Rate of Growth in House prices at 6-year low
Mumbai: The rate of increase in home prices fell to the lowest in almost 6 years as per the latest House Price Index (HPI) released by the Reserve Bank of India on Wednesday. Data on movement of home prices available from Q1 FY11 showed that while the All India House Price Index was at an alltime high, the rate of acceleration in home prices had dipped to its lowest levelin 6 years. The House Price Index, that measures price levels across the nation, rose to 221.7 in December, from 218.2 in the September quarter. The data mapped by RBI showed that the rate of increase in house prices fell below 10% during Q3 FY16, the previous low of 10.1% recorded in Q3 FY14. RBIs index showed that Lucknow witnessed highest increase in house prices at 16.1%, while the index in Jaipur declined by 5.2%. The HPI of Kochi increased by 8% whereas HPI of Bengaluru declined by 1% on a sequential basis.