The average housing prices rose by 8.7 percent in April-June quarter across 10 major cities in the country over the year-ago period, according to the Reserve Bank of India. However, the growth in prices has moderated over the previous quarter when the annual growth was 10.4 percent.
The RBI on Tuesday released the Housing Price Index (HPI) for the first quarter of this fiscal. It is based on transaction data received from housing registration authorities in 10 cities- Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, and Kanpur.
“The all-India HPI recorded growth of 8.7 percent on annual basis as against 10.4 percent observed in the previous quarter and 7.3 percent a year ago,” RBI said in a statement.
Barring Chennai and Kochi, the RBI said all other cities recorded a rise in housing price.
Housing prices rose maximum by 18.2 percent in Kanpur, while the maximum fall of 11.2 percent was witnessed in Chennai, indicating large divergences in city-wise housing price movements.
On a quarter-on quarter basis, the all-India housing index recorded an increase of 3.8 percent, with eight of the ten cities recording a rise in the latest quarter, the statement said.
"City-wise, a large variance was observed in sequential terms, with Delhi recording the highest rise (9.4 percent) and Kochi recording the maximum contraction [-9.2 percent]," the statement said.