Average home prices up 8.7% in Apr-Jun across 10 cities: RBI
The Reserve Bank of India released the Housing Price Index (HPI) for the first quarter of this fiscal which says the average housing prices rose by 8.7 per cent in April-June quarter across ten major cities of the country over the year-ago period. However, the growth in prices has moderated over the previous quarter when the annual growth was 10.4 %.
The Housing Price Index is based on transaction data received from housing registration authorities in 10 cities- Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur and Kanpur.
“The all-India HPI recorded growth of 8.7 per cent on annual basis (i.e Q1:2017-18 over Q1:2016-17) as against 10.4 per cent observed in the previous quarter and 7.3 per cent a year ago,” RBI said in a statement.
Barring Chennai and Kochi, the RBI said all other cities recorded a rise in housing price. Housing prices rose maximum by 18.2 per cent in Kanpur, while the maximum fall of 11.2 per cent was witnessed in Chennai, indicating large divergences in city-wise housing price movements. On quarter-on quarter basis, the all-India housing index recorded an increase of 3.8 per cent, with eight of the ten cities recording a rise in the latest quarter, the statement said.
“City-wise, large variance were observed in sequential terms, with Delhi recording the highest rise (9.4 per cent) and Kochi recording the maximum contraction [(-)9.2 per cent],” the statement said.