The Reserve Bank today released the quarterly House Price Index (HPI)¹ (base 2010-11=100) for Q3:2016-17, based on transaction data received from housing registration authorities in 10 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 portal (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics > RealSector > Price&Wages > Quarterly), where the HPIs for Q2:2016-17 are also updated.

Highlights:

• The All-India HPI recorded a sequential increase of 2.2 per cent in Q3:2016-17. Seven of the ten cities recorded a rise in the latest quarter.

• Annual growth in All-India HPI increased by 60 basis points to 8.3 per cent in Q3:2016-17. It, however, remained lower than 9.7 per cent annual growth recorded a year ago.

• There was wide divergence in city-wise housing price movements. Annual growth in HPI ranged from 19.3 per cent (Lucknow) to (-) 5.4 per cent (Jaipur) in Q3:2016-17. All the metro cities witnessed housing price-rise on Y-o-Y basis, though Chennai witnessed some moderation during the latest two quarters.

• The city-wise HPIs also witnessed large variance in sequential terms (i.e., Q3:2016-17 over Q2:2016-17): Kanpur recorded highest rise (12.1 per cent) whereas Kochi witnessed significant contraction ((-) 4.7 per cent).

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/2658

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.