House price index growth continues to moderate: RBI data

Annual growth in the all-India House Price Index (HPI) continued to moderate and stood at 1.1 per cent in the second quarter of the fiscal as compared to 2.8 per cent expansion in previous quarter, according to data released by the Reserve Bank. The growth in HPI was 3.3 per cent the July-September quarter of 2019-20.

"HPI growth (y-o-y) varied widely across cities and ranged from an increase of 9.0 per cent (Ahmedabad) to a contraction of (-) 5.5 per cent (Delhi)," the RBI said. The all-India HPI contracted by (-) 1.1 per cent on a sequential basis (q-o-q) in the second quarter of the fiscal.

Among major cities, Delhi, Bengaluru, Kolkata and Chennai recorded sequential decline in HPI, whereas house prices in Mumbai remained around the previous quarter's level. The index is based on transaction-level data received from housing registration authorities in ten major cities - Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai.