Ban­ga­lore, Ahmed­abad showed good mo­men­tum for hsg price dur­ing 2013-14: RBI

Accommodation Times - - Nation - By Staff Re­porter

Last five quarters of hous­ing in­dex till March 2014 wit­nessed a de­cline in the pace of price rise as it came down to around 10 per cent with the slow­est be­ing 10.5 per cent in the fes­tive sea­son last year be­tween Oc­to­ber and De­cem­ber 2013, said Re­serve Bank of In­dia (RBI) in its quar­terly house price in­dex (HPI) com­piled by them for 10 ma­jor ci­ties over the last four years based on ac­tual regis­tered trans­ac­tions.

How­ever, in Ban­ga­lore and Ahmed­abad, house prices grew at a rel­a­tively slower pace dur­ing 2012-13 but picked up mo­men­tum in 201314. Kolkata and Delhi picked up mo­men­tum in 2012-13 and then showed some mod­er­a­tion in 2013-14.

The Re­serve Bank is com­pil­ing a quar­terly house price in­dex (base 2010-11=100) for ci­ties like Mumbai, Delhi, Chen­nai, Kolkata, Ban­ga­lore, Lucknow, Ahmed­abad, Jaipur, Kan­pur and Kochi. The re­lease no­ti­fied that the prices have been con­stantly ris­ing though the pace of rise has de­clined over the last one year, growth in 2013-14 was at 12.7 per cent, plau­si­bly re­flect­ing a cor­rec­tion in trends, on the back of sub­dued de­mand. RBI said the growth in house prices had mod­er­ated in 201314 for Mumbai, Delhi, Kolkata, Jaipur and Kan­pur. For in­stance, the price in Mumbai rose on an av­er­age an­nual ba­sis by 30 and 18.5 per cent, re­spec­tively, for 2011-12 and 2012-13. This de­clined to 8.7 per cent in 201314. How­ever, in Ban­ga­lore and Ahmed­abad, house prices grew at a rel­a­tively slower pace dur­ing 2012-13 but picked up mo­men­tum in 2013-14. Kolkata and Delhi picked up mo­men­tum in 2012-13 and then showed some mod­er­a­tion in 2013-14. Prices in the small size cat­e­gory have gone up at an av­er­age an­nual of 23.7 per cent in the past four years. The av­er­age in­crease has been lower for the medium and large cat­e­gories at 18.2 and 18.6 per cent, re­spec­tively. In 2013-14, the price in­crease in the small and medium size cat­e­gory mod­er­ated to 8.7 and 10.7 per cent, re­spec­tively, while that in the large size cat­e­gory re­mained almost at the av­er­age level.

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