sDuring first quarter of current fiscal, average housing price inched up by a meagre 0.89 per cent, although property rates were nearly 14 per cent higher from year-ago levels. Kochi and Lucknow saw the highest y-o-y increases of 28.55 per cent and 27.56 per cent, respectively.
Whereas prices in Delhi and Mumbai were up by 21.15 per cent and 8.38 per cent respectively.
An RBI report said that the quarter-on-quarter growth in the Reserve Bank house price index at the all-India level was lower at 0.89 per cent in Q1 of 2013-14 as compared to 2.46 per cent in the previous quarter.
The RBI said in Macroeconomic and Monetary Developments Second Quarter Review 2013-14 that the price increase was the highest for Lucknow, followed by Ahmedabad and Kochi. In Lucknow, housing prices rose by 4.66 per cent on q-o-q basis, while rates in Ahmedabad and Kochi were up by 4.47 per cent and 2.28 per cent, respectively.
However, the all-India average price rose by 13.75 per cent in April-June period on year-on-year (y-o-y) basis. The index is a weighted average of city indices, weights based on population proportion. The base year is 2010-11.