Housing prices fall sharply, Jaipur leads the pack; Chennai saw maximum rise

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Updated: July 8, 2016 2:50:08 PM

The Housing Price Index (HPI) data said that rate of increase in March quarter moderated and fell to 5.2 per cent from 9.7 per cent in the previous quarter and 17.5 per cent a year ago. This is the fourth consecutive fall in the housing prices.

Housing prices fall sharply; Jaipur leads the packThe Housing Price Index (HPI) data said that rate of increase in March quarter moderated and fell to 5.2 per cent from 9.7 per cent in the previous quarter and 17.5 per cent a year ago.

Homebuyers, especially, end-users can rejoice as Reserve Bank of India’s (RBI) Housing Price Index data shows that housing prices in the country has slowed down further for the quarter ended March 2016. The central bank released the data for the January-March quarter of 2015-16 for 10 major cities, including Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi.

The Housing Price Index (HPI) data said that rate of increase in March quarter moderated and fell to 5.2 per cent from 9.7 per cent in the previous quarter and 17.5 per cent a year ago. This is the fourth consecutive fall in the housing prices.

On year-to-year basis, housing prices in Jaipur lead the pack of cities that saw maximum fall in housing prices growth. The HPI in Jaipur fell 10.3 per cent, followed by Kochi (down 5.5 per cent), Kanpur (1.7 per cent ) and Kolkata (1.2 per cent).

On the other hand, Chennai saw the maximum increase of 12.1 per cent, followed by Ahmedbad(10.3 per cent), Lucknow(8.1 per cent), Bengaluru (7.2 per cent) and Mumbai (6.8 per cent) rise in HPI.

On Quarter on quarter basis, the housing price index of Bengaluru witnessed maximum growth (rise of 5.5 per cent), whereas Kochi saw the maximum contraction (declined by 8.0 per cent). Bengaluru, Chennai(rise of 3.9 per cent), Lucknow (2.3 per cent) and Delhi (0.7 per cent) were the only cities that witnessed sequential increase in housing price growth.

Kochi along with Jaipur (down 7.3 per cent), Kanpur (3 per cent), Ahmedabad (1.3 per cent), Kolkata (0.8 per cent) and Mumbai (0.4 per cent) saw the fall in housing price index growth sequentially.

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