Notable Surge in Property Prices Across Major Cities
The recent surge in property prices across major cities can be quite alarming for those aspiring to purchase a house. The housing market in India has witnessed a notable increase in prices during the last quarter of the fiscal year 2022-23, affecting 43 out of the 50 prominent cities. Data released by the National Housing Bank (NHB) reveals a substantial rise of up to 11 percent in property prices across numerous cities in the country. It is essential to understand the cities where this surge has been most pronounced. The city topping the list in terms of escalated property prices is Kolkata, experiencing a significant surge of 11 percent. Following closely behind, Ahmedabad witnessed a rise of 10.8 percent, Bangalore 9.4 percent, Pune 8.2 percent, Hyderabad 7.9 percent, Chennai 6.8 percent, Mumbai 3.1 percent, and Delhi 1.7 percent, respectively. The Reserve Bank of India's Monetary Policy Committee, during the second meeting of the financial year 2024, decided against changing the repo rate. As a result, the repo rate remains stable at 6.5 percent. This development brings relief to prospective homebuyers, as it means their equated monthly installments (EMIs) will not burden them with additional expenses. Consequently, the decision is expected to maintain enthusiasm among potential property buyers. It is evident that the property market in India is experiencing significant fluctuations in prices across various cities. This dynamic environment necessitates careful consideration for those looking to invest in real estate.
Tags : property prices cities purchase house India market National Housing Bank country Kolkata Ahmedabad Bangalore Pune Hyderabad Chennai Mumbai Delhi Reserve Bank of India Monetary Policy Committee