NHB Residex shows rise in hous­ing prices of 18 ci­ties

Accommodation Times - - Nation - By Staff Re­porter

Na­tional Hous­ing Bank (NHB) fi­nally re­leased their Res­i­den­tial Hous­ing Price In­dex for the quar­ter of April-June 2014, after de­lay of one month in the re­lease. NHB’s Residex has hous­ing prices of 26 ci­ties. This year Mumbai, Pune, Coim­bat­ore and In­dore have shown a mar­ginal in­crease in the range of 0.5-3.9% dur­ing the April-June quar­ter this year com­pared to the pre­vi­ous quar­ter. The prices in 6 ci­ties in­clud­ing Delhi de­clined dur­ing the same quar­ter 2014, while in rest, the prices were stag­nant. Ris­ing Trend: Res­i­den­tial hous­ing prices in 18 ci­ties have shown in­crease in prices in this quar­ter ended June, 2014 (April-June, 2014) over the pre­vi­ous quar­ter ended March, 2014 (Jan­uary-March, 2014). Max­i­mum in­crease was ob­served in Pune (3.9%) fol­lowed by Coim­bat­ore (3.5%), In­dore (3.3%), Guwahati (3.2%), Patna ( 2.7%), Kolkata ( 2.4%), Ahmed­abad (1.91%), Vi­jayawada (1.88%), Mumbai (1.75%), Chen­nai ( 1.72%), Ludhiana (1.4%), Bhopal (1.3%), Kochi (1.2%), Jaipur (0.99%), Farid­abad (0.96%), Ben­galuru (0.93%), Nag­pur (0.6%) and Bhubaneswar (0.5%). The max­i­mum in­crease was ob­served in Pune by Coim­bat­ore then In­dore, Guwahati, Patna, Kolkata and Bhub­nesh­war, Mumbai showed the least rise. De­clin­ing Trend: 6 ci­ties have shown de­cline in prices over the pre­vi­ous quar­ter with max­i­mum fall ob­served in Chandigarh (- 4.4%) fol­lowed by Meerut (-3.6%), Delhi (-3.0%), Su­rat (-2.4%), Dehradun (-2.1%), and Lucknow (-0.5%). In­dices for 2 ci­ties namely Hy­der­abad and Raipur have re­mained stag­nant. The Residex is ex­pected to bring greater uni­for­mity and stan­dard­i­s­a­tion as well as greater trans­parency in the val­u­a­tion of prop­er­ties across the in­dus­try. The realty sec­tor is fac­ing a pe­riod of low sales and high inventory cou­pled with fund­ing is­sues. The mar­ket has started show­ing signs of re­vival with lit­tle up­take in sales dur­ing the start of fes­ti­val sea­son this year but ex­perts say a full re­vival is 6-9 months away.

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