Housing prices up 8.3% in major cities; Lucknow shines with 19% growth

At the bottom, Jaipur saw price contraction of 5.4%

The average housing prices rose by 8.3 per cent during the third quarter of last financial year (FY) in major cities with Lucknow witnessing the maximum rise of 19.3 per cent, according to the Reserve Bank of India (RBI) data released on Monday.

According to the RBI's quarterly House Price Index (HPI), the all-India index for the October-December quarter of 2016-17 rose to 240.2 from 221.7 in the year-ago period.

The index is based on transaction data received from housing registration authorities in 10 major cities — Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi. The base year for the index is 2010-11.

"Annual growth in All-India HPI increased by 60 basis points to 8.3 per cent in Q3:2016-17. It, however, remained lower than 9.7 per cent annual growth recorded a year ago," RBI said in a statement.

The annual growth in HPI ranged from 19.3 per cent in Lucknow to (-)5.4 per cent in Jaipur.

All metro cities saw housing price-rise on a year-on-year basis, though Chennai witnessed some moderation during the latest two-quarters.

According to the data, housing prices rose in Mumbai by 12.87 per cent, Delhi by 4.86 per cent, Bengaluru 9.32 per cent, Ahmedabad 5.06 per cent, Kolkata 7.18 per cent, Chennai 10.5 per cent and Kanpur 5.03 per cent. Kochi saw a decline in housing prices by one per cent.

"The All-India HPI recorded a sequential increase of 2.2 per cent in Q3:2016-17. Seven of the ten cities recorded a rise in the latest quarter," the statement said.

Kanpur recorded the highest rise of 12.1 per cent during the third quarter of last fiscal against the previous quarter, while Kochi witnessed significant contraction of 4.7 per cent.