India’s housing market continues to show resilience beneath the surface, even as short-term price movements vary across cities. Fresh research by eXp India suggests that long-term demand remains robust, with a majority of housing markets delivering steady price growth over the past year.
The study analysed the average quarterly rate of house price growth across 50 locations nationwide, offering a longer-term view of market performance rather than focusing on quarter-to-quarter volatility. The findings point to a housing sector that is holding firm, supported by end-user demand, improving infrastructure and sustained urbanisation.
Majority of Markets Record Positive Growth
According to the research, 38 out of the 50 markets studied recorded positive price growth when measured by their average quarterly performance over the last year. Four locations saw prices remain broadly flat, while only eight markets experienced a decline.
This wide spread of positive outcomes highlights the depth of demand across India’s residential sector. Rather than being limited to a handful of large metros, price stability and growth are visible across a mix of established urban centres, emerging cities and commuter-led markets.
Gurugram Leads the Pack
Gurugram emerged as the strongest-performing housing market in the country, recording an average quarterly price growth of 5.9%. The city’s performance reflects its continued appeal as a corporate and commercial hub, supported by office leasing activity, infrastructure upgrades and strong demand for premium housing.
Navi Mumbai followed closely with an average quarterly growth of 5.8%. Long seen as a growth corridor rather than a finished market, Navi Mumbai has benefited from improved connectivity, ongoing infrastructure projects and rising interest from both homebuyers and investors.
Greater Noida ranked third, with an average quarterly growth of 5.3%. The region’s relative affordability compared to central NCR locations, along with improved road and metro connectivity, has helped sustain buyer interest over the past year.
Regional and Commuter Markets Gain Strength
Bhubaneswar and Noida rounded out the top five markets, both posting average quarterly growth of 4.9%. Their inclusion underlines the growing role of regional capitals and commuter markets in India’s housing story.
Bhubaneswar’s steady performance reflects a combination of planned urban development and rising white-collar employment, while Noida continues to benefit from its proximity to Delhi, expanding commercial districts and infrastructure-led growth.
The broader takeaway from the data is that housing demand is no longer concentrated in just a few traditional metros. Instead, it is spreading across a wider geography, driven by job creation, migration and lifestyle-driven buying decisions.
Limited Price Corrections at the Lower End
At the other end of the spectrum, a small number of markets recorded modest price declines over the year. Kochi saw the sharpest average quarterly drop at -2.0%, followed by Raipur at -0.9%. Kanpur recorded a decline of -0.5%, while Guwahati, Delhi and New Town Kolkata saw prices ease by an average of -0.4%.
These declines, however, appear to be localised adjustments rather than signs of a broader downturn. Factors such as supply overhangs, slower absorption in specific micro-markets or temporary demand pauses may have contributed to the corrections.
Importantly, the number of markets witnessing price declines remains limited, reinforcing the view that the national housing market continues to rest on a stable foundation.
Long-Term Lens Tells a Different Story
Sam Chopra, Head of eXp India, said the findings highlight the importance of viewing housing market performance through a long-term lens. While short-term price changes often dominate public discourse, the underlying trend across most markets points to stability rather than stress.
He noted that strong performances in markets such as Gurugram, Navi Mumbai and Greater Noida reflect genuine end-user demand rather than speculative activity. At the same time, the limited number of markets seeing modest price declines shows how broad-based stability remains across the country.
Even in cities where prices have softened, Chopra pointed out that these movements are highly localised and do not undermine long-term confidence in India’s residential sector.
A Market Supported by Structural Demand
The research adds to the growing evidence that India’s housing market is being driven by structural factors rather than short-term cycles. Urbanisation, rising incomes, infrastructure spending and changing lifestyle preferences continue to support demand across price segments.
As buyers become more discerning and developers more disciplined, the market appears to be settling into a phase of healthier, more sustainable growth. For homeowners and long-term investors alike, the message from the data is clear: despite pockets of short-term adjustment, India’s housing market remains one of the country’s most consistent long-term growth stories.
