The Reserve Bank of India’s (RBI’s) All-India House Price Index (HPI) showed 4.5% year-on-year increase during the second quarter ended September 2022. The HPI had grown by 3.5% in the April-June quarter of FY23 and by 2.4% a year ago, the central bank said in a statement released on November 25, 2022. On a sequential basis, the All-India HPI increased by 0.4%, the RBI said.
HPI data also showed the yearly movement in housing prices across India’s 10 prime residential markets varied widely ─ ranging from 11.1% growth in Kerala’s Kochi to contraction of 4.1% in Rajasthan’s Jaipur. In the previous quarter, Kochi recorded price growth of 19.8% year-on-year.
The RBI HPI is based on transaction-level data received from registration authorities in 10 major cities. These cities are Ahmedabad, Bangalore, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai.
A quarterly comparison showed Ahmedabad, Kolkata, Chennai and Jaipur recorded contraction in the index even as other remaining cities included in the analysis showed upwards movement in prices.
