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Residential property prices in 50 cities in India showed a significant increase of 7.1% year-on-year in the quarter ended on December 31, 2022, compared to 4.5% a year ago, according to the National Housing Bank (NHB) Residex, which publishes three housing price indices. The "HPI at assessment prices" index tracks residential property prices movement in 50 cities quarterly, with the base year being FY 2017-18, and it is based on property valuation prices collected from primary lending institutions.
Out of the 50 cities, 44 registered an increase in the index, while six cities saw a decline on an annual basis. Gandhinagar recorded the highest increase of 21.4%, while Ludhiana saw a decline of 11.6%. The eight major metros of the country, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune, all recorded an increase in the index on an annual basis.
On a quarter-on-quarter basis, the 50-city index showed an expansion of 1.5% in the October-December 2022 period, compared to 1.2% in the previous quarter, and has been on an increasing trend on a quarter-on-quarter basis since June-21. The index recorded an increase in 40 out of the top 50 cities, with Kochi recording the highest sequential improvement of 6.4%. However, Ludhiana, Delhi, Dehradun, Nagpur, Navi Mumbai, Raipur, Bhiwadi, Bidhan Nagar, Howrah, and New Town Kolkata saw a sequential decline in the "HPI at assessment price" during the quarter.
The "HPI at market price for under-construction properties" index, which is computed using quoted prices for under-construction and ready-to-move unsold properties in 50 cities, also recorded an annual increase of 10.8% in the October-December 2022 quarter, compared to 2.9% a year ago. Lucknow witnessed the highest increase of 41.2%, while Rajkot saw a decline of 3.4%.
On a quarter-on-quarter basis, the 50-city index witnessed an increase of 3.1% during the quarter, compared to 3.7% in the previous quarter. The rising cost of construction is having an impact on the asking prices of properties, according to NHB Reside. The index has shown a sustained increase post-COVID-19, with more prominent improvement seen in the tier-II and tier-III cities.
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