Home prices continue to rise across the country. A report on properties has been released by the National Housing Bank (NHB) on Thursday. According to this report, property prices have increased in 43 cities during the fourth quarter of the last financial year 2022-23 i.e. January to March. According to the report, during the January-March-2023 quarter, 8 major housing markets in India witnessed an increase in property prices. The maximum increase in house prices was observed in Ahmedabad. After this come Bangalore and Chennai.
How much has the property price increased?
According to the Housing Price Index (HPI) published by NHB, property prices increased by 10.8 per cent year-on-year in Ahmedabad, 9.4 per cent in Bangalore, 6.8 per cent in Chennai, 1.7 per cent in Delhi, 7.9 per cent in Hyderabad Hui. 11 percent in Kolkata, 3.1 percent in Mumbai and 8.2 percent in Pune. The housing price index for these cities is based on valuation data from banks and housing loan companies. In the fourth quarter, it increased by 5.8 percent on an annual basis. There was an increase of 5.3 percent in March 2022.
Home prices fall in 7 cities
According to data from banks and housing loan companies, home prices have declined in seven of the 50 cities surveyed. Interest rates on home loans have remained low since pre-Covid, which has led to growth in the sector. Home loan borrowers are relieved as there is no change in the repo rate by the RBI. If the RBI cuts interest rates in the near future, the EMIs will come down in the near future, which may increase the demand for homes and also increase the prices.
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