All-India House Price Index rises 2.8% in Q3: RBI data

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The all-India house price index (HPI) rose 2.8 percent in the October-December quarter of 2022-23 as compared with 3.1 percent a year ago, according to data released by the Reserve Bank of India on Tuesday.

The RBI releases quarterly HPI based on transaction-level data received from the registration authorities in ten major cities.

The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.

The movements in HPI during the third quarter of the current fiscal varied widely across the cities – ranging from a growth of 7.1 percent (Kochi) to a contraction of 9 percent (Jaipur).

"On a sequential (q-o-q) basis, all India HPI increased by 1.3 percent in Q3:2022-23; while Lucknow, Kolkata, and Jaipur recorded sequential contraction in the index, it rose for the remaining cities," the RBI said.

Beginning with Mumbai city, the Reserve Bank initiated the work of compiling a house price index (HPI) in 2007 and brought out a quarterly HPI for Mumbai city. Over the quarters, the coverage has been extended by incorporating the nine other cities.