House price index up 24.1%: RBI report

Housing prices in all cities have increased on a year-on-year basis during the first quarter of 2012-13 fiscal, according to the Reserve Bank of India's (RBI) quarterly House Price Index (HPI) published in the macroeconomic report of RBI, on Monday.

The all-India house price index saw an increase of 24.1%, while the increase from fourth quarter of fiscal ended 2012 was 6.7%. The annual increase in house prices show a marginal moderation in Q1, while the transaction volume grew by 9.3%.

Delhi saw the highest increase in housing prices on a y-o-y basis by 42.2%, followed by Kolkata (30.1%). Compared with the previous quarter, housing prices show a marginal decline in Bangalore, Ahmedabad and Kanpur.

"Housing prices remain firm with rising volumes," the report said. While house transactions in Mumbai increased by a whopping 71% during April to June quarter in 2012 compared to same quarter last year, Delhi, Bangalore, Kolkata and Kanpur reported a decline in transaction volumes.

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