New Delhi, July 18: Housing prices increased by 10.5% in January-March this year as compared to the year-ago period, revealed Reserve Bank of India.
RBI issued its quarterly House Price Index (HPI) for the fourth quarter of 2016-17 fiscal, which is based on transaction data received from housing registration authorities in 10 major cities including National Capital, Mumbai, Chennai, Kochi, Kolkata, Ahmedabad, Bengaluru, Lucknow, Jaipur and Kanpur.
The all-India HPI recorded a sequential increase (Q4FY16-17 over Q3FY16-17) of 0.8% in Q4FY16-17 with six of the 10 cities, recording a rise in sequential terms. Kochi recorded the highest rise of 18.3%, whereas Chennai witnessed significant contraction of (-) 6.7%, RBI asserted in a statement, PTI quoted.
As per RBI report, housing prices in Mumbai hiked by 17.25 percent in January-March period against the corresponding period of 2015-16.
“On an annual basis, the all-India HPI increased by 10.5 percent with Mumbai, Bengaluru, Ahmedabad, Lucknow, Kanpur and Kochi recording double-digit annual growth whereas Chennai witnessed a marginal moderation in housing prices,” RBI further added.