The all-India House Price Index (HPI) moderated to 3.4 per cent in the July-September quarter of 2023-24 from 4.5 per cent in the year-ago period, according to data released by the Reserve Bank of India on Thursday. The RBI releases HPI based on transaction-level data received from the registration authorities in 10 major cities.
The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.
“All-India HPI growth (year-on-year) moderated to 3.4 per cent in Q2:2023-24 from 5.1 per cent in the previous quarter and 4.5 per cent a year ago; annual growth in HPI varied widely across the cities – ranging from the high growth of 6.5 per cent (Chennai) to a contraction of 0.2 per cent (Jaipur),” the central bank said.
On a sequential (quarter-on-quarter) basis, all-India HPI contracted by 1.2 per cent in the second quarter of 2023-24; seven of the 10 cities witnessed price increase in housing registration during the latest quarter.