Courtesy of Mish.
This is a guest post from by Deepak Shenoy, an economic blogger at Capital Mind in India. Charts and analysis that follow are from Deepak.
RBI has released the latest data for their House Price Index and it looks like the mad pace of real estate price growth has mellowed, but only slightly. Price growth at an all India basis is now 19% from last year.
Unfortunately, RBI has not released information about transactions, so we don’t know if volumes are up or down.
Housing prices were very high last quarter as well, with prices up 26% year on year. However, every city is different; some cities seem to have slowed down price growth while others have picked up pace significantly.
Mumbai and Delhi Still Red-Hot, But Slower Than Earlier Quarter
Mumbai shows YoY growth of just 11% after a scorching 30% growth in the December quarter (year on year).
Delhi, though, continues to be in scorched earth territory, moving up 33% from last year. Prices have gone up an annualized 30% or more since September 2011, and the index has now reached 259 from a 100 in March 2009 (a compounded growth of 27%, the highest of all cities).
Bangalore and Chennai Show Faster Growth
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