Housing prices up 10.5% in Jan-Mar 2017: RBI
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.
“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.