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Housing Prices Up 13.7% in July-September Quarter: RBI

Housing

New Delhi: Housing prices increased by 13.7 per cent during July-September of this fiscal year compared with year-ago period but the annual growth rate has slowed down, according to a report to the Reserve Bank of India (RBI).

Delhi witnessed the maximum rise with nearly 22 per cent increase in prices during the quarter over the last year.

The RBI on Friday released quarterly House Price Index (HPI) for All India and ten major cities – Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi.

The all-India housing price index increased to 219.5 in the second quarter of 2015-16 from 215.3 in the first quarter of mainly due to increase in HPI of Delhi, Ahmedabad and Chennai, the RBI said in a statement.

The housing price index decreased in Kolkata, Kochi and Bengaluru during the second quarter of this fiscal year from the previous quarter.

“Year-on-Year growth for HPI-All India further declined to 13.7 per cent in Q2 of 2015-16 (14.5 per cent in Q1 of 2015-16 and 17.5 per cent in Q4 of 2014-15) mainly due to decline of year-on-year growth of HPI of Kolkata, Jaipur and Lucknow,” the RBI said.

The data showed that the housing price index of Delhi rose maximum at 21.9 per cent during the second quarter of 2015-16 compared with a year-ago. The minimum year-on-year growth was in Kochi (-7.2 per cent).

On quarter-on quarter basis, the housing price index for Kanpur witnessed the highest growth at 5.51 per cent, whereas Kolkata witnessed maximum fall in index of 3.13 per cent.

Housing price index of all the 10 cities, barring Kochi, went up during the second quarter of the current fiscal year.

The prices have shown upward trend despite the huge slowdown in demand in the real estate sector, particularly in the residential segment.

The Housing price index of Bengaluru increased by 19.12 per cent in the second quarter of this fiscal year compared with the year-ago period, followed by Chennai at 12.38 per cent, Lucknow 10.89 per cent, Mumbai 10.75 per cent, Kanpur 8.44 per cent, Ahmedabad 7.4 per cent, Kolkata 7.07 per cent and Jaipur 3.26 per cent, RBI data showed.

On pan-India basis, the index increased by 13.7 per cent to 219.5 points against 193 in the year-ago period.

The RBI’s housing price index has taken the base year as Q1 of 2010-11 with an index of 100.

The RBI said the index of Chennai is based on both residential and commercial properties.

PTI