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NHB RESIDEX – Quarterly Update January-March, 2012 (20 cities)

 
NHB RESIDEX – Quarterly Update January-March, 2012 (20 cities)

Press Release

NHB RESIDEX – RESIDENTIAL HOUSING PRICE INDEX

Quarterly Update January-March, 2012 (20 cities)

1.    Scope and Coverage of the Index

The last updation of NHB Residex for the quarter October-December 2011 covered 15 cities. From January 2012, NHB-Residex has been further expanded to cover 5 (Five) more cities viz. Bhubaneshwar, Guwahati, Ludhiana, Vijayawada, and Indore, taking the total number to 20. The first time NHB Residex in 2007 was for 5 cities.

This latest NHB RESIDEX for the quarter Jan-March 2012 thus covers 20 cities, including for the first time the above 5 new cities, whose price trends have also been tracked with base year as 2007.

The Residex for the quarter January-March 2012 constructed for 20 cities has taken into account the price trends for residential properties in different locations and zones in each city. Data on the transactions are collected from different/diverse sources and are classified, validated and applied to the model designed to give the representative Index for each city. The data are put through a Model that depicts the trend in the market. The Residex is expected to bring greater uniformity and standardisation as well as greater transparency in the valuation of properties across the industry.

2.    Uses of NHB RESIDEX

The Index also helps the general consumers and property buyers and borrowers in their decision-making by enabling comparisons over time and across cities and localities based on the emerging trends. The Residex also provides insights into the property market for the lending agencies in their credit evaluation and assessment of the value (present and potential) of the security against the loan. NHB RESIDEX can be a useful indicator for estimating the value of property to be financed and also for assessing the value of security cover on the outstanding loan. Builders and developers may also benefit from the index by assessing the demand scenario in a locality, and mapping the housing needs in different parts of the country. NHB RESIDEX may be useful to policy makers, banks, housing finance companies, builders, developers, investors and individuals.

3.  Price Movement for the quarter January-March, 2012 (20 Cities)

The movement in prices of residential properties has shown increasing trend in five cities and decline in ten cities covered under NHB RESIDEX during the quarter January-March, 2012 in comparison to the previous quarter. The Index for the quarter January-March 2012 has witnessed moderation/ stable property prices in majority of the cities over the previous quarter except in Jaipur and Hyderabad which have witnessed significant increases. Kochi, Bengaluru and Patna witnessed significant corrections.

Rising Trend: Residential housing prices in 5 cities have shown rise in prices in this quarter ended March 2012 (January-March 2012) over the previous quarter ended December, 2011 (October-December, 2011). Maximum increase was observed in Jaipur (25%) followed by Hyderabad (8.9%), Chennai (2.8%), Kolkata (0.5%) and Delhi (0.6%),

New 5 Cities: In case of new 5 cities now covered under the Residex from the period January-March, 2012, the prices of the residential properties in all the new cities have shown increasing trends in comparison to the prices in the Base Year 2007. The maximum increase was observed in Indore (108%) followed by Vijayawada (84%), Ludhiana (63%), Bhubaneswar (61%) and Guwahati (57%) in comparison to base year prices in 2007.

Declining Trend: 10 cities have shown decline in prices over the previous quarter with maximum decline observed in Kochi (-12.2%) followed by Bengaluru (-8%), Patna (-7.9%), Surat (-5.3%), Bhopal (-3.3%), Pune (-1.6%), Ahmedabad (-1.8%), Mumbai (1.6%), Lucknow (-0.6%) and Faridabad (-0.5%).

CITY WISE HOUSING PRICE INDEX (UPDATING UPTO QUARTER JANUARY-MARCH 2012)

CITIES

2007 Index

Jan-June 2008 Index

July- Dec 2008 Index

Jan-June 2009  Index

July-Dec 2009  Index

Jan-Mar 2010 Index

Apr-Jun 2010 Index

July-Sept 2010 Index

Oct-Dec 2010 Index

Jan-Mar 2011 Index

Apr-Jun 2011 Index

Jul-Sept 2011 Index

 

Oct-Dec 2011 Index

 

Jan-Mar 2012 Index

Hyderabad

100

96

92

65

81

81

82

87

87

83

91

84

79

86

Faridabad

100

100

121

139

145

154

152

170

176

165

220

206

218

217

Patna

100

103

100

107

119

127

124

148

146

146

146

141

140

129

Ahmedabad

100

106

100

127

128

113

131

141

164

165

169

163

167

164

Chennai

100

104

95

120

143

164

183

210

214

218

248

271

296

304

Jaipur

100

119

115

71

63

66

61

63

69

67

64

65

64

80

Lucknow

100

103

102

104

119

112

133

148

152

157

160

154

165

164

Pune

100

101

97

103

117

124

135

140

141

148

150

169

184

181

Surat

100

101

98

111

123

109

136

128

133

128

149

139

152

144

Kochi

100

106

95

90

83

79

83

97

101

86

107

97

82

72

Bhopal

100

139

151

139

162

158

153

166

173

167

224

208

211

204

Kolkata

100

114

140

162

185

165

176

191

213

211

194

191

190

191

Mumbai

100

112

117

124

126

134

160

167

173

175

181

194

193

190

Bengaluru

100

73

76

58

59

64

68

74

101

88

92

93

100

92

Delhi

100

124

130

121

113

106

110

115

123

126

147

154

167

168

Bhubaneshwar

100

 

161

Guwahati

100

 

157

Ludhiana

100

 

163

Vijayawada

100

 

184

Indore

100

 

208