House price rises abate in Q1

QoQ growth RBI house price index over 2010-11 at all-India level was lower at 0.89% in first quarter of 2013-14

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RBI said the sequential increase in home unit prices across the country abated during the first three months this financial year. "The quarter-on-quarter growth in the RBI house price index at the all-India level was lower at 0.89 per cent in the first quarter of 2013-14...compared to the previous quarter," it said.

In the second quarter review of macroeconomic and monetary developments. The increase was highest for the Lucknow market, followed by Ahmedabad and Kochi. The sequential rise in the house price index for Lucknow was 4.66 per cent in April-June period compared to a fall of 1.82 per cent in the previous quarter. For Ahmedabad and Kochi, the quarter-on-quarter rise was 4.47 per cent and 2.28 per cent, respectively.

Home unit prices moderated most in Kanpur, with the house price index for the city falling by 9.35 per cent sequentially in the first quarter.

Among metros, the quarter-on-quarter increase in house price index for Delhi, Mumbai, Kolkata and Chennai was 0.79 per cent, 0.28 per cent, 1.42 per cent and 0.61 per cent, respectively.