NHB-Residex reports in Q3 FY23: Real Estate Prices Rose 7.1% in 50 cities

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Ahmedabad (14.4%), Bengaluru (8.0%), Chennai (8.7%), Delhi (1.8%), Hyderabad (10.2%), Kolkata (7.4%), and Mumbai (4.4%) are the eight major metro areas in the nation.

According to Residex, a housing price index (HPI) produced by the National Housing Bank, residential property prices in 50 cities increased by 7.1% year over year during the quarter ending December 31, 2022 as opposed to 4.5% a year earlier (NHB).

Three home price indices—the “HPI at assessment prices,” “HPI at registered prices,” and “HPI at market price for under-construction properties”—are published by NHB Residex.

HPI @ Assessment Prices, which is based on valuation prices of properties gathered from key lending institutions, tracks the movement in prices of residential properties in 50 cities on a quarterly basis with FY 2017–18 as the base year.

Out of the 50 cities, 44 saw an increase in the index, while just six saw a fall on a yearly basis.

The “HPI at Market Price for Under-Construction Properties,” which was calculated using the quoted prices for under-construction and ready-to-move unsold properties for 50 cities, also showed an annual growth of 10.8% from October to December 2022 compared to 2.9% from the previous quarter. The largest growth was seen in Lucknow at 41.2 percent, while Rajkot experienced a loss of 3.4 percent.

From one quarter to the next, the 50-city index saw a growth of 3.1% as opposed to 3.7% in the prior quarter.

The increasing cost of building is having an effect on property asking prices.

NHB Residex claims that the indexes have been steadily rising since COVID-19. The tier-II and tier-III cities have seen the most progress.


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