NHB Residex shows increase in home prices across 18 cities

NEW DELHI: Despite home sales going down in many markets across the country, the National Housing Bank's residential housing index, Residex has shown an increase in home prices in the October-December 2012 quarter across 18 of the 20 cities it tracks.

NHB, says Verma, will start covering six more cities from the January-March 2013 quarter. "Based on these 26 cities, we will asses if we could construct a national property price index," says RV Verma, chairman, NHB.

The cities which have shown the maximum quarter-on-quarter increase are Mumbai (9.6%) followed by Delhi (9.6%), Kolkata (9.4%), Patna (9.4%), Kochi (8.8%), Surat (8.7%), Bengaluru (8.2%), Lucknow (8.0%), Hyderabad (7.1%), Ludhiana (6.5%), Ahmedabad (6.1%), Guwahati (5.1%), Bhopal (4.9%), Bhubneshwar (2.4%), Jaipur (2.4%), Vijayawada (2.2%), Pune (2.0%) and Chennai (0.6%).

There was a fall in home prices in only two cities-Indore (-1%) and Faridabad (-5.1%) during the quarter.

Source: http://economictimes.indiatimes.com/markets/real-estate/news/nhb-residex-shows-increase-in-home-prices-across-18-cities/articleshow/18673481.cms