The assessment price of residential properties in India has shown a significant annual increase of 7% during the April-June period of 2022, shows the National Housing Bank’s housing price index (HPI). The index showed an upwards incline of 1.8% during the same period last year.
The market price of under-construction properties also showed an annual appreciation of 5.7% during the quarter ended June, 30, 2022 as against 1.9% a year ago.
NHB Residex tracks price movement of residential properties in 50 cities. It is computed on a quarterly basis, with FY 2017-18 as the base year. The Residex offers two sets pricing data ─ Market HPI, which is based on data collected from real estate developers, and Assessment HPI, which is based on data reported by banks and housing finance companies.
The index showed the annual change in assessment price varied widely across the cities, with Coimbatore showing an appreciation of over 16% and Navi Mumbai registering a decline of 5.1%. The annual variation in market prices of ranged between an upwards movement of 28.6% in Bhubaneswar to a contraction of 13.2% in Indore.
On a yearly basis, prices in 42 cities, covered in the index, moved upwards while they declined in 5 cities. All the 8 prime residential markets in the country, however, recorded growth in the past one year shows the Residex. Among the 8 cities, annual price growth was the sharpest in Ahmedabad and Hyderabad and the lowest in Mumbai and Pune, showed the index.
Annual price change in prime residential markets
| City | Annual price change in per cent during April-June, 2022 |
| Ahmedabad
|
13.5% |
| Bangalore
|
3.4% |
| Chennai | 12.5%
|
| Delhi | 7.5%
|
| Hyderabad
|
11.5% |
|
Kolkata
|
6.1% |
| Mumbai
|
2.9% |
| Pune
|
3.6% |
Know about: Land for sale in Chennai
Source: NHB Residex
On a quarter-on-quarter basis, the 50-city index showed an expansion of 1.7% against 2.6% in the previous quarter. In fact, the index is showing an increasing trend on a quarter-on-quarter basis since June 2021.
Check out: Rent apartment in Coimbatore
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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