Housing prices up 10.5% in Jan-Mar 2017: RBI
Housing prices increased by an average 10.5% during January-March quarter of last fiscal across 10 major cities of the country compared to the year-ago period
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New Delhi: Housing prices increased by an average 10.5% during January-March quarter of last fiscal across ten major cities of the country compared to the year-ago period, according to the Reserve Bank of India (RBI).
However, the prices increased marginally by 0.8% over the October-December quarter of 2016-17. The RBI on Monday released its quarterly House Price Index (HPI) for the fourth quarter of 2016-17 fiscal. The index is based on transaction data received from housing registration authorities in 10 major cities—Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur and Kanpur.
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“On an annual basis, the all-India HPI increased by 10.5% with Mumbai, Bengaluru, Ahmedabad, Lucknow, Kanpur and Kochi recording double-digit annual growth whereas Chennai witnessed a marginal moderation in housing prices,” RBI said in a statement.
According to RBI data, housing prices in Mumbai appreciated by 17.25% in January-March period as compared to the corresponding period of 2015-16. Prices shot up by 27% in Kochi, 16% in Lucknow, 17% in Kanpur and 15% each in Bangalore and Ahmedabad. Kolkata witnessed a price increase of 9%, while rates in Delhi rose by 3.5%. Jaipur saw marginal rise. Chennai was the lone city to witness fall, though slightly.
“The all-India HPI recorded a sequential increase of 0.8% during January-March quarter with six of the 10 cities recording a rise in sequential terms. Kochi recorded the highest rise at 18.3 % whereas Chennai witnessed significant contraction of (-6.7 %),” the RBI said.