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The All-India House Price Index (HPI) recorded a tad slower year-on-year growth of 7.3 per cent in the second quarter of FY2018 against 7.7 per cent a year ago.
Barring Chennai, the other nine cities in the index recorded a rise in housing price.
The Reserve Bank of India’s quarterly HPI is based on transactions data received from housing registration authorities in 10 major cities — Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi.
In the first quarter (Q1) of FY2018, the HPI rose 8.7 per cent. The year-on-year growth in HPI in the second quarter (Q2) of FY2018 ranged from 29.7 per cent (in Kanpur) to (-)7.0 per cent (in Chennai), indicating large divergence in city-wise housing price movements, the RBI said in a statement.
The All-India HPI recorded a sequential increase (Q2:2017-18 over Q1:2017-18) of 0.4 per cent, with six of the 10 cities recording a rise in the latest quarter.
City-wise, large variances were observed in sequential terms, with Kochi recording the highest rise (20.3 per cent) and Bengaluru and Ahmedabad recording the maximum contractions [(-)2.9 per cent each].
In its latest financial stability report, the RBI said the gross non-performing advances (GNPAs) ratio for housing finance assets remained flat at 1.55 per cent in September 2017.
The retail housing segment does not appear to pose any significant systemic risks in the Indian context at present.
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