Housing prices rose across 43 cities in Q1 of FY24: Report

Housing prices rose in 43 cities in the first quarter of 2023-24, while the rates of residential units fell in seven cities, according to National Housing Bank.

Published on: Aug 30, 2023, 16:26:14 IST

PTIPosted by Yamini C S

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Housing prices rose in 43 cities in the first quarter of 2023-24, while the rates of residential units fell in seven cities, according to National Housing Bank (NHB).

Ahmedabad witnessed a 9.1 per cent appreciation in property prices while Bengaluru 8.9 per cent. (HT Archive)

In a Housing Price Index published by NHB, the regulator for housing finance companies said the home loan rates are still lower than the pre pandemic rates leading to a healthy affordability overall.

Eight key primary residential markets -- Ahmedabad witnessed a 9.1 per cent appreciation in property prices while Bengaluru 8.9 per cent and Kolkata 7.8 per cent during the April-June 2023 period.

READ | Demand for luxury homes in Bengaluru falls by half in Apr-Jun: CBRE report

Other cities like Chennai saw 1.1 per cent, Delhi (0.8 per cent), Hyderabad (6.9 per cent), Mumbai (2.9 per cent) and Pune (6.1 per cent) increase in the index on an annual basis as per the Housing Price Index (HPI).

The 50-city HPI based on valuation prices of properties collected from banks and housing finance companies (HPI @ Assessment Prices) recorded an annual increase (Year-on-Year) of 4.8 per cent during the first quarter of FY24 as compared with 7 per cent a year ago, it said.

The annual change in HPI @ Assessment Price varied widely across the cities - ranging from an increase of 20.1 per cent (in Gurugram) to a decline of 19.4 per cent (in Ludhiana).

On a sequential (Q-o-Q) basis, the 50-city index registered an expansion of 0.7 per cent in April-June 2023 as against 1.3 per cent in the previous quarter. The index is showing an increasing trend on Quarter-on-Quarter basis since June 2021.

READ | Bengaluru no. 1 city across APAC in flexible office space stock; Delhi-NCR 3rd: CBRE

The index recorded increase in 36 cities out of 50 cities, with Chandigarh recording the highest sequential increase of 4.9 per cent, while Navi Mumbai, Ludhiana, Howrah and Bhiwadi, recorded sequential decline with more than 2 per cent in the HPI @ Assessment Price during the quarter (Navi Mumbai recording the maximum decline of 5.9 per cent).

On a sequential basis, the 50-city index witnessed an increase of 2.3 per cent during the quarter as against 2.6 per cent in the previous quarter.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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