House price index rises 2.8 pc on annual basis: RBI

House prices in Bengaluru, Kochi, Ahmedabad and Lucknow increased during the quarter on sequential basis, the central bank said.

The all-India House Price Index (HPI) rose 2.8 per cent in the first quarter of the current financial year on an annual basis, according to data released by the Reserve Bank of India. The quarterly HPI for the April-June 2020 period is based on transaction-level data received from housing registration authorities in 10 major cities.

The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai. "On an annual basis (y-o-y), the all-India HPI increased by 2.8 per cent in Q1:2020-21 as compared with 3.4 per cent a year ago; annual growth in city wise HPI varied from an increase of 16.1 per cent (Bengaluru) to a contraction of 6.7 per cent (Delhi)," the RBI said.

Further, the all-India HPI increased by 1.2 per cent on a sequential basis (q-o-q) during the first quarter of the current financial year. House prices in Bengaluru, Kochi, Ahmedabad and Lucknow increased during the quarter on sequential basis, the central bank said.