The Reserve Bank of India’s (RBI) House Price Index (HPI) grew by 4.5 per cent year-on-year (y-o-y) in the second quarter of 2022-23, compared to 3.5 per cent in the previous quarter.
Four of the 10 cities in the index showed successive contraction, while the eight others showed expansion.
The Reserve Bank of India’s (RBI) House Price Index (HPI) grew by 4.5 per cent year-on-year (y-o-y) in the second quarter of 2022-23, compared to 3.5 per cent in the previous quarter.
The y-o-y movements in HPI varied widely across the cities, ranging from 11.1 per cent growth in Kochi to a 4.1 per cent contraction in Jaipur.
The quarterly HPI report was based on the transaction data received from the registration authorities in 10 major cities: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.
"On a sequential (q-o-q) basis, all India HPI increased by 0.4 per cent in Q2 2022-23, while Ahmedabad, Kolkata, Chennai, and Jaipur recorded sequential contraction in the index, it rose for the remaining cities," RBI said in a statement.
With the property market still in an upcycle, Indian lenders could expect quality home loan books, it said. In India, people either take loans from banks or non-banking financial institutions (NBFCs) to buy property.
On October 31, RBI said bank loans for residential real estate increased by 16 per cent y-o-y to Rs 18.058 lakh crore as of September 30.
Also, housing sales rose 60 per cent y-o-y in January-June this year across eight major cities with 1,58,705 units sold, the highest half-yearly demand in nine years, driven by lower base effect and mortgage rates, according to Knight Frank India, a real estate consultant.
Housing sales stood at 99,416 units in the first six months of 2021, the consultant said in the 17th edition of the half-yearly report 'India Real Estate: Residential and Office Market H1 2022', released on Wednesday through a webinar.