On a sequential basis the city index registered an expansion of 1.7% in April –June 2022 against 2.6 % in the previous quarter it said, adding the index is showing an increasing trend on a quarter –on-quarter basis since June 21.
Housing prices rose to in the first quarter of 2022-23 while the rates of residential units fell in five cities and remained stable in three cities, according to the price index Residex released by NHB.
All the eight major metros recorded an increase in the index on an annual basis – Ahmedabad (13.5%), Bengaluru (3.4%), Chennai (12.5%), Delhi (7.5%), Hyderabad (11.5%), Kolkata (6.1%), Mumbai (2.9%) and Pune (3.6%) National Housing Bank (NHB).
On a sequential basis, the 50-city index registered an expansion of 1.7% in April –June 2022 against 2.6% in the previous quarter, it said , adding the index is showing an increasing trend on a quarter basis since June 21. The annual change in HPI at Assessment Price varied widely across the cities –ranging from an increase of 16.1% (Coimbatore) to a decline of 5.% (Navi Mumbai).
The housing price index (HPI) tracks the movement in prices of residential properties in select 50 cities on a quarterly basis with FY 2017-18 as the base year.
The 50-city HPI at market price ranged from an increase of 28.6% (Bhubaneshwar) to a contraction of 13.2 % (Indore). The uptick in the asking prices of the properties is indicative of continued demand and the rising cost of construction.
Observing that the overall increase in composite HPI at Assessment Price and HPI at market price is an indication of reviving the housing finance sector. A stable-to-moderate increase in HPI also offers confidence to both homeowners as well as home loan financers in terms of the retained value of the assets.
