House Prices Falling in Kochi

While India's Housing Market Grows by 3.12%: RBI

According to data from the Reserve Bank of India (RBI), Kochi recorded the highest decline in housing prices among the top 10 cities in the country over the past year. When comparing the January–March periods of 2024 and 2025, housing prices across the country increased by 3.12%. Conversely, Kochi registered a contraction of 2.3% in housing prices.

Apart from Kochi, Delhi (-0.86%) and Kanpur (-1.6%) also witnessed a decline in housing market values. In contrast, prices increased in the remaining seven major cities. The highest increase was in Kolkata, with an 8.82% rise, followed by Chennai at 7.2%. The reasons for these changes have not been specified.

The Reserve Bank publishes the House Price Index (HPI) for each quarter based on the sale transactions of houses and apartments in 10 major cities, including Delhi, Mumbai, Bengaluru and Chennai. In Kerala, only Kochi is included in the RBI’s data collection for this index.

Overall, Kochi showed a declining trend in housing prices throughout the last financial year. Compared to the first quarter of 2024–25 (April–June), there was 4.15% drop in the fourth quarter (January–March). Although the index showed a slight increase in the third quarter (October–December), it declined again in the fourth quarter.

The base year for the House Price Index (HPI) is 2010–11. Each quarter’s index value indicates how much prices have increased compared to that base year, which is assigned a value of 100. For example, if the index reached 155 in 2015, it means there was 55% increase in housing prices since 2010–11.

For the January–March period, Kochi’s House Price Index stands at 331.14. This means housing prices have increased by 231.14% compared to the base year 2010–11 (which is set at 100). A higher index number indicates a rise in prices, while a lower number reflects a decline.

Comparison of Housing Market Value Changes in Cities: January–March 2025 vs. the Same Period in 2024

Kochi: -2.3%                                                   Kolkata: 8.82%

Ahamedabad: 3.86%                                       Delhi: -0.86%

Bengaluru: 5.56%                                            Mumbai: 2.35 %

Kanpur: -1.6%                                                 Lucknow: 0.21%

Chennai: 7.2%                                                Jaipur: 7.65%

Overall Country: 3.12%