The Reserve Bank of India (RBI) on Tuesday released the quarterly house price index (HPI) (base: 2010-11=100) for first quarter of financial year 2017-18, based on transactions data received from housing registration authorities in ten major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).
“The All-India HPI recorded a sequential increase of 3.8 per cent in Q1 FY18 over Q4 FY17, with eight of the ten cities recording a rise in the latest quarter,” according to data published by the RBI on Tuesday. 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 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; except Chennai and Kochi, all other cities recorded a rise in housing price. The annual growth in HPI ranged from 18.2 per cent (in Kanpur) to (-)11.2 per cent (in Chennai), indicating large divergences in city-wise housing price movements, shoed the data.
