Today, the Reserve Bank released the quarterly house price index (HPI)¹ (base: 2010-11=100) for Q2:2017-18, based on transactions data received from housing registration authorities in ten major cities (viz., Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi). Time series data on All-India and city-wise HPI are available on the Database of Indian Economy (DBIE) portal (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics > RealSector > Price&Wages > Quarterly).

Highlights:

• The All-India HPI recorded a sequential increase (i.e., Q2:2017-18 over Q1:2017-18) of 0.4 per cent, with six of the ten cities recording a rise in the latest quarter.

• City-wise, large variances were observed in sequential terms, with Kochi recording the highest rise (20.3 per cent) and Bengaluru and Ahmedabad recording the maximum contractions [(-)2.9 per cent each].

• The all-India HPI recorded growth of 7.3 per cent on annual basis (i.e., Q2:2017-18 over Q2:2016-17) as against 8.7 per cent observed in the previous quarter and 7.7 per cent a year ago; except Chennai, all other cities recorded a rise in housing price.

• The annual growth in HPI ranged from 29.7 per cent (in Kanpur) to (-)7.0 per cent (in Chennai), indicating large divergence in city-wise housing price movements.

Ajit Prasad
Assistant Adviser

Press Release : 2017-2018/1781

¹ Compiled in the Statistical Analysis Division of the Department of Statistics and Information Management, Reserve Bank of India, Mumbai. Reference may be made to the article “House Price Index: 2010-11 to 2013-14” in October 2014 issue of the RBI Bulletin (weblink: https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx) for HPI compilation methodology and the related caveats.