The RBI on Tuesday released the housing price index or HPI for the first quarter for the financial year 2017-18 based on the input given by housing registration department from 10 major cities that include Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Mumbai, Kolkata and Lucknow.
Of the 10 cities, the price index rose in 8 of the cities with a sequential rise to the tune of 3.8% in comparison to the corresponding quarter last year. On a city level, Delhi reported the highest variance with a rise in prices by 9.4% and the prices contracted sharply in Kochi that witnessed a fall of 9.2%.
Despite the slowdown in the realty sector, all cities other than Chennai and Kochi witnessed a surge in prices. Price movements were sharp across cities from a high in annual HPI of 18.2% in Kanpur and a decline of 11.2% in Chennai.
Year on Year Pan India HPI grew at a moderate rate of 8.7% for the Q1 of 2017-18.