Property Prices Rise in Majority of Indian Cities: NHB Data
Real Estate

Property Prices Rise in Majority of Indian Cities: NHB Data

According to data by the National Housing Bank (NHB), property prices in 43 out of 50 cities have increased during the fourth quarter of 2022-23.

Although the majority of cities saw an increase, seven cities experienced a decline in property prices. The report stated that home loan rates are still lower than those before the Covid-19 pandemic, leading to overall healthy affordability.

India's eight major residential markets, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune, witnessed an appreciation in property prices during the January-March 2023 period. According to the Housing Price Index (HPI) published by NHB, these cities recorded annual increases ranging from 1.7 per cent in Delhi to 11 per cent in Kolkata.

The 50-city HPI, which is based on property valuations collected from banks and housing finance companies (HPI @ Assessment Prices), saw an annual increase of 5.8 per cent during the fourth quarter of FY23, compared to 5.3 per cent in the previous year.

The annual change in HPI @ Assessment Price varied significantly among cities, with Gandhinagar experiencing a 19.6 per cent increase and Ludhiana seeing a decline of 12.9 per cent.

On a quarterly basis (Q-o-Q), the 50-city index expanded by 1.3 per cent in January-March 2023, slightly lower than the 1.5 per cent growth in the previous quarter. However, the index has shown a consistent increasing trend on a quarterly basis since June 2021.

Regarding the supply side, the 50-city HPI, which is based on quoted prices for under-construction and ready-to-move unsold properties (HPI @ Market Price for Under Construction Properties), saw an annual increase of 11.7 per cent in the March quarter, compared to 4.8 per cent in the previous year.

The quoted prices have risen due to partially passing on the increased input costs and increased demand for ready-to-move-in properties, particularly in the affordable segment, the report stated.

According to data by the National Housing Bank (NHB), property prices in 43 out of 50 cities have increased during the fourth quarter of 2022-23.Although the majority of cities saw an increase, seven cities experienced a decline in property prices. The report stated that home loan rates are still lower than those before the Covid-19 pandemic, leading to overall healthy affordability.India's eight major residential markets, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune, witnessed an appreciation in property prices during the January-March 2023 period. According to the Housing Price Index (HPI) published by NHB, these cities recorded annual increases ranging from 1.7 per cent in Delhi to 11 per cent in Kolkata.The 50-city HPI, which is based on property valuations collected from banks and housing finance companies (HPI @ Assessment Prices), saw an annual increase of 5.8 per cent during the fourth quarter of FY23, compared to 5.3 per cent in the previous year.The annual change in HPI @ Assessment Price varied significantly among cities, with Gandhinagar experiencing a 19.6 per cent increase and Ludhiana seeing a decline of 12.9 per cent.On a quarterly basis (Q-o-Q), the 50-city index expanded by 1.3 per cent in January-March 2023, slightly lower than the 1.5 per cent growth in the previous quarter. However, the index has shown a consistent increasing trend on a quarterly basis since June 2021.Regarding the supply side, the 50-city HPI, which is based on quoted prices for under-construction and ready-to-move unsold properties (HPI @ Market Price for Under Construction Properties), saw an annual increase of 11.7 per cent in the March quarter, compared to 4.8 per cent in the previous year.The quoted prices have risen due to partially passing on the increased input costs and increased demand for ready-to-move-in properties, particularly in the affordable segment, the report stated.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement