cannot evaluate.

Ranking cities by past growth alone

Mistake: assuming the highest historical increase will continue. Fix: use the dated HPI as context, then decide using affordability, supply type, delivery risk and household fit.

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A practical worksheet for each shortlisted home

Complete one record per property, not one optimistic estimate per city. The following fields force the comparison to stay concrete:

  1. City, locality, project or building and property type.
  2. Source and date of the asking or transaction information.
  3. Carpet area, bedroom count, floor, parking and possession status.
  4. Primary developer sale or resale, with the relevant RERA registration number where applicable.
  5. Quoted price, area basis and a line-by-line list of additional charges.
  6. Estimated cash needed before possession and monthly ownership cost.
  7. Commute time at the hours your household actually travels.
  8. RERA record checked, latest update date and unresolved discrepancies.
  9. Reasons to proceed, reasons to reject and the evidence supporting each.

Keep a dated copy of the NHB download and the authority disclosures used in your decision. Markets and project information change; a clear audit trail prevents an old number from silently becoming the basis for a new offer.

When the evidence is not enough to choose

Pause rather than forcing a city ranking when the available data is not comparable, the project cannot be found on the correct authority site, the area basis is unclear, the all-in cost is incomplete or the home fails a non-negotiable commute or affordability test. The appropriate next step is to obtain the missing property-level evidence, not to substitute a stronger-sounding national statistic.

A sound shortlist therefore has a transparent chain: one dated NHB measure for broad movement, a separately labeled inventory signal, locality-level price checks, verified RERA disclosures, and a full household affordability calculation. That chain lets you compare cities without mistaking a national index for the home you may actually buy.

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