Housing prices in major Indian cities experienced a slight increase of 0.89% during the first fiscal quarter. Nevertheless, property rates remained significantly higher, showing an approximate 14-15% increase compared to levels from the previous year.
The pan-India level RBI index revealed diminished quarterly growth, registering at 0.89% in the first quarter relative to the preceding quarter's 2.46% gain.
Regional Price Increases
- Lucknow: The city witnessed the most significant price appreciation, with residential projects increasing by 4.70%.
- Ahmedabad: Property values in Ahmedabadprojectscalated by 4.50%.
- Kochi: This South Indian city experienced a rise of 2.30% in residential property values.
On a year-on-year basis, the all-India average price saw a substantial increase of 13.80% during the April-June period.
It is important to note that the index is a weighted average of city indices, with weights contingent upon population proportion, using the base year of 2010-11.
Year-on-Year Increases
Kochi and Lucknow exhibited the most considerable year-on-year growth, registering increases of 28.55% and 27.56%, respectively. Property values in Delhi and Mumbai also demonstrated growth, with increases of 21.15% and 8.38%, respectively.