Stable realty times in Gurugram, Faridabad
According to the National Housing Bank Residential Index (RESIDEX) and Housing Price Index (HPI), the new under construction properties in the two cities during first two quarters of 2017 have showed marginal changes.
While the HPI@Assessment Prices showed positive price movements, the HPI@Market Prices for under construction properties showed marginal negative movements.
At present, NHB RESIDEX has two indexes – HPI@Assessment Prices and HPI@Market Prices — for under construction properties. Overall, the indices show a relatively stable realty times in the two cities in the first two quarters of last year.
THERE WERE MARGINAL MOVEMENTS IN THE RESIDENTIAL SEGMENT IN THE TWO CITIES IN FIRST TWO QUARTERS OF THE LAST YEAR
FARIDABAD
The HPI@Assessment Prices marginally moved from 111 to 115 points while the HPI@Market Price for under construction properties marginally declined from 128 to 125 during the first two quarters of last year.
Composite Assessment Price for Faridabad in the first two quarters showed marginal increase from ₹5,221 per sq ft to ₹5,431 per sq ft. For residential properties smaller than and equal to 646 sq ft, prices declined from ₹5,721 per sq ft to ₹5,547 per sq ft. In the 646 sq ft to 1,184 sq ft size category, there was price appreciation from ₹5,277 per sq ft to ₹5,676 per sq ft between January 2017 and June 2017.
The average market prices for under construction properties as per the HPI@Market Prices declined in first two quarters of the last year.
The composite price for under construction properties corrected from ₹6,030 per sq ft to ₹5,876 per sq ft. In the smallest sized segment, prices marginally declined by ₹35 per sq ft from ₹4,870 per sq ft to ₹4,835 per sq ft.
The sharpest decline during this period was in the mid-size segment, where in prices declined from ₹4,638 per sq ft to ₹4,305 per sq ft. Properties bigger than 1,184 sq ft witnessed positive price movements as prices increased in the segment from ₹8,221 per sq ft to ₹8,395 per sq ft.
GURUGRAM
The HPI@Assessment Prices marginally moved from 120 to 121 points while the HPI@Market Price for properties under construction marginally declined from 108 to 107 during the first two quarters of last year.
The composite assessment prices showed marginal improvement from ₹8,504 per sq ft to ₹8,590 per sq ft. The prices in the smallest category fluctuated marginally. In the mid-size segment, though, properties became more expensive from ₹8,446 per sq ft to ₹8,525 per sq ft.
The price appreciation was also reported for properties bigger than 1,184 sq ft with prices rising from ₹8,612 sq ft to 8,703 per sq ft.
The composite market price for under construction properties declined from ₹9,435 per sq ft to ₹9,324 per sq ft. The sharpest decline in market prices for such properties was reported in the mid-sized segment from ₹8,502 per sq ft to ₹8,073 per sq ft. In the largest-sized segment, there was marginal price correction.
But in the smallest sized property segment, the price growth was positive from ₹6,659 per sq ft to ₹6,733 per sq ft.