Last updated 3 years ago

Owning a house in the City of Destiny to become a costly affair with Housing Rates increase recorded as highest in Visakhapatnam as per National Housing Bank, NHB.

Visakhapatnam has witnessed a steep rise in housing rates over the years and annual appreciation here is highest among 50 major cities of India. These revelations have come after the research conducted by National Housing Bank. The National Housing Bank (NHB) Housing Price Index (HPIs) tracks the movement in prices of residential properties on a quarterly basis, taking FY 2012-13 as the base year. Housing rates have increased in 36 cities during April-June 2017 and out of 50 major cities in India Vizag records the maximum annual appreciation. It is nearly16 per cent while the capital city, Delhi saw 8.1 percent rise according to NHB.

NHB found an increasing trend in housing rates in 36 cities and decrease in others. Out of the ones showing an increase are Vizag (15.7 per cent), Kochi (12.8 per cent), Faridabad (11.7 per cent), Surat (11.2 per cent), Howrah (10.2 per cent), Raipur (9.6 per cent) and Nagpur (9.4 per cent).

Visakhapatnam is a good place to live and settle down for many and not just the locals. Now, more than ever the housing market in the city is at an all time boom and housing rates are on the rise. One might consider snapping up property here sooner rather than later if one wants a home in Visakhapatnam.