- By Aditya Jha
- Mon, 23 Dec 2024 02:08 PM (IST)
- Source:JND
Housing Price Index List: Delhi National Capital Region (NCR) has shown a significant surge in residential prices with a Housing Price Index (HPI) of 178 between June and September, reported a joint study by Housing.com and the Indian School of Business (ISB) on December 23. HPI tracks changes in residential home prices across the country's 13 major markets.
The report suggested that residential prices in these areas increased because of the strong end-user demand and investor interest. The recent government-related megaprojects could be one of the main reasons behind the price hike. Hike in property prices in key micro-markets such as New Gurgaon, Noida Extension, and Dwarka Expressway has reportedly put Delhi-NCR on top of the list. Karnataka's capital, Bengaluru, is second on the list with an HPI of 167 during the same months.
The all-India HPI was recorded at 128 in September, reflecting that India has a steady growth in property rates across all the major cities. Apart from Delhi NCR, Kolkata has also displayed remarkable improvement in price growth in its housing properties. Kolkata's HPI jumped from 138 to 150 during the course of four months.
The report stated that the housing price value in the city of joy increased because of its improvement in livability due to improved infrastructure and connectivity. However, the report also stated that Kolkata remains more affordable in comparison to other metro cities in spite of price rise. It added that the city's affordability provides it an edge, especially for people looking for post-retirement options.
Shekhar Tomar, Assistant Professor of Economics and Public Policy at ISB, stated that the Mumbai region has witnessed modest price growth alongside a robust increase in sales. “We see a significant variation in the trends in the overall Indian market. Over the past two years, the NCR region has experienced sharp price increases, accompanied by a significant slowdown in sales. In contrast, the Mumbai region has witnessed modest price growth alongside a robust increase in sales. While there are broader economic headwinds, India’s real estate sector is mature and well-positioned to withstand short-term turbulence,” Tomar was quoted as saying by the Hindustan Times.