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In July–September 2023, the primary residential markets in India's major cities experienced a significant increase in property prices compared to the same period last year, as per the latest NHB RESIDEX. All eight prominent metros, namely Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune, reported an upswing in residential prices. Kolkata took the lead with the most substantial increase at 9.1 percent, while Delhi and Chennai recorded more modest gains at 0.8 percent. The 50-city Housing Price Index (HPI), based on property valuation prices collected from banks and housing finance companies, reflected a year-on-year increase of 4.9 percent in the second quarter of fiscal 2024, a decline from the 7.4 percent reported a year earlier.
The annual change in the HPI exhibited significant variations across cities, ranging from an impressive 18.7 percent increase in Greater Noida to a concerning 14.3 percent decline in Navi Mumbai. Among the 50 cities surveyed, 41 witnessed an uptick in property prices, contributing to a 1.3 percent expansion of the 50-city index on a sequential (q-o-q) basis during July–September, surpassing the 0.7 percent growth in the previous quarter. This positive trend has been consistent since September 2021. The index registered an increase in 42 out of the 50 cities, with Greater Noida leading the way with the highest sequential rise of 4.9 percent, followed closely by Panvel with a 4.6 percent increase.
In contrast, Bhopal, Bidhan Nagar, Coimbatore, Kanpur, Kochi, Nagpur, Navi Mumbai, and Raipur underwent a sequential decrease in the HPI during the quarter. A 3.9 percent decline was observed in Raipur, with Coimbatore following with a 2.7 percent decrease. Shifting focus to the supply side, the 50-city HPI based on quoted prices for under-construction and ready-to-move unsold properties (HPI at Market Price) reported an annual increase of 10.7 percent in the quarter ending September 2023, compared to 8.5 percent a year ago. The annual variation in HPI at market price ranged from a substantial 29.1 percent increase in Gurugram to a noticeable 3.4 percent contraction in Jaipur.
On a sequential (q-o-q) basis, the 50-city index witnessed a 2.3 percent increase during the quarter, mirroring the growth seen in the previous quarter. Vikas Wadhawan, CFO of REA India and business head of PropTiger.com, commented on the positive momentum in the housing markets of the top eight cities. He attributed this strength to factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor interest. Notably, Wadhawan highlighted a market consolidation around reputable developers, instilling newfound confidence in homebuyers, particularly for under-construction projects. This shift marks a departure from the market dynamics witnessed in previous years.
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