NHB Residex shows increase in housing prices by 7% in 12 major cities

By Accommodation Times News Services

rise in ratesNational Housing Bank (NHB) released its first residex for the year 2014 on 12th June, which revealed increase in housing prices by 7.1 per cent in 12 major cities. The residex includes total 26 cities. As per the data whereas, 12 major cities witnessed an increase, other 12 cities showed fall in prices and prices in two cities Faridabad and Kochi remained stable.

The two major cities of country Mumbai and Delhi showed an increase in prices, where Mumbai saw an increase of 3.2 per cent, prices in Delhi saw a minor increase of 1.5 per cent. The big cities which are on top in demand for housing have shown increase, which includes all the metro cities.

The raises of prices are ranging from lowest of 1.3 per cent to highest of 7.1 per cent. Decline in prices are witnessed from -0.6 percent to -5.7 percent.

As compared to previous quarter of October- December, 2013 Prices in Bhopal raised by 1.3 per cent, in Surat 7.1 per cent, in Ahmedabad price raised of 6.1 per cent, Chennai 5.8 per cent and Kolkata 5.1 per cent. Lucknow saw 4.9 per cent rise, Raipur 4.4 per cent, Mumbai 3.2 per cent, Nagpur 2.9 per cent, Dehradun 2.7 per cent, Hyderabad 2.2 per cent, Delhi 1.5 per cent and Bhopal 1.3 per cent.

Decline in prices include cities like, Jaipur -3.8 per cent, Guwahati -3.75 per cent, Bangalore -3.6 per cent, Meerut -3.5 per cent, Bhubaneswar -3.47 per cent, Ludhiana -3.3 per cent, Chandigarh -2.7 per cent, Coimbatore -1.7 per cent, Indore -1.6 per cent, Pune -1.3 per cent and Vijayawada -0.6 per cent.

The residex for the quarter January-March, 2014 constructed for 26 cities has taken into account the price trends for residential properties in different locations and zones in each city. It is based on the transaction data received from the Central Registry of Securitisation Asset Reconstruction and Security Interest of India.

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