Mumbai’s housing prices appreciated by 17% in Jan-Mar 2017: RBI

Mumbai's housing prices appreciated by 17% in Jan-Mar 2017: RBI 1
According to RBI data, housing prices in Mumbai appreciated by 17.25 percent in January-March period as compared to the corresponding period of 2015-16 (Representational Image)

Housing prices increased by 10.5 percent on average during January-March quarter of last fiscal across ten major cities of the country, including Mumbai, compared to the same period last year, 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 on Tuesday 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 percent 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 percent in January-March period as compared to the corresponding period of 2015-16.

Prices shot up by 27 percent in Kochi, 16 percent in Lucknow, 17 percent in Kanpur and 15 percent each in Bangalore and Ahmedabad.

Kolkata witnessed a price increase of 9 percent, while rates in Delhi rose by 3.5 percent. 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.

With agency inputs

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