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NHB RESIDEX – Residential Housing Price Index for Quarterly Update of July-September, 2011

 
NHB RESIDEX – Residential Housing Price Index for Quarterly Update of July-September, 2011
1. Scope and Coverage of the Index

NHB RESIDEX tracks the housing prices in the select 15 cities. The latest Residex is for the quarter July-September 2011. The Residex has been constructed for 15 cities and has taken into account the price trends for residential properties in different locations and zones in each city as per classification devised for the purpose. The classification has been designed so as to give the most representative Index for each city based on the transactions in the market and data collected from various sources. The data are put through a Model that depicts the actual behaviour of the market and throws up the Index. This initiative seeks to provide a better understanding of the trends in the Residential property market and its various nuances. The trends also seek to bring greater transparency in the property market. As the Residex evolves, it is expected to bring greater uniformity and standardisation 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 and the emerging trends. This information has a critical bearing on the credit evaluation by the lenders 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 July-September 2011 

The movement in prices of residential properties has shown decreasing trend in nine cities covered under NHB RESIDEX during the quarter July-September, 2011 in comparison to the previous quarter. However, on year-on-year basis, except 2 cities, price movements in all the cities have witnessed increase.

Rising Trend: Residential housing prices in 6 cities have shown rise in prices in this quarter ended September, 2011 (July-September, 2011) over the previous quarter ended June, 2011 (April-June, 2011). The city which has shown the maximum increase is Pune (13%) followed by Chennai (9%), Mumbai (7%), Delhi (5%), Jaipur (2%) and Bengaluru (1%).

Declining Trend: There are 9 cities which have shown decline in prices over the previous quarter with maximum fall shown by Kochi (-9%) followed by Hyderabad (-8%), Bhopal (-7%), Surat (-7%), Faridabad (-6%), Ahmedabad (-4%), Lucknow (-4%), Patna (-3%) and Kolkata (-2%).

CITY WISE HOUSING PRICE INDEX

CITY WISE HOUSING PRICE INDEX (UPDATED UPTO QUARTER JULY- SEPTEMBER 2011)

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
Hyderabad

100

96

92

65

81

81

82

87

87

83

91

84

Faridabad

100

100

121

139

145

154

152

170

176

165

220

206

Patna

100

103

100

107

119

127

124

148

146

146

146

141

Ahmedabad

100

106

100

127

128

113

131

141

164

165

169

163

Chennai

100

104

95

120

143

164

183

210

214

218

248

271

Jaipur

100

119

115

71

63

66

61

63

69

67

64

65

Lucknow

100

103

102

104

119

112

133

148

152

157

160

154

Pune

100

101

97

103

117

124

135

140

141

148

150

169

Surat

100

101

98

111

123

109

136

128

133

128

149

139

Kochi

100

106

95

90

83

79

83

97

101

86

107

97

Bhopal

100

139

151

139

162

158

153

166

173

167

224

208

Kolkata

100

114

140

162

185

165

176

191

213

211

194

191

Mumbai

100

112

117

124

126

134

160

167

173

175

181

194

Bengaluru

100

73

76

58

59

64

68

74

101

88

92

93

Delhi

100

124

130

121

113

106

110

115

123

126

147

154