Kochi real estate market saw price correction last year, brought cheer to home-buyers

Housing prices are climbing in most of India’s top cities. But Kochi seems to be in no hurry to follow suit. According to the Reserve Bank of India’s latest House Price Index, Kochi recorded a 2.3% drop in housing prices — a rare trend when compared to the rest of the country.

The RBI tracks residential property prices in ten major Indian cities every quarter. The index looks at how much home prices have moved from the base year of 2010–11. This time, it compared data from 2024 with the current year. Kochi is the only city from Kerala included in this list.

While others rise, Kochi slips

Kolkata led the pack with an 8.82% rise in housing prices. Chennai followed with 7.2%. Bengaluru, Ahmedabad, Mumbai, Lucknow and Jaipur also saw prices edge up.

Then there’s Kochi, sitting with a 2.3% fall. Only two other cities — Kanpur (-1.6%) and Delhi (0.86%) — were close to this decline, and even then, Kochi’s dip stands out.

Not great news for sellers

The RBI’s report hints that 2024–25 hasn’t been a particularly comfortable year for sellers in Kochi. In the third quarter, prices nudged up slightly, but the fourth quarter wiped out that gain.

Buyers might see this as a good time to enter the market. But for builders and real estate developers, it could be a bump in the road. A market where prices dip is rarely the scenario they hope for — especially when cities like Kolkata are going the other way.