Housing prices soar in 43 cities including Delhi, Ahmedabad, Mumbai, Kolkata

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.

Conversely, some cities have experienced a decline in property prices. These include Navi Mumbai, Kochi, Coimbatore, Raipur, Faridabad, Delhi, Bidhannagar, and New Town Kolkata. Among these, Raipur observed the most substantial decline, with property prices dropping by 6.7 percent. It is noteworthy that home loan companies' data indicates an overall increase of 5.3 percent in house prices during the fourth quarter compared to the previous year.

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.

Read more: PM Kisan 14th Installment expected to release in third week of June, eligibility criteria explained