India house price index goes up by 3.5% in Q1 of 2022-23

During the first quarter of 2022-23, the pricing index for homes in India went up by 3.5 per cent year-on-year, data released by the RBI showed.

It is based on transaction-level data obtained from the housing registration authorities in 10 major cities in the country. The cities are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

Large-scale variance was observed in the year-on-year movement of the index across the country's cities and regions, RBI said. While Kolkata saw a 16 per cent growth, Bengaluru registered a 4 per cent contraction. On an all-India basis, the house price index expanded sequentially by 2.2 per cent in the first quarter of 2022-23.

There was sequential contraction of the index for Delhi, Kolkata and Jaipur. Apart from these three cities, all other cities saw the index expanding.

The HPI had risen 1.8 per cent in the fourth quarter of FY22 on an annual basis — a slower rate compared to the January-March quarter of the preceding fiscal when it had recorded an increase of 2.7 per cent.

In Q4 of 2022, Kolkata, Chennai and Kanpur had seen sequential growth, while the index had contracted for the remaining cities with Bengaluru recording the highest sequential contraction of 11.1 per cent.

By LNN (Liyaans News Network)