Housing Price Growth in Mumbai

For the duration of July to September or in Q3 2015, the housing price index grow by 13.7 percent, whereas; the cities such as; Jaipur, Lucknow and Kolkata have contributed to the slower pace of growth, as per data and reports of RBI.

As per data of Reserve Bank of India, till the end of July – September quarter home prices have not bottomed out. Indian Housing Price Index is the barometer for home prices in Indian real estate market and it released by the central bank. For years 2015, the Indian Housing Price Index has grown by 13.7 percent for the period of three months, which ended on September 2015, however; in last quarter it was 14.5 percent for the same financial year. On the other side it was city Kolkata, which has witnessed maximum fall in Indian Housing Price Index with 224.1 in the second quarter of 2015-16 and it was 3.13 percent less than the previous quarter. But New Delhi, the capital city of country have cheered the real estate developers because in Delhi real estate developers were offering freebies such as; free parking space, air tickets, cars, heavy discounts and more including latest gadgets. For the same period the Housing Price Index growth was about 21.9 percent in Delhi and it was maximum in whole country.

Overall increase in Indian Housing Price Index was 219.5 in the second quarter, however; in first quarter of 2015 it was 215.3 and this increase was due to the metro cities such as; Delhi, Ahmedabad and Chennai, as per press release of RBI. Whereas; in Q2 2015, the Housing Price Index for Bengaluru, Kolkata and Kochi decreased from the previous quarter. To give more curate data the Reserve Bank of India compiles quarterly house price index of top ten major cities such as; Mumbai, Bengaluru, Lucknow, Delhi, Chennai, Ahmedabad, Jaipur, Kolkata, Kanpur and Kochi.