Housing prices increased by an average 10.5 per cent during January-March quarter of last fiscal across ten major cities of the country compared to the year-ago period, according to Reserve Bank of India. However, the prices increased marginally by 0.8 per cent over the October-December quarter of 2016-17. The RBI today released its quarterly House Price Index (HPI) for the fourth quarter of 2016-17 fiscal. The index is based on transaction data received from housing registration authorities in 10 major cities – Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur and Kanpur.
“On an annual basis, the all-India HPI increased by 10.5 per cent with Mumbai, Bengaluru, Ahmedabad, Lucknow, Kanpur and Kochi recording double-digit annual growth whereas Chennai witnessed a marginal moderation in housing prices,” RBI said in a statement. According to RBI data, housing prices in Mumbai appreciated by 17.25 per cent in January-March period as compared to the corresponding period of 2015-16. Prices shot up by 27 per cent in Kochi, 16 per cent in Lucknow, 17 per cent in Kanpur and 15 per cent each in Bangalore and Ahmedabad.
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Kolkata witnessed a price increase of 9 per cent, while rates in Delhi rose by 3.5 per cent. Jaipur saw marginal rise. Chennai was the lone city to witness fall, though slightly. “The all-India HPI recorded a sequential increase of 0.8 per cent during January-March quarter with six of the ten cities recording a rise in sequential terms. Kochi recorded the highest rise at 18.3 per cent whereas Chennai witnessed significant contraction of (-6.7 per cent),” the RBI said.