According to the National Housing Bank (NHB), 43 out of 50 cities in India have reported an increase in property prices in the fourth quarter of 2022-23. The annual Housing Price Index (HPI) increased to 5.8% during this period, with eight major cities showing appreciation in property prices. In contrast, seven cities recorded a decline in property prices.
While majority of the cities have registered an increase, seven cities have registered a decline in the property prices. The home loan rates are still lower than that of pre-Covid period leading to a healthy affordability overall, it said.
India’s eight key primary residential markets witnessed appreciating property prices during the January-March 2023 period. Ahmedabad with 10.8 per cent, Bengaluru (9.4 per cent), Chennai (6.8 per cent), Delhi (1.7 per cent), Hyderabad (7.9 per cent), Kolkata (11 per cent), Mumbai (3.1 per cent) and Pune (8.2 per cent) recorded an increase in the index on an annual basis as per the Housing Price Index (HPI) published by NHB.
The 50 city HPI based on valuation of properties collected from banks and housing finance companies (HPI @ Assessment Prices) recorded an annual increase of 5.8 per cent during the fourth quarter of FY23 as compared with 5.3 per cent a year ago, it said.
The annual change in HPI @ Assessment Price varied widely across the cities, ranging from an increase of 19.6 per cent (Gandhinagar) to a decline of 12.9 per cent (Ludhiana).
On a sequential (Q-o-Q) basis, it said, the 50-city index registered an expansion of 1.3 per cent in January-March 2023 as against 1.5 per cent in the previous quarter. The index is showing an increasing trend on Q-o-Q basis since June 2021.
On the supply side, it said, the 50 city HPI based on the quoted prices for under construction and ready to move unsold properties (HPI@ Market Price for Under Construction Properties), also recorded an annual increase of 11.7 per cent in March quarter as against 4.8 per cent a year ago.
The quoted prices witnessed an increase driven by the partial pass-on of the increased input cost coupled with increased demand in ready-to-move-in properties, more so in the affordable segment, it said.
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