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Average Housing Prices Up Over 7% In June Quarter: RBI

Average Housing Prices Up Over 7% In June Quarter: RBI

New Delhi: Housing prices increased by an average 7.3 per cent during the April-June period of this fiscal year in major cities after moderating for last four consecutive quarters, according to the Reserve Bank of India.

The RBI on Monday released the quarterly House Price Index (HPI) data for the first quarter of 2016-17.

“All-India HPI (base 2010-11=100) has sequentially increased by 5.5 per cent to 231.1 in Q1 of 2016-17 from 219.1 in Q4 of 2015-16. All cities witnessed HPI increase in Q1 of 2016-17,” the RBI said in a statement.

The index recorded annual increase of 7.3 per cent in the first quarter of 2016-17 after moderation over four consecutive quarters from 17.5 per cent in the fourth quarter of 2014-15 to 3.3 per cent in the fourth quarter of 2015-16.

On an annual basis, Chennai witnessed the maximum increase of 23.9 per cent in the first quarter of 2016-17; whereas Jaipur witnessed the maximum contraction (-4.4 per cent).

On a sequential basis, Kochi recorded highest increase in housing price index of 17.6 per cent, whereas Jaipur recorded the lowest increase of 0.6 per cent.

PTI