As per Residex, a home values index (HPI) produced by National Housing banks, residential housing prices in 50 cities climbed by 7.1% year over year over the quarter that concluded on December 31, 2022, compared to 4.5% a year earlier (NHB)
Three home price indices the “HPI at assessment prices,” “HPI at registered prices,” and “HPI at the market rate for under-construction properties” are published by NHB Residex.
Out of the 50 municipalities, 44 saw a rise in the index, while just six saw a fall on a yearly basis. In contrast to Ludhiana, where HPI had a fall of 11.6%, Gandhinagar saw an increase of 21.4%.
All eight of the nation’s largest metropolises Mumbai (4.4%), Ahmedabad (14.4%), Delhi (1.8%), Bengaluru (8.0%), Chennai (8.7%), Kolkata (7.4%), Hyderabad (10.2%), and Pune (7.2%) recorded increases in the index on an annual basis.
In comparison to the previous quarter, the 50-city index saw growth of 1.2% in the third quarter of 2022 to 1.5% in the fourth. Since June 21, the index has been climbing from quarter to quarter.
Out of 50 cities, the Index record increased in 40 of them, with Kochi showing the highest sequential improvement at 6.4%. However, the ‘HPI at assessment price’ for Ludhiana, Navi Mumbai, Nagpur, Dehradun, Delhi, Bhiwadi, Raipur, Howrah, Bidhan Nagar, and New Town Kolkata decreased sequentially during the quarter.
When comparing one quarter to the next, the 50 cities had a growth of 3.1% as opposed to 3.7% in the previous quarter. The increasing cost of building is having an effect on property asking prices.
