House prices have increased sharply during 2021-22 in 41 cities of the country. At the same time, prices of residential properties registered a decline in 5 cities, while prices remained stable in 4 cities. According to National Housing Bank (NHB) data, Ahmedabad saw the highest price hike of 13.8% among the top eight cities. Prices have gone up by 11% in Hyderabad, 7.7 percent in Chennai, 3.2 percent in Delhi, 2.6 percent in Kolkata, 1.9% in Mumbai, and 0.9 percent in Pune. However, the prices of houses in Navi Mumbai have come down by 5.9 percent. In the index of 50 cities every quarter, prices have increased by 2.6 percent from January-March 2022.
According to the index, the trends have been bullish since June 2021 every quarter. The residential market is improving after Corona. Prices of under-construction and ready-made homes that have not been sold have also risen sharply. Their prices increased by 4.8 percent in the March 2022 quarter, compared to a one percent rise in the same quarter a year ago.
high price volatility
There is a lot of fluctuation in prices. For example, in Bhubaneswar, the prices increased by 23.9%, while in Indore they declined by 10.8%. The index of 50 cities changed by 1.9% in the quarter January-March 2022. There was a change of 0.9% in the prior quarter.
prices will continue to rise
Prices will continue to rise in the future also. The reason is that people are looking for their own house. In addition, the cost of construction is also increasing. According to another report, between January and June this year, the sale of houses increased by 60%. There has also been an increase of 56% in the construction of new houses.
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