All-India House Price Index Surges 5.1% in Q1FY24: RBI’s Latest Data

The Reserve Bank of India (RBI) has unveiled its latest data, revealing a significant upswing in the All-India House Price Index (HPI). In the April-June quarter of the fiscal year 2023-24, the HPI recorded a robust growth rate of 5.1%. This marks a noteworthy increase compared to the 3.4% growth observed during the same period in the previous year.

All-India House Price Index: City-Specific Insights

The RBI’s quarterly HPI report draws upon transaction-level data sourced from registration authorities in ten major cities across India. These cities include Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. The growth trends within these cities exhibit considerable diversity.

• Delhi Leads with 14.9% Growth: Among the cities, Delhi stands out with an impressive annual HPI growth rate of 14.9%. This substantial increase underscores the city’s robust real estate market.

• Kolkata Witnesses a Contraction: In contrast, Kolkata experienced a decline in house prices, with a contraction of 6.6%. This variation highlights the disparities in housing market performance across different regions.

Quarter-on-Quarter Momentum

On a sequential basis (quarter-on-quarter), the All-India House Price Index exhibited a notable increase of 2.6% in Q1:2023-24. This indicates a positive momentum in the housing market during the first quarter of the fiscal year.

City-Specific Variations Continue

Examining the city-level data further, eight out of the ten major cities recorded an uptick 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.

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