NATIONAL HOUSING BANK
NHB RESIDEX tracks the movement in prices of residential properties on a quarterly basis. This is being done since 2007.
From the quarter January-March, 2013 NHB RESIDEX has been expanded to include 6 new cities namely Chandigarh, Coimbatore, Dehradun, Meerut, Nagpur and Raipur. The NHB RESIDEX now covers 26 cities.
This latest NHB RESIDEX for the quarter January-March, 2013 covers 26 cities, with base year as 2007. The Residex for the quarter January-March, 2013 constructed for 26 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 diverse sources and are classified, validated and applied to the model designed to give the representative Index for each city. The data based on actual transactions 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.
Price Movement for the quarter January-March, 2013 (26 Cities)
The movement in prices of residential properties has shown increasing trend in twelve (out of 20 cities already being covered) cities ranging from 0.52% in Indore to 28.74% in Jaipur, and correction in eight cities ranging from -0.54% in Vijaywada to -7.84% in Guwahati during the quarter January-March, 2013 in comparison to the previous quarter October-December, 2012. The Index for the quarter January-March, 2013 has witnessed increase in property prices in majority of the cities over the previous quarter.
The six new cities added from the period January-March, 2013 have shown increase in the prices compared to the Base Year 2007 with maximum increase witnessed in Chandigarh (94%) followed by Meerut (91%), Coimbatore (84%), Dehradun (83%), Nagpur (63%) and Raipur (56%).
Rising Trend: Residential housing prices in 12 cities have shown increase in prices in this quarter ended March, 2013 (January-March, 2013) over the previous quarter ended December, 2012 (October-December, 2012). Maximum increase was observed in Jaipur (28.74%) followed by Bhubneshwar (14.54%), Pune (7.81%), Bhopal (6.49%), Delhi (3.59%), Bengaluru (2.83%), Mumbai (2.31%), Kochi (2.30%), Faridabad (0.98%), Patna (0.67%), Ahmedabad (0.53%) and Indore (0.52%).
Declining Trend: 8 cities have shown decline in prices over the previous quarter with maximum fall observed in Guwahati (-7.84%) followed by Ludhiana (-6.71%), Surat (-6.67%), Kolkata (-5.75%), Lucknow (-3.18%), Hyderabad (-2.23%), Chennai (-1.28%) and Vijaywada (-0.54%).