Housing prices rose in 39 cities during January-March: NHB Residex
MUMBAI: Housing prices across top 39 cities of the country have shown signs of recovery with highest price growth of 9.4% recorded in Lucknow during the quarter ended March, showed the National Housing Bank’s housing price index NHB RESIDEX.
National Housing Bank’s Housing Price Index (HPI) for under-construction properties recorded an overall year-on-year increase in 39 cities, decrease in 10 cities and no change in one city, while it showed increase in 34 cities, decrease in 8 cities and no change in 8 cities on sequential basis.
All the top 8 property markets of the country, except Pune, showed growth on annual basis. Residential prices rose 8.5% in Kolkata, 5% in Hyderabad, 3.8% in Mumbai, 3.3% in Delhi, 2.3% in Bengaluru, 2.2% in Ahmedabad and 0.7% in Chennai, while Pune saw prices decline 1.4% from a year ago.
According to India’s official housing price index, of the 39 cities showing an uptrend in index, significant rise was witnessed in Lucknow at 9.4%, Panvel at 8.6%, Kolkata at 8.5%, Indore at 7.1%, Thane at 6.5% and Chandigarh at 6.4%. Marginal annual increase in index was witnessed in 3 cities including Thiruvananthapuram, Chennai and Chakan at 0.7% each. The index remained stable in Gandhinagar.
Among 10 cities witnessing a fall in index, Patna with 12.2%, Faridabad with 7.1%, Vadodara with 3.5%, Rajkot with 1.8%, Bhopal with 1.7%, Howrah with 1.7% and Pune with 1.4% observed significant decline.
Marginal annual decrease in index was witnessed in Vasai-Virar property market at 0.9%, Meerut at 0.8% and Nashik at 0.8%.
NHB RESIDEX is an initiative of the National Housing Bank (NHB), undertaken at the behest of the Government of India, Ministry of Finance. The indices use 2012-13 as the base year.
Of the 29 tier-II cities being covered, maximum increase in indices was seen in Lucknow followed by Indore at 7.1% and Chandigarh at 6.4%, while maximum decrease was seen in Patna at 12.2%, Faridabad at 7.1% and Vadodara at 3.5%, on year-on-year basis. On sequential basis, Gurugram with 2.8%, Dehradun with 2.6%, Kochi and Nagpur with 2.4% each witnessed increase while Faridabad with 3.3%, Thiruvananthapuram with 2.8% and Vadodara with 1.8% witnessed maximum decline.
Among the 13 Tier-III cities, the variations ranged from 8.6% rise in Panvel to drop of 1.7% in Howrah on annual basis. On sequential basis, there were variations in the indices with 0.8% decline in Howrah to 2.5% rise in Bhiwadi.