Nagpur: The city’s real estate market is on fire, and the numbers now officially prove it. According to the latest data released by the Reserve Bank of India, Nagpur has emerged as the fastest-rising housing market in the country, outpacing several major metros.
The Housing Price Index (HPI) for Nagpur has soared to 138.24 in the third quarter (Q3) of fiscal 2025-26, the highest among the 18 major cities tracked by the RBI. In comparison, the All-India HPI stands at 115.6 for the same quarter, reflecting a year-on-year growth of 6.9% and a quarterly increase of 3.6%.
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A steep climb in just three years
With 2022-23 as the base year, Nagpur’s HPI was 98.08 in Q1 of 2022-23. In less than three years, it has climbed dramatically to 138.24, marking a sharp rise of nearly 3% over the previous quarter alone.
Though there were temporary dips, including a fall from 115.64 in Q1 of 2023-24 to 97 in Q4 of the same fiscal, the rebound has been powerful and sustained.
Ahead of Mumbai, Pune and Delhi
What makes the surge more striking is that Nagpur has outperformed larger and traditionally stronger property markets. The HPI for Mumbai stands at 105.90 and Pune at 112.41. Delhi records 101.26, among the lowest in the RBI list.
While Chennai’s HPI is higher at over 162, it includes commercial property rates in its calculation, which are significantly higher than residential prices. On a purely housing basis, Nagpur tops the chart.
The RBI calculates the index based on stamp duty paid during property registration, reflecting actual transaction values mentioned in sale documents.
Stamp Duty windfall signals massive transactions
The State Government is targeting stamp duty collections of Rs 1,800 crore from Nagpur this year. With a basic stamp duty rate of 5%, this translates into an estimated Rs 36,000 crore worth of property transactions expected in the city, a staggering volume that underscores the scale of the real estate boom.
Why are prices rising?
Real estate developers attribute the spike to surging demand driven by major government-backed infrastructure and development projects.
“The high demand due to government projects is propelling the prices,” said Gaurav Agrawala, former President of the Confederation of Real Estate Developers’ Associations of India (CREDAI).
With large-scale infrastructure expansion, improved connectivity, and rising investor confidence, Nagpur’s housing market appears to be in a high-growth cycle, but the rapid rise also raises concerns about affordability for middle-class homebuyers.
For now, however, the message from the RBI data is clear: Nagpur is no longer a quiet real estate market, it is leading the national surge.
