NHB RESIDEX – Residential Housing Price Index Quarterly Update July – September 2013 (26 Cities)

NATIONAL HOUSING BANK
New Delhi
November 20, 2013 
Press Release
NHB RESIDEX – RESIDENTIAL HOUSING PRICE INDEX
Quarterly Update July-September, 2013 (26 cities)

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 July-September, 2013 covers 26 cities, with base year as 2007. The Residex for the quarter July-September, 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.

The movement in prices of residential properties for the quarter July-September 2013 has shown increasing trend in twelve (12) cities ranging from 0.46% in Mumbai to 5.30% in Kolkata, and fall in ten (10) cities ranging from -0.93% in Bengaluru to -6.88% in Meerut in comparison to the previous quarter April-June, 2013. Index for 4 cities namely Pune, Kochi, Coimbatore and Dehradun has remained stagnant.

Rising Trend: Residential housing prices in 12 cities have shown increase in prices in this quarter ended September, 2013 (July-September, 2013) over the previous quarter ended June, 2013 (April-June, 2013). Maximum increase was observed in Kolkata (5.30%) followed by Chennai (4.95%), Hyderabad (4.77%), Ahmedabad (2.69%), Lucknow (2.14%), Surat (2.12%), Patna (2.04%), Guwahati (1.36%), Raipur (1.29%), Faridabad (0.99%), Chandigarh (0.53%) and Mumbai (0.46)%.

Declining Trend: 10 cities have shown decline in prices over the previous quarter with maximum fall observed in Meerut (-6.88%) followed by Delhi (-4.53%), Ludhiana (-4.46%), Vijayawada (-4.03%), Nagpur (-3.58%), Bhopal (-3.09%), Indore (-2.18%), Jaipur (-1.82%), Bhubneshwar (-1.03%) and Bengaluru (-0.93%). Index for 4 cities namely Pune, Kochi, Coimbatore and Dehradun has remained stagnant.