India · IND · snapshot 2026-10-06
India
Measured
Currency movement
+6.1%
The local currency bought fewer euros at the end of this window than at the start — a cheaper entry for a euro-denominated buyer, and a worse exit for anyone already holding the asset.
What it does not show. It is not a forecast and not a property return. A currency move and a price move are different facts and routinely point opposite ways; nothing here says which way either is going next.
Foreign-buyer rules
2 of 2 published rules apply
These are the restrictions a foreign buyer meets before price is even discussed — approval regimes, surcharges, ownership limits.
What it does not show. It is not a completeness claim. A rule we have not read is not a rule that does not exist, and this row counts what is cited, not what is in force.
Cost of money
5.25%
The price of money to banks in this jurisdiction, which sets the floor everything else is priced from.
What it does not show. It is emphatically not a mortgage quote. What a non-resident is offered is a different number, usually much higher, and the gap between them is where a market's financing story actually lives.
Supply against absorption
Not measured
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
Residential price cycle
106.6 against a 2015 base of 100
House prices have risen faster than consumer prices since 2015 — the market is above its own inflation-adjusted level of that year.
What it does not show. It is a position, not a direction, and it is not a valuation. Deflating by consumer prices says nothing about what the asset yields or what credit costs, and a market can sit above its 2015 level for years without that meaning anything is due.
Valuation against its own history
Not measured
The OECD house-price dataset does not carry this territory, so there is no ratio to state. The dataset covers its members and a set of partner economies, and most of the world is in neither.
On the market now
Not measured
No listings platform has been read for this market. The one platform this site can read covers Russian cities only, and inventing a count for anywhere else would be worse than an empty row.
No dossier has been written for this market yet. What follows is the measured layers and the rules, each with its source — not an argument about whether to be here. A market reaches this page as soon as two layers can be cited, because an unwritten thesis is a reason to publish less, not a reason to publish nothing.
The series behind those figures, and the workings
Currency
+6.1%
Twelve-month move in INR per euro, 103.6023 in 2025-09 to 109.9142 in 2026-09. Positive means the local currency weakened. Source: European Central Bank monthly reference averages.
108.6615
Latest daily fixing, INR per euro on 2026-10-06. Shown because it is what a reader would see if they went and looked; the window above uses monthly averages, which one volatile day cannot move.
Against other base currencies
A market is cheap or dear relative to the capital entering it, so the same twelve months read differently depending on what the buyer holds. Both legs are quoted per euro, so the euro cancels and no third source is involved.
| Buyer holds | INR per unit, 2025-09 | INR per unit, 2026-09 | Twelve-month move |
|---|---|---|---|
| US dollar (USD) | 88.3058 | 95.4677 | +8.1% |
| Pound sterling (GBP) | 119.2277 | 128.0864 | +7.4% |
| Swiss franc (CHF) | 110.8095 | 116.5597 | +5.2% |
| Singapore dollar (SGD) | 68.7225 | 75.0174 | +9.2% |
| Australian dollar (AUD) | 58.2202 | 67.9915 | +16.8% |
Cost of money
5.25%
Central bank policy rate, 2026-06. Source: Bank for International Settlements.
This is the price of money to banks, not the price of money to a non-resident buying a building. The gap between those two is where a market’s financing story actually lives, and it is not in this number. A mortgage quote for a foreign buyer depends on the lender, the asset and the borrower, and no public dataset carries it.
BIS terms permit this figure on a free page and state that nothing in their statistics constitutes investment advice. They also allow inclusion in a commercial product only where it adds no charge, so this series is published here and is not priced into any paid work.
Background
Annual national statistics from the World Bank, under a licence that permits reuse with attribution. They describe the country; they do not time an entry, and they are not counted as measurements of this market — otherwise every territory on earth would claim to be measured on the strength of one dataset.
| Indicator | Value | Year |
|---|---|---|
| GDP per capita | 2,702 US$ | 2025 |
| Consumer price inflation | 2.4 % | 2025 |
| Population | 1,463,865,525 | 2025 |
| Urban population | 35.7 % of total | 2025 |
| Official exchange rate | 87.1584 per US$ | 2025 |
What the rules do to a foreign buyer
Each entry cites the instrument and the authority page it was read from, with the date it was retrieved. Facts of law change; the retrieval date is how you know how old this reading is.
| Topic | How it fails you | In force | When it bites | Applies to | What applies | Instrument | Read on |
|---|---|---|---|---|---|---|---|
| A five-year lease, an inheritance, or the Reserve Bank's permission | Somebody has to say yesMoney does not open it | In forceNot stated by the source | On the way in | All propertyBoth are asked | India does not price a foreign buyer differently. It withholds the transaction. A foreign national of non-Indian origin who is resident outside India may take immovable property in India on a lease not exceeding five years, and may acquire it by inheritance from a resident. Everything else — an outright purchase of a flat, a house or land — needs the prior permission of the Reserve Bank of India. The category that escapes this is defined by connection to India rather than by residence: a non-resident Indian or an Overseas Citizen of India may buy freely, subject to the separate bar on agricultural land, farm houses and plantation property, which they may acquire only from another non-resident Indian or Overseas Citizen and may sell only to a resident. The practical consequence for a cross-border buyer is that the five-year lease is not a lesser form of the same deal; it is the only form available without an application, and it cannot hold a freehold position. | Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, as explained in the Reserve Bank of India's published answers on acquisition and transfer of immovable property in India. | 2026-09-06 |
| Eleven nationalities, and the words 'irrespective of residential status' | Somebody has to say yesMoney does not open it | In forceNot stated by the source | On the way in | All propertyYour passport | A second rule runs alongside the first and does not care where the buyer lives. Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong or the Democratic People's Republic of Korea, irrespective of their residential status, may not acquire or transfer immovable property in India without the prior permission of the Reserve Bank, other than on a lease not exceeding five years. The phrase 'irrespective of residential status' is what makes this worth recording separately: it reaches somebody who has lived in India for years and who would otherwise be treated as a resident, and it reaches the transfer as well as the purchase, so it binds an exit as much as an entry. Whether it reaches a company incorporated by such a citizen has not been read here and is not assumed. | Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, as explained in the Reserve Bank of India's published answers on acquisition and transfer of immovable property in India. | 2026-09-06 |
What is missing, and why
supply — Source does not cover this market
The dataset simply does not include this territory. Absent, not zero.
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
What supports this, what would make it wrong, and how it could go
Record
| Why this market is on the list | Added because two layers already covered it from sources whose licences are confirmed — the ECB reference rate for the currency and the BIS policy rate for the cost of money — and neither needed a new grant, a new connector, or a new fetch. The friction layer was opened on 2026-09-06 from the Reserve Bank of India's own guidance on the Non-Debt Instruments Rules 2019. What it establishes is close to the opposite of the ordinary assumption about a large open market: a foreign national of non-Indian origin living outside India cannot buy at all without the central bank's permission. It is on the screen because it is measured, not because it was chosen. |
|---|---|
| Dossier | None written. Layers and rules only, which is why this market reads as “Measured” rather than reviewed. |
| Next review | 2026-11-15 |
| Evidence snapshot | 2026-10-06 |