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Residential property prices have shown an increasing trend in most of the cities covered under the NHB RESIDEX during the April-June quarter this year in comparison to the previous quarter.
NHB RESIDEX tracks the housing prices in select 15 cities. Of the 15 cities covered under NHB RESIDEX, the increasing trend was witnessed in as many as 12 cities, according to the latest quarterly update April-June 2011 released by the NHB.
The cities which have shown the maximum increase are Bhopal (33.73 per cent), Faridabad (33.38 per cent) followed by Kochi (24.30 per cent), Surat (16.60 per cent), Delhi (16.29 per cent), Chennai (13.39 per cent), Hyderabad (9.93 per cent), Bengaluru (5.07 per cent), Mumbai (3.33 per cent), Ahmedabad (2.45 per cent), Lucknow (2.16 per cent) and Pune (1.10 per cent).
There are two cities which have shown decline in prices over the previous quarter namely — kolkata (-8.21 per cent) and Jaipur (-4.70 per cent).
Patna has not shown any change over the previous quarter.
The NHB RESIDEX initiative seeks to provide a better understanding of the trends in the residential property market and its various nuances.
The trends also seek to bring greater transparency in the property market. As the RESIDEX evolves, it is expected to bring greater uniformity and standardization in the valuation of properties across the country.
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