Housing prices increased in 36 cities during April-June 2017 out of 50 major cities with Vizag recording the maximum annual appreciation of nearly 16 per cent while Delhi saw 8.1 per cent rise, according to NHB.
The National Housing Bank (NHB) Housing Price Index (HPIs) tracks the movement in prices of residential properties on a quarterly basis, taking FY 2012-13 as the base year. “HPI recorded an overall increase in 36 cities, decrease in 13 cities and no change in 1 city on Y-o-Y basis,” NHB said in a statement. All the eight Tier-1 cities witnessed a rise in indices on Y-o-Y basis with Delhi witnessing a 8.1 per cent rise followed by Chennai (7.4 per cent) and Pune (6 per cent). Of the 36 cities showing increasing trend, NHB said that the significant rise was witnessed in Vizag (15.7 per cent), Kochi (12.8 per cent), Faridabad (11.7 per cent), Surat (11.2 per cent), Howrah (10.2 per cent), Raipur (9.6 per cent) and Nagpur (9.4 per cent).
Marginal rise in index was witnessed in Noida (0.9 per cent), Ludhiana (1.4 per cent) and Vasai-Virar (1.6 per cent), while index remained stable in Greater Noida. Among the 13 cities witnessing a fall in index, Bhiwadi (-10.6 per cent), Coimbatore (-6.6 per cent), Chandigarh (-5.9 per cent) and Ranchi (-5.9 per cent) observed significant decline, the statement said. Meanwhile, NHB’s Housing Price Index (HPI) at market prices for under-construction properties increased in 25 cities, decrease in 17 cities and no change in 5 cities on Y- O-Y basis, at the end of the quarter April-June, 2017.
Of the 25 cities showing increase in index, significant rise was witnessed in Lucknow (7.8%), Indore (7.5%), Bhubaneswar (7.5%), Guwahati (7.4%), Chandigarh (6.6%), Raipur (6.6%) and Surat (5%). Marginal increase in index was witnessed in 4 cities viz, Bhiwadi (0.9%), Howrah (0.8%), Navi Mumbai (0.8%) and Bidhan Nagar (0.7%). Index remained stable in 5 cities namely Ghaziabad, Kalyan Dombivali, Mira Bhayander, Pune and Vasai Virar. Among 17 cities witnessing a fall in prices, Chennai (-9 per cent), New Town Kolkata (-4.8 per cent), Patna (-4.5 per cent), Kanpur (-4.2 per cent) and Kolkata (-4.1 per cent) observed significant decline. Marginal decrease in index was witnessed in Bhopal (-0.9 per cent), Thane (-0.8 per cent) and Nashik (-0.8 per cent). The revamped NHB RESIDEX captures two housing price indices — HPI @Assessment Prices for 50 cities and HPI@ Market Prices for under construction properties for 47 cities.