Property prices soar in 43 out of 50 cities, reveals NHB data
Published by: CNBC-TV18.com
As many as 43 cities out of 50 registered an increase in property prices during Q4 FY23, according to the National Housing Bank (NHB)’s latest data.
However, 7 cities 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 a rise of 10.8%, Bengaluru (9.4%), Chennai (6.8%), Delhi (1.7%), Hyderabad (7.9%), Kolkata (11%), Mumbai (3.1%) and Pune (8.2%) recorded an increase in the index on an annual basis.
The 50-city HPI recorded an annual increase of 5.8% during Q4 of FY23.
The annual change in HPI varied widely across cities, from an increase of 19.6% (Gandhinagar) to a decline of 12.9% (Ludhiana).
On a sequential (Q-o-Q) basis, the 50-city index registered an expansion of 1.3% in January-March 2023 as against 1.5% in the previous quarter.
The HPI based on quoted prices for under-construction and ready-to-move unsold properties recorded an annual increase of 11.7% in the March quarter.
Quoted prices increased due to partial pass-on of increased input cost and increased demand in ready-to-move-in properties, especially in the affordable segment.