Examining the Factors that Drive the Variation in Housing Prices Across India During and After the Covid-19 pandemic

This study analyses variations in housing prices across major Indian cities before, during, and after the COVID-19 pandemic using data from the National Housing Bank's RESIDEX index, with the base year set to 2017 = 100. Data from ten cities, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mumbai, Pune, and Surat, was divided into three phases: pre-pandemic (March 2019 to December 2019), pandemic (March 2020 to December 2021), and post-pandemic (March 2022 to March 2024). The findings show that housing prices stagnated or declined during the pandemic due to economic uncertainty and halted construction but rose sharply after 2022, signaling recovery and renewed investor confidence. Cities such as Mumbai, Delhi, and Hyderabad showed strong rebounds, while Jaipur, Surat, and Kolkata experienced slower growth. The study concludes that regional economic strength, infrastructure development, and policy support largely shaped housing price variations, highlighting the resilience of India's real estate sector and the importance of balanced development and housing affordability in the post-pandemic era.