Housing costs elevated in 41 cities throughout 2021-22, whereas the charges of residential models fell in 5 cities and remained secure in 4 cities, in keeping with worth index RESIDEX launched by National Housing Bank (NHB).
All of the eight main metros of the nation viz., Ahmedabad (13.8 per cent), Bengaluru (2.5 per cent), Chennai (7.7 per cent), Delhi (3.2 per cent), Hyderabad (11 per cent), Kolkata (2.6 per cent), Mumbai (1.9 per cent) and Pune (0.9 per cent) recorded enhance within the index on an annual foundation, NHB RESIDEX mentioned.
The annual change assorted broadly throughout the cities, starting from a rise of 13.8 per cent (Ahmedabad and Bhubaneshwar) to a decline of 5.9 per cent (Navi Mumbai), it mentioned.
On a sequential (quarter-on-quarter) foundation, the 50-city index registered an enlargement of two.6 per cent in January-March 2022 as in opposition to 1.7 per cent within the earlier quarter.
The index exhibits an rising development on Quarter-on-Quarter (Q-o-Q) foundation since June 2021, suggesting revival of housing market publish Covid-induced lockdown, it mentioned.
The NHB, which launched housing worth index ‘NHB RESIDEX’ in 2007 to trace the motion in housing costs on quarterly foundation, has revamped the system by altering the bottom yr to 2017-18.
The market worth for under-construction properties, computed utilizing the quoted costs for under-construction and ready-to-move unsold properties, additionally recorded an annual enhance of 4.8 per cent in quarter ended March 2022 as in opposition to 1 per cent a yr in the past.
The variation in market worth ranged from a rise of 23.9 per cent (Bhubaneshwar) to a contraction of 10.8 per cent (Indore).
On a sequential foundation, the 50-city index witnessed a change of 1.9 per cent throughout the January-March 2022 quarter in comparison with 0.9 per cent within the earlier quarter, suggesting an uptick within the asking costs for properties, which is more likely to proceed resulting from rise in demand due to desire of proudly owning a home amongst millennials and rising value of building.
Source: www.financialexpress.com”