The Reserve Bank today released the quarterly house price index (HPI) for Q1, 2017-18, based on transactions data received from housing registration authorities in ten major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi). As per the report, the All-India HPI recorded a sequential increase (i.e., Q1:2017-18 over Q4:2016-17) of 3.8 per cent, with eight of the ten cities recording a rise in the latest quarter.
City-wise, large variance were observed in sequential terms, with Delhi recording the highest rise (9.4 per cent) and Kochi recording the maximum contraction [(-)9.2 per cent].
The all-India HPI recorded a growth of 8.7 per cent on annual basis (i.e., Q1:2017-18 over Q1:2016-17) as against 10.4 per cent observed in the previous quarter and 7.3 per cent a year ago. Except Chennai and Kochi, all other cities recorded a rise in housing price.
The annual growth in HPI ranged from 18.2 per cent (in Kanpur) to (-)11.2 per cent (in Chennai), indicating large divergences in city-wise housing price movements.