The housing prices have been on a steady healthy rise over the last year. As per recently released RBI House Price Index (HPI) of top cities in India, home prices increased by 1.12 in the December quarter from the preceding quarter and 4.66 per cent for the full year 2018.
RBI’s HPI is based on transactions data received from housing registration authorities in ten major cities, namely Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai.
- The All-India HPI recorded a sequential increase of 1.0 per cent in Q3:2018-19 over Q2:2018-19.
- Large variation in HPI growth across cities was observed, with Kochi recording the highest rise (8.5 per cent) and Jaipur recording the maximum contraction [(-)3.1 per cent].
- On a year-on-year basis, the all-India HPI recorded a growth of 4.7 per cent in Q3:2018-19 as against 5.7 per cent in the previous quarter and 7.2 per cent a year ago.
- The annual growth/contraction in HPI ranged from 28.8 per cent (in Kochi) to (-)6.5 per cent (in Kanpur), indicating large divergences in city-wise housing price movements.
Although most of the major Indian cities saw the rise, it is Kochi that overtook Mumbai and Delhi-NCR in the price hike. HPI for Kochi for the quarter ended December 2018 rose by 8.48 per cent to 298 from 274.7 in the September quarter on a sequential basis. On a yearly basis, HPI for Kochi soared by 28.83 per cent from 231.3 from December 2017, as per the RBI HPI report.
Click here for the complete RBI House Price Index report.
HPI for Mumbai saw a 0.90 per q-o-q rise and 3.47 per cent in full year of 2018. In Delhi, HPI was up by 1.34 per cent in the December quarter and by 3.30 per cent for full year 2018. Bengalaru HPI fell by 1.05 per cent to 243.2 during the December quarter but rose 7.80 per cent during the year 2018, the RBI House Price Index said.
While Kochi recorded highest rise, it is Jaipur that recorded the maximum contraction of -3.1 per cent on q-o-q basis but still managed to rise on yearly basis. It is only Kanpur that failed to record a rise in housing prices on an annual basis.