House Price Index Rose 1.8% In March Quarter: RBI

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Mumbai: The All India House Price Index (HPI) rose 1.8 percent in March quarter of 2021-22 on an annual basis, according to data released by the Reserve Bank of India (RBI).

However, the rise in the key index was slower compared to the January-March quarter of the preceding fiscal when it had recorded an increase of 2.7 percent.

The RBI releases its quarterly house price index based on transaction-level data received from housing registration authorities in ten major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

“All India HPI recorded an annual growth of 1.8 percent in March quarter, 2021-22 as compared with 3.1 percent in the previous quarter and 2.7 percent a year ago,” the RBI said in a statement.

The year-on-year movements in HPI varied widely across the cities – ranging from a growth of 19.2 percent (Kolkata) to a contraction of 11.3 percent (Bengaluru).

On a sequential (quarter-on-quarter) basis, the all India HPI registered a contraction of 1.1 percent in Q4 of 2021-22.

Only Kolkata, Chennai and Kanpur recorded sequential growth; whereas the index contracted for the remaining cities with Bengaluru recording the highest sequential contraction of 11.1 percent.