According to the Housing Price Index (HPI) for the first quarter of this fiscal which was released by the Reserve Bank of India today, the average housing prices appreciated by 8.7% in April-June quarter across ten major cities of the country over the prices obtaining in the year-ago period. The index is based on transaction data received from housing registration authorities in the ten cities of Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur and Kanpur.
However, the growth in prices has moderated over the January-March quarter when the annual growth was 10.4 %. "The all-India HPI recorded growth of 8.7% on annual basis (i.e Q1:2017-18 over Q1:2016-17) as against 10.4% observed in the previous quarter and 7.3% a year ago," RBI said in a statement.
But for Chennai and Kochi, all other cities have witnessed a rise in housing price. The maximum rise in housing prices was seen in Kanpur where the prices rose by 18.2%, while the maximum fall of 11.2% was witnessed in Chennai, indicating huge variation in city-wise housing price movements.
On quarter-on-quarter basis, the all-India housing index recorded an increase of 3.8%, 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%) and Kochi recording the maximum contraction [(-)9.2%]," the statement said.