Annual growth in All-India HPI stood at 8.3% in Q3 of 2016-17
The Reserve Bank today released the quarterly House Price Index (HPI)1 (base 2010-11=100) for Q3 of 2016-17, based on transaction data received from housing registration authorities in 10 major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).The All-India HPI recorded a sequential increase of 2.2% in Q3 of 2016-17. Seven of the ten cities recorded a rise in the latest quarter.
Annual growth in All-India HPI increased by 60 basis points to 8.3% in Q3 of 2016-17. It, however, remained lower than 9.7% annual growth recorded a year ago.
There was wide divergence in city-wise housing price movements. Annual growth in HPI ranged from 19.3% (Lucknow) to (-) 5.4% (Jaipur) in Q3 of 2016-17. All the metro cities witnessed housing price-rise on Y-o-Y basis, though Chennai witnessed some moderation during the latest two quarters.
The city-wise HPIs also witnessed large variance in sequential terms (i.e., Q3 of 2016-17 over Q2 of 2016-17) - Kanpur recorded highest rise (12.1%) whereas Kochi witnessed significant contraction ((-) 4.7%).
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