All India residential property price rise by 13.73%
New Delhi: Real estate prices continue to rise in the country.
The House Price Index (HPI) of the Reserve Bank of India (RBI) increased by 13.73% year-on-year and 1.95% during the fiscal second quarter.
The HPI looks at real estate data, especially the residential market, across India. The base year of HPI is 2010-11, with a base level of 100 points.
The HPI has been developed by RBI based on data of property price transactions collected from registration authorities of respective state governments.
According to the data that was released by the central bank on Friday, the index rose by 26.5 points to 219.5 on a year-on-year basis from 193 points in the previous year. Sequentially it rose 4.2 points to 219.5 points from 215.3.
The increase in the quarter was “mainly due to increase in HPI of Delhi, Ahmedabad and Chennai,” RBI said in a statement.
Delhi rose 3.2%, Ahmedabad by 5.47% and Chennai by 4.41%, during the quarter.
On a year-on-year basis, realty prices in Delhi shot up the most—up 21.91 % from 251 in the quarter ended September 2014 to 306 in the quarter ending September 2015.
Prices in Kochi fell the most. HPI in the city registered a negative growth of 7.2 % to 171 points from 184.2.
On a sequential basis, Kanpur saw the steepest rise. The HPI for the city increased 5.51% to 110.4 points in second quarter from 101.8 in the first quarter of the year.
On the other hand, Kolkata saw the sharpest drop in real estate prices. The HPI for Kolkata fell 3.13% or 224.1 points in second quarter 2015-16 from the previous quarter.
Although prices have risen, the quantum of increase has been lesser than what it was in the previous. In the first quarter of the current financial year, the all India HPI increased by 14.5%, and in the fourth quarter of the previous fiscal year, it rose by 17.5%.