The all-India house price index (HPI) rose by 3.5 percent year-on-year in the first quarter of 2022-23, according to data released by the Reserve Bank of India.

The growth in the HPI was 1.8 percent during January-March and 2 percent in the April-June quarter of 2021-22.

The RBI said the year-on-year movements in HPI varied widely across the cities – ranging from a growth of 16 percent in Kolkata to a contraction of 4 percent in Bengaluru.

On a sequential basis, all India HPI increased by 2.2 percent in the first quarter of 2022-23. Delhi, Kolkata, and Jaipur recorded sequential contraction in the index, while it rose for the remaining cities.

The central bank releases its quarterly house price index (HPI) based on transaction-level data received from the housing registration authorities in 10 major cities.

The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.