NHB RESIDEX reveals increase in prices in 16 cities

By Accommodation Times News Services

illegal-building1National Housing Bank released their statistics for the forth and the last quarter of the year October-December, 2013, the NHB RESIDEX illustrates increasing price trend in 16 cities out of 26 cities, Mumbai’s realty market has revealed a stang in prices. Prices in Delhi and Bangalore rose during the quarter ended December 2013. In Mumbai, prices stopped falling for the first time since March 2013.

As per the statistics the prices rises from 1.1% in Dehradun to 8.0% in Nagpur, and fall in eight (8) cities ranging from -1.2% in Kochi to -3.6% in Vijayawada in comparison to the previous quarter July-September, 2013.

NHB has released the Residex with technical support from RBI, has shown a sharp swing away from the trend earlier this year. In the first quarter of FY 14, residential real estate prices fell in 22 cities out of 26 in the list, a performance which improved to 10 cities in the following quarter, and finally to eight in Q3.

R V Verma, the chairman of NHB, said there were clear signs of a change in the trend of persistent decline. “There is a strong demand from end-users. They are not willing to stay on the sidelines now.”

Rising Trend: Residential housing prices in 16 cities have shown increase in prices in this quarter ended December, 2013 (October-December, 2013) over the previous quarter ended September, 2013 (July-September, 2013). Maximum increase was observed in Nagpur (8%) followed by Guwahati (7.4%), Pune (7.3%), Surat (6.2%), Patna (6.0%), Hyderabad (5.7%), Bhubneshwar (4.7%), Chennai (3.8%), Bengaluru (3.7%), Delhi (3.2%), Ahmedabad (3.1%), Faridabad (2.5%), Indore (2.2%), Bhopal (1.4%), Raipur (1.3%) and Dehradun (1.1%),

Declining Trend: 8 cities have shown decline in prices over the previous quarter with maximum fall observed in Vijayawada (-3.6%) followed by Lucknow (-3.1%), Meerut (-2.8%), Coimbatore (-2.8%), Jaipur (-2.8%), Chandigarh (-2.1%), Kolkata (-1.5%) and Kochi (-1.2%).

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