The property prices rose in 43 cities in Q4 of FY23: NHB

The data from the National Housing Bank (NHB) released on June 8, 2023 shows that during the fourth quarter of 2022-23, property prices rose in 43 out of 50 cities.

 Property prices increased between January-March, 2023 in India's eight primary residential markets. According to the Housing Price Index (HPI) published by NHB, Ahmedabad with 10.8%, Bengaluru (9.4%), Chennai (6.8%), Delhi (1.7%), Hyderabad (7.9%), Kolkata (11%) Mumbai (3.1%), and Pune (8.2%) all saw an increase in the index on an annual basis.

 Moreover, the fourth quarter of FY23 saw an annual increase of 5.8% for the 50-city HPI based on the valuation of properties received from banks and housing finance businesses (HPI @ Assessment Prices), compared to 5.3% a year earlier.

As per the report, the 50-city index experienced a sequential growth of 1.3% in January-March, 2023 as compared to 1.5% in the previous quarter. Since June 2021, the index has been improving on a quarter-over-quarter basis.

 Further, the 50-city HPI (HPI@ Market Price for Under Construction Properties), which is based on quoted prices for unsold properties that are ready to move in, also saw a rise of 11.7% in March.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.