The Reserve Bank of India (RBI) has released its latest data, showcasing a substantial surge in the All-India House Price Index (HPI). In the fiscal year 2023-24’s April-June quarter, the HPI registered a robust growth rate of 5.1%, signifying a significant uptick from the 3.4% growth witnessed in the corresponding period of the previous year.
The RBI’s quarterly HPI report relies on transaction-level data gathered from registration authorities in ten major cities across India. These cities encompass Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai, each displaying distinct growth patterns.
Delhi emerges as a standout with an impressive annual HPI growth rate of 14.9%, highlighting the city’s thriving real estate market.
Conversely, Kolkata witnessed a decline in house prices, experiencing a contraction of 6.6%. This disparity underscores variations in housing market performance across different regions.
When examined on a sequential basis (quarter-on-quarter), the All-India House Price Index demonstrated a notable increase of 2.6% in Q1:2023-24, signaling positive momentum in the housing market during the initial quarter of the fiscal year.
Further scrutiny of city-level data reveals that eight out of the ten major cities recorded an upswing in housing registration prices compared to the previous quarter. This suggests that the real estate market is generally displaying resilience and growth in these urban centers.