NHB Residex said the annual change varied widely across cities, ranging from an increase of 13.8 per cent (Ahmedabad and Bhubaneshwar) to a decline of 5.9% (Navi Mumbai).
NHB Residex said the annual change varied widely across cities, ranging from an increase of 13.8 per cent (Ahmedabad and Bhubaneshwar) to a decline of 5.9% (Navi Mumbai).
According to Residex, a price index released by the National Housing Bank (NHB), housing prices increased in 41 cities during 2021-22, while housing units rates fell in five cities and remained stable in four cities.
All the eight major metropolitan cities of the country are Ahmedabad (13.8%), Bengaluru (2.5%), Chennai (7.7%), Delhi (3.2%), Hyderabad (11%), Kolkata (2.6%), Mumbai (1.9%) and Pune ( 0.9%) registered an increase in the index on a yearly basis, NHB Residex said.
The annual change varied widely across cities, ranging from an increase of 13.8 percent (Ahmedabad and Bhubaneswar) to a decline of 5.9% (Navi Mumbai).
On a sequential (quarter-on-quarter) basis, the 50-city index registered an expansion of 2.6% in January-March 2022 as against 1.7% in the previous quarter. The index shows an increasing trend on a quarter-on-quarter (QoQ) basis since June 2021, suggesting a revival of the housing market post-COVID-induced lockdown, it said.
NHB, which launched the housing price index ‘NHB Residex’ in 2007 to track the fluctuations in housing prices on a quarterly basis, has revamped the system by changing the base year to 2017-18.
Market value for under-construction properties, calculated using quoted prices for under-construction and ready-to-move unsold properties, registered an annual growth of 4.8% in the quarter ended March 2022 as compared to 1% a year ago Went.
The variation in market value ranged from an increase of 23.9% (Bhubaneswar) to a contraction of 10.8% (Indore).
On a sequential basis, the 50-city index witnessed a change of 1.9% during January-March 2022 quarter as compared to 0.9% in the previous quarter, suggesting an increase in prices for properties, which is likely to continue on account of growth. is likely to. Owning a home is in demand among millennials due to the preference and rising cost of construction.