All India-House Price Index at its highest in six year: RBI
Housing prices in India increased in the first quarter of the current fiscal in all cities, touching their highest point in six years on sequential basis, said the Reserve Bank of India (RBI) on Monday in its quarterly released Housed Price Index (HPI) data.
As per the data published, All-India HPI has sequentially increased by 5.5% to 231.1 in Q1FY17 from 219.1 in the fourth quarter of the previous financial year.
The data included for All-India and 10 major cities, namely, Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi.
Annually, the All-India HPI recorded a rise of 7.3% in Q1FY17 after moderation over four consecutive quarters from 17.5% in Q4FY15 to 3.3% in Q4:FY16. During the same period, Chennai witnessed maximum increase in the house prices with 23.9% while, Jaipur witnessed maximum contraction of -4.4%, the RBI data showed.
However, on sequential basis, i.e. Q4FY16 to Q1FY17, Kochi recorded highest HPI increase of 17.6% while again, Jaipur recorded the lowest increase of 0.6%, according to the RBI data.