Housing prices rose by 8.7% on average in April-June across 10 major cities, including Mumbai

Housing prices rose by 8.7% on average in April-June across 10 major cities, including Mumbai
On a quarter-on quarter basis, the all-India housing index recorded an increase of 3.8 percent (Representational Image. Courtesy: REUTERS/Danish Siddiqui)

Housing prices across ten major cities in the country, including Mumbai, rose by around 8.7 percent on average in the April-June quarter compared to last year, Reserve Bank of India has said.

The growth in prices, however, has moderated over the previous quarter when the annual growth was 10.4 percent.

The statistics were a part of RBI’s Housing Price Index (HPI) for the first quarter of the fiscal. The report, released on Tuesday, is based on the transaction data received from housing registration authorities in 10 major cities.

The cities include, Mumbai, Delhi, Chennai, Kochi, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, and Kanpur.

“The all-India HPI recorded growth of 8.7 percent on annual basis as against 10.4 percent observed in the previous quarter and 7.3 percent a year ago,” RBI said in a statement.

Barring Chennai and Kochi, the RBI said all other cities recorded a rise in housing price.

Housing prices rose maximum by 18.2 percent in Kanpur, while the maximum fall of 11.2 percent was witnessed in Chennai, indicating large divergences in city-wise housing price movements.

On a quarter-on quarter basis, the all-India housing index recorded an increase of 3.8 percent, with eight of the ten cities recording a rise in the latest quarter, the statement said.

“City-wise, a large variance was observed in sequential terms, with Delhi recording the highest rise (9.4 percent) and Kochi recording the maximum contraction (-9.2 percent),” the statement said.

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