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NHB RESIDEX – RESIDENTIAL HOUSING PRICE INDEX

Quarterly Update April - June, 2011


1. Scope and Coverage of the Index

NHB RESIDEX tracks the housing prices in the select 15 cities. The latest Residex is for the quarter April-June 2011. The Residex has been constructed for 15 cities and has taken into account the price trends for residential properties in different locations and zones in each city as per classification devised for the purpose. The classification has been designed so as to give the most representative Index for each city based on the transactions in the market and data collected from various sources. The data are put through a Model that depicts the actual behaviour of the market and throws up the Index. This 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 standardisation in the valuation of properties across the industry.

2. Uses of NHB RESIDEX

The Index also helps the general consumers and property buyers and borrowers in their decision-making by enabling comparisons over time and across cities and localities and the emerging trends. This information has a critical bearing on the credit evaluation by the lenders and assessment of the value (present and potential) of the security against the loan. NHB RESIDEX can be a useful indicator for estimating the value of property to be financed and also assess the adequacy of security cover on the outstanding loan. Users can also identify the potential markets for business and service at the city level. Builders and developers may also benefit from the index by assessing the demand scenario in a locality, and mapping the housing needs in different parts of the country. NHB RESIDEX may be useful to policy makers, banks, housing finance companies, builders, developers, investors and individuals.

3. Price Movement for the quarter April-June 2011

The movement in prices of residential properties has shown increasing trend in cities covered under NHB RESIDEX during the quarter April-June, 2011 in comparison to the previous quarter.
Rising Trend: Residential housing prices in 12 cities have shown rise in prices in this quarter ended June, 2011 (April-June, 2011) over the previous quarter ended March, 2011 (Jan-Mar, 2011). The cities which have shown the maximum increase are Bhopal (33.73%) and Faridabad (33.38%) followed by Kochi (24.30%), Surat (16.60%), Delhi (16.29%), Chennai (13.39%), Hyderabad (9.93%), Bengaluru (5.07%), Mumbai (3.33%), Ahmedabad (2.45%), Lucknow (2.16%), Pune (1.10%).

Declining Trend: There are 2 cities which have shown decline in prices over the previous quarter namely Kolkata (-8.21%) and Jaipur (-4.70%).

Patna has not shown any change over the previous quarter.
CITY WISE HOUSING PRICE INDEX

CITY WISE HOUSING PRICE INDEX (UPDATING UPTO QUARTER APRIL – JUNE 2011)

The Index has been constructed for 15 cities and updated upto the quarter ended June-2011. Residential housing prices in 12 cities have shown rise in prices in this quarter ended June, 2011 (Apr-Jun, 2011) over the previous quarter ended March, 2011 (Jan-Mar, 2011).
The cities which have shown the maximum increase are Bhopal (33.73%) and Faridabad (33.38%) followed by Kochi (24.30%), Surat (16.60%), Delhi (16.29%), Chennai (13.93%), Hyderabad (9.93%), Bangaluru (5.07%), Mumbai (3.33%), Ahmedabad (2.45%), Lucknow (2.16%) and Pune (1.10%).

There are 2 cities which have shown decline in prices over the previous quarter namely Kolkata (-8.21%) and Jaipur (-4.70%). Patna has not shown any change over the previous quarter.