Housing prices across the country are stabilising, with sequential increases in major metros during July-September but declines in smaller cities in the backdrop of a tight monetary policy and economic slowdown.
According to National Housing Bank (NHB), the residential housing index for Delhi rose 3.8% sequentially during the second quarter while the increase was marginal for Mumbai (0.5%), Chennai (0.8%) and Pune (0.7%). The maximum increase in property prices was recorded in Kochi (10.1%) and Jaipur (9.0%).
On a year-on-year basis, the price rise in Delhi was 15.6%, Mumbai 2% , Chennai 15.1% and flat in Kolkata. About 11 cities have shown a marginal decline in prices over the previous quarter with the greatest fall observed in Surat (-4.8%) followed by Indore (-3.5%), Kolkata (-2.4%), Vijayawada (-2.4%), Patna (-1.8%), Ludhiana (-1.7%), Bengaluru (-1.7%), Hyderabad (-1.3%), Guwahati (-0.7%), Bhopal (-0.5%) and Faridabad (-0.4%).
“There are some signs of convergence of prices around this level across the 20 cities,” NHB said.