The Reserve Bank of India (RBI) has reported a significant 5.1% rise in the All-India House Price Index (HPI) during the April-June quarter of 2023-24, compared to a 3.4% increase a year ago. The HPI is determined using transaction-level data from ten major cities: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. Delhi saw the highest year-on-year growth at 14.9%, while Kolkata experienced a 6.6% contraction. On a quarter-on-quarter basis, the HPI increased by 2.6%, with eight of the ten cities witnessing a rise in housing registration prices.
Facts/Terms for UPSC Prelims
- Reserve Bank of India (RBI): The central banking institution of India responsible for monetary policy and financial stability.
- House Price Index (HPI): A metric that tracks changes in residential property prices, providing insights into the real estate market’s performance.
- Transaction-Level Data: Detailed records of individual property transactions, including sale prices, used to calculate indices like HPI.
- Quarter-on-Quarter (QoQ): A comparison of data or statistics from one quarter (three months) to the previous quarter, often used to assess short-term trends.
- Year-on-Year (YoY): A comparison of data or statistics from the same quarter or period in consecutive years, helping to identify long-term trends and changes over time in this context.