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Housing prices in Q1FY13 rises 6.7%: RBI

On a year-on-year basis, the housing prices in India increased 24.1%

October 31, 2012 4:59 IST | India Infoline News Service
Housing prices in India witnessed 6.7% growth in the first quarter of the current financial year 2012-13, Reserve Bank of India (RBI) said.

The Reserve Bank’s quarterly house price index suggests that house price inflation remained firm in Q1 of 2012-13. Notwithstanding the increase in house prices, the volume of housing transactions grew y-o-y at a faster pace than in the preceding quarter. "The Reserve Bank's quarterly House Price Index, based on data for nine cities, indicates a Q-o-Q increase of 6.7% at the national level," the RBI macroeconomic and monetary developments report released on the eve of monetary policy announcement said.

On a year-on-year basis, the housing prices in India increased 24.1%. The index considers nine cities including Mumbai, Delhi, Chennai, Bangalore, Ahmedabad and Kanpur. Housing prices in Mumbai grew 3.1% for the quarter ended June, while growth in Kolkata it stood at 28.9%.

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