1. Housing prices up 10.5% in January-March 2017: RBI

Housing prices up 10.5% in January-March 2017: RBI

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.

By: | New Delhi | Published: July 17, 2017 10:08 PM
rbi housing rates, housing rate rise, 2017 housing rate, housing rate hike, kolkata housing rate 2017, delhi housing rate 2017 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. (Source: PTI)

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.

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