Housing prices across India’s 39 cities have shown signs of recovery with highest price growth of 9.4% recorded in Lucknow during the quarter ended March, figures released by the National Housing Bank (NHB).
NHB’s Housing Price Index (HPI) for under-construction properties recorded an overall year-on-year increase in 39 cities, decrease in 10 cities and no change in one city, while it showed increase in 34 cities, decrease in 8 cities and no change in 8 cities on sequential basis.
All the top 8 property markets of the country, except Pune, showed growth on annual basis. Residential prices rose 8.5% in Kolkata, 5% in Hyderabad, 3.8% in Mumbai, 3.3% in Delhi, 2.3% in Bengaluru, 2.2% in Ahmedabad and 0.7% in Chennai, while Pune saw prices decline 1.4% from a year ago.
Of the 39 cities there was significant rise in Lucknow at 9.4%, Panvel at 8.6%, Kolkata at 8.5%, Indore at 7.1%, Thane at 6.5% and Chandigarh at 6.4%.
Marginal annual increase in index was witnessed in 3 cities including Thiruvananthapuram, Chennai and Chakan at 0.7% each. The index remained stable in Gandhinagar.