Kolkata and Delhi are inclined towards a price rise as compared to Hyderabad, which is more inclined towards a price decrease. Perception of home prices being high is maximum in Mumbai and Pune. In Kolkata and Hyderabad, more perceive prices to be reasonable, claims a recent survey by private sector. Such announcement favours the builders and developers to increase prices and manipulate.
The Govt initiated `NHB Residex’, the index which is expected to fill the void created by an absence of a relevant benchmark in the booming housing market in India. It promises to capture relationship between the residential property prices and the various backward and forward linkages it has in the economy. Let’s hope investors get return for every buck.
It compiles the indices for 10 major cities – Greater Mumbai, Kolkata, Delhi, Chennai, Banagalore, Hyderabad, Ahmedabad, Kanpur, Jaipur and Patna. Useful for individual buyers, builders, housing finance industry as well as Government and policy-makers.
Buyers and builders can benefit by interpreting the indices to get an idea regarding demand and price movements of different types of houses in various cities and localities. Also the housing finance industry can use the indices to assess the likely demand for finance.
Until now, very little information is available to the home buyers and investors through local real estate agents and investment advisors, who have limited resources and may not be considered to be independent or objective in their opinions. With the persistent boom of the housing sector,there was surely a need to monitor the movement of value of the underlying assets (i.e. the real estate) and ensure that there are no undue mark-ups on either side of the economically efficient pricing. In fact, there is a need for reliable, unbiased information about the long-term performance of residential property specifically in terms of its pricing and their movements over time.
City Wise Housing Price Index: January-March, 2015
CITIES
2007 Index
Oct-Dec 2012 Index
Jan- Mar 2013 Index
Apr-Jun 2013 Index
Jul-Sept 2013 Index
Oct- Dec 2013 Index
Jan-March 2014 Index
April-June 2014 Index
July-Sept
2014 Index
Oct- Dec 2014 Index
Jan-March 2015 Index
Hyderabad
100
90
88
84
88
93
95
95
93
95
97
Faridabad
100
205
207
202
204
209
209
211
216
222
224
Patna
100
151
152
147
150
159
150
154
153
157
160
Ahmedabad
100
191
192
186
191
197
209
213
217
215
215
Chennai
100
314
310
303
318
330
349
355
362
366
364
Jaipur
100
87
112
110
108
105
101
102
101
103
102
Lucknow
100
189
183
187
191
185
194
193
196
198
200
Pune
100
205
221
219
219
235
232
241
242
247
251
Surat
100
150
140
142
145
154
165
161
160
164
168
Kochi
100
87
89
86
86
85
85
86
88
88
88
Bhopal
100
216
230
227
220
223
226
229
232
233
239
Kolkata
100
209
197
189
199
196
206
211
209
215
212
Mumbai
100
217
222
221
222
222
229
233
238
240
238
Bengaluru
100
106
109
108
107
111
107
108
109
113
115
Delhi
100
195
202
199
190
196
199
193
189
189
190
Bhubaneswar
100
172
197
195
193
202
195
196
197
192
188
Guwahati
100
166
153
147
149
160
154
159
160
163
168
Ludhiana
100
179
167
157
150
150
145
147
146
147
145
Vijayawada
100
185
184
174
167
161
160
163
161
162
163
Indore
100
194
195
184
180
184
181
187
188
191
195
Chandigarh
100
194
191
192
188
183
175
174
173
169
Coimbatore
100
184
178
178
173
170
176
180
176
179
Dehradun
100
183
184
184
186
191
187
188
187
190
Meerut
100
191
189
176
171
165
159
159
161
163
Nagpur
100
163
168
162
175
180
181
180
184
187
Raipur
100
156
155
157
159
166
166
165
171
173
(Real Estate Price Table, Source: National Housing Bank)