What is Residential Property Rates in your City?
The Reserve Bank of India (RBI) has released data indicating that the third quarter of 2023–24 saw a steady increase in housing prices in India. In comparison to the same period last year, the RBI's All-India Home Price Index (HPI) increased to 3.81% in the December quarter of 2023–2024. In the same quarter of the previous year, the index saw an annual rise of 2.81%. In the 2023–24 quarter, the yearly increase in housing prices had leveled out at 3.5%.
On February 26, 2024, the central bank made the HPI public using transaction-level data that it had obtained from the registration authorities in ten major cities. Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai are the cities in question. Keep in mind that changes in residential real estate prices varies widely from one city to another.
Six of the ten cities—Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad, and Kochi—saw increases in home prices in the most recent quarter, according to the RBI. In Q32024, Chennai saw the most gain in the Housing Price Index, up 8.41% year over year. With a 7.65% year-over-year increase in the December quarter, Kolkata finished in second place. During the reviewed quarter, Bengaluru's housing price index increased to 6.34%. In Ahmedabad, the housing price index increased to 5.10%.
In the third quarter of 2024, Delhi's house price index growth slowed down among metropolises. From 4.63% in the prior quarter to 1.13% in the December quarter, it decreased. The home price index in Mumbai decreased somewhat from 2.35% in Q22024 to 2.02% in Q32024.
Out of the ten cities, Kochi had the least yearly gain in the housing price index, at 0.64%. Here is the data for Residential property rates
Residential property rates: All-India Home Price Index by RBI
City
|
Q32022-23
|
Q32023-24 **(P)
|
YoY change
|
Ahmedabad
|
318.74
|
335.01
|
5.10%
|
Bengaluru
|
331.08
|
352.06
|
6.34%
|
Chennai
|
275.26
|
298.41
|
8.41%
|
Delhi
|
336.79
|
340.61
|
1.13%
|
Jaipur
|
171.63
|
172.86
|
0.72%
|
Kanpur
|
176.07
|
179.88
|
2.16%
|
Kochi
|
333.29
|
334.41
|
0.64%
|
Kolkata
|
296.42
|
319.09
|
7.65%
|
Lucknow
|
400.95
|
413.34
|
3.09%
|
Mumbai
|
292.87
|
298.79
|
2.02%
|
ALL INDIA HOME PRICE
|
302.04
|
313.55
|
3.81%
|
All India index is a weighted average of city indices, weights based on population proportion.
**(P) Provisional indexes which will be finalized by next quarter.
Source: Reserve Bank of India