Buying 'own house' became tough! Housing prices in Ahmedabad rose by 9.1%, NHB report revealed

In 43 cities across the country, house prices increased in the first quarter of 2023-24. However, residential unit prices have softened in seven cities during this period. National Housing Bank (NHB) gave this information on Wednesday. According to the report, residential property prices in Ahmedabad have increased by 9.1 percent.

Information revealed in house price index of 50 cities

The House Price Index (HPI) of 50 cities, based on property valuations collected from banks and housing finance companies, showed a year-on-year increase of 4.8 per cent in the first quarter of 2023-24. A year ago this figure was 7 percent.

Houses most expensive in Gurugram

During this period, residential houses became the most expensive in Gurugram. 20.1 percent increase was recorded in the price of houses here. While Ludhiana saw the highest decline in house prices by 19.4 percent. The Director of Housing Finance Companies said that according to the NHB Housing Price Index, home loan interest rates are still lower than pre-pandemic levels.

Relief in Delhi, lowest rise in prices: HPI

According to the HPI index, among the country's eight major residential markets, house prices in Delhi rose the least at 0.8 per cent during the first quarter. Residential property prices in Ahmedabad increased by 9.1 percent. Housing prices increased by 8.9 percent in Bangalore, 7.8 percent in Kolkata and 6.9 percent in Hyderabad. Residential property prices increased by 6.1 percent in Pune, 2.9 percent in Mumbai and 1.1 percent in Chennai.

Highest price hike in Chandigarh on quarterly basis

House prices rose in 36 out of 50 cities on a quarterly basis during the April-June period of the current financial year. Residential properties in Chandigarh have gone up by 4.9 percent. However, house prices in Navi Mumbai, Ludhiana, Howrah have declined by more than 2 percent. The housing price index of 50 cities has seen an increase of 0.7 percent on a quarterly basis. The figure was 1.3 percent in the January-March 2023 quarter. The index shows an increasing trend on a quarterly basis from June, 2021 onwards.

Prices rose in 43 out of 50 cities

According to NHB data, house prices increased in 43 out of 50 cities, while property prices fell in seven cities. On a quarterly basis, the 50-city index registered a growth of 2.6 percent during the quarter compared to 2.3 percent in the previous quarter.