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India's All-India House Price Index, compiled by the Reserve Bank of India, rose at a significantly slower annual pace of 2.2% during the past week, compared with the 7% growth seen in the corresponding period last year. The Central Bank released the latest HPI for Q2 of the current financial year with a revised base year of 2022-23, replacing the earlier 2010-11 benchmark. While Nagpur, Ghaziabad and Chandigarh supported the annual rise, several major metros recorded quarterly declines, pulling the composite index down from 113.4 in Q1 to 112.7 in Q2.
The All-India House Price Index (HPI), which tracks transaction-based price movements across 18 major cities, recorded a slower annual rise of 2.2% earlier this week for the second quarter of the ongoing fiscal year. This was a marked moderation from the 7% growth seen in the same period during the past year, according to data published by the Reserve Bank of India. Advertisement
The HPI is compiled every quarter by the RBI using transaction-level information provided by state registration departments. In its latest release, the central bank introduced a revised base year of 2022-23 for the index, replacing the earlier benchmark of 2010-11, reflecting more contemporary market conditions and transaction trends.
The RBI stated that annual HPI growth for Q2 was supported mainly by cities such as Nagpur, Ghaziabad and Chandigarh, which registered notable increases. However, the composite index registered a quarter-on-quarter decline, slipping from 113.4 in Q1 to 112.7 in Q2, driven by weaker price movements in larger cities, particularly Kolkata, Chennai, Lucknow and Hyderabad.
On a quarterly basis, the index contracted by 0.6%, with most of the downward pressure coming from Kolkata, Chennai and Lucknow. The RBI's coverage includes Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur, Kochi, Hyderabad, Thiruvananthapuram, Pune, Ghaziabad, Thane, Gautam Buddha Nagar, Chandigarh and Nagpur. The broader dataset continues to provide insights into pricing cycles, demand shifts and regional market disparities across India's urban housing ecosystem.
Source - PTI
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