NHB RESIDEX – Residential Housing Price Index Quarterly Update October-December, 2013 (26 Cities)

NATIONAL HOUSING BANK
New Delhi
February 11, 2014 
Press Release
NHB RESIDEX – RESIDENTIAL HOUSING PRICE INDEX
Quarterly Update October-December, 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 October-December, 2013 covers 26 cities, with base year as 2007. The Residex for the quarter October-December, 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 October-December, 2013 has shown increasing trend in sixteen (16) cities ranging from 1.1% in Dehradun to 8.0% in Nagpur, and fall in eight (8) cities ranging from -1.2% in Kochi to -3.6% in Vijayawada in comparison to the previous quarter July-September, 2013. Index for 2 cities namely Mumbai and Ludhiana has remained stagnant.

Rising Trend: Residential housing prices in 16 cities have shown increase in prices in this quarter ended December, 2013 (October-December, 2013) over the previous quarter ended September, 2013 (July-September, 2013). Maximum increase was observed in Nagpur (8%) followed by Guwahati (7.4%), Pune (7.3%), Surat (6.2%), Patna (6.0%), Hyderabad (5.7%), Bhubneshwar (4.7%), Chennai (3.8%), Bengaluru (3.7%), Delhi (3.2%), Ahmedabad (3.1%), Faridabad (2.5%), Indore (2.2%), Bhopal (1.4%), Raipur (1.3%) and Dehradun (1.1%),

Declining Trend: 8 cities have shown decline in prices over the previous quarter with maximum fall observed in Vijayawada (-3.6%) followed by Lucknow (-3.1%), Meerut (-2.8%), Coimbatore (-2.8%), Jaipur (-2.8%), Chandigarh (-2.1%), Kolkata (-1.5%) and Kochi (-1.2%).

Index for 2 cities namely Mumbai and Ludhiana has remained stagnant.