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Home prices in major metros rise in Q1, shows NHB housing index

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New Delhi: Home prices rose in 43 Indian cities during the April-June quarter (Q1) of the current financial year 2023–24, with all eight major metros, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune, witnessing appreciation in property prices, as per the housing price index (HPI) released by the National Housing Bank (NHB) on Wednesday.

The housing price index called NHB Residex tracks the movement in prices of residential properties in select 50 cities on a quarterly basis, with the financial year 2017–18 as the base year.

India’s eight key primary residential markets witnessed appreciating property prices during Q1 of the current fiscal.

“Ahmedabad (9.1%), Bengaluru (8.9%), Chennai (1.1%), Delhi (0.8%), Hyderabad (6.9%), Kolkata (7.8%), Mumbai (2.9%), and Pune (6.1%) recorded increases in the index on an annual basis as per the Housing Price Index published by the National Housing Bank,” an official release said.

The 50-city HPI based on valuation prices of properties collected from banks and housing finance companies (HPI@Assessment Prices) recorded a year-on-year increase of 4.8% during the first quarter of fiscal 2024 as compared with 7% a year ago.

The annual change in prices varied widely across the cities, ranging from an increase of 20.1% (Gurugram) to a decline of 19.4% (Ludhiana).

“Out of the 50 cities covered, 43 registered an increase in property prices, whereas 7 cities registered a decline in property prices. The home loan rates are still lower than the pre-pandemic rates, leading to healthy affordability overall,” said NHB.

On the supply side, the 50-city HPI based on the quoted prices for underconstruction and ready-to-move unsold properties (HPI@Market Price for Underconstruction Properties) also recorded an annual increase (Y-o-Y) of 12.2% in the quarter ending June 2023 as against 5.7% a year ago.

The annual variation in HPI@Market Price ranged from an increase of 33.7% (New Town Kolkata) to a contraction of 2.2% (Rajkot).

The NHB publishes two indices, namely HPI at assessment prices and HPI at market prices. While the HPI@Assessment Price is based on valuation prices provided by primary lending institutions, the HPI@Market Price is for under-construction properties and is based on the asking price of unsold and under-construction properties by builders and developers on a quarterly basis.

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