Housing Prices Show Mixed Trends Across Indian Cities in Q2 FY24
During the second quarter of the current fiscal year (FY24), housing prices witnessed a varied performance across 26 Indian cities. While 12 cities experienced price appreciation, 10 cities saw a decline in housing prices.
Cities with Increased Housing Prices
Several cities witnessed an upward trend in housing prices, ranging from a modest 0.75% increase in Mumbai to a substantial 6% jump in Kolkata. Other cities that saw price increases include:
- Chennai (5%)
- Hyderabad (4.88%)
- Ahmedabad (3%)
- Lucknow (2.50%)
- Patna (2.40%)
Cities with Decreased Housing Prices
In contrast, certain cities experienced a decline in residential property prices ranging from 1% in Bengaluru to a significant 7% drop in Meerut. The National Housing Bank (NHB) survey highlighted a decrease in prices in Delhi-NCR by 5% compared to the previous quarter, along with decreases in other areas including:
- Ludhiana (5%)
- Vijayawada (4.50%)
- Nagpur (3.85%)
- Bhopal (3.90%)
- Indore (2.81%)
- Jaipur (2%)
- Bhubaneshwar (1.30%)
Stable Housing Prices
Prices in four cities, Pune, Kochi, Coimbatore, and Dehradun, remained unchanged during the July-September period.
Delhi-NCR: QoQ Decline, YoY Surge
The Delhi-NCR region presents an interesting case. While experiencing a 5% quarter-on-quarter decline, it registered a 7% year-on-year increase, according to the NHB survey. On an annual basis, Delhi-NCR observed a 6.9% rise in prices.
Extremes Observed
The NHB survey revealed Meerut as having the most substantial reduction in housing prices with a 7% decrease. Kolkata experienced the highest price surge at 6%.
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