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Housing prices rise in 41 cities including Delhi, Mumbai in July-Sept quarter

All eight metros recorded an increase in the index on an annual basis as per the Housing Price Index published by the National Housing Bank.

India’s eight key primary residential markets witnessed appreciating property prices during the Jul-Sep 2023 period. All eight major metros, including Delhi and Mumbai, witnessed an appreciation in property prices.

Ahmedabad (6.1%), Bengaluru (8.2%), Chennai (1.8%), Delhi (1.8%), Hyderabad (6.8%), Kolkata (9.1%), Mumbai (3.6%) & Pune (6.1%) recorded increase in the index on an annual basis as per the Housing Price Index published by National Housing Bank.

The 50 city HPI based on valuation prices of properties collected from Banks and Housing finance companies (HPI @ Assessment Prices) recorded an annual increase (Y-o-Y) of 4.9% during the 2nd quarter of fiscal 2024 as compared with 7.4% a year ago.

The annual change in HPI Assessment Price varied widely across the cities – ranging from an increase of 18.7% (Greater Noida) to a decline of 14.3% (Navi Mumbai). Out of the 50 cities covered, 41 registered an increase in property prices whereas 9 cities registered a decline in property prices. The home loan rates are catching up with the pre-pandemic rates.

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On a sequential (Q-o-Q) basis, the 50-city index registered an expansion of 1.3% in Jul-Sep 2023 as against 0.7% in the previous quarter. The index has shown an increasing trend on Q-o-Q basis since Sep-21.

The index recorded an increase in 42 cities out of 50 cities with Greater Noida recording the highest sequential increase of 4.9%, followed by Panvel (4.6%), while Bhopal, Bidhan Nagar, Coimbatore, Kanpur, Kochi, Nagpur, Navi Mumbai and Raipurrecorded sequential decrease in the HPI @ Assessment Price during the quarter (Raipur recording the maximum decline of 3.9% followed by Coimbatore at 2.7%)

On the supply side, 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 (Y-o-Y) of 10.7% in QE Sep 2023 as against 8.5% a year ago.

 The annual variation in HPI @ Market Price ranged from an increase of 29.1% (Gurugram) to a contraction of 3.4% (Jaipur). On a sequential (Q-o-Q) basis, the 50 city Index witnessed an increase of 2.3% during the quarter, at par with 2.3% in the previous quarter.

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