The revamped and expanded official online user friendly National Housing Bank's residential property price index 'Residex' that captures movements in the prices of residential real estate prices revealed that prices during January-March 2017 have increased over that of October-December 2016, in about half of the cities covered under the survey while the other half have either registered a decline or remained the same.
Union Minister for Housing and Urban Affairs, M Venkaiah Naidu on Monday released the new version of NHB RESIDEX on the occasion of the National Housing Bank entering its 30th year. Santosh Gangwar, Minister of State for Finance Santosh Gangwar and Bimal Jalan, former RBI Governor were also present during the launch which will now cover more cities (50 across India).
NHB RESIDEX for January-March,2017 revealed that price indices for residential properties based on actual market prices for ongoing construction prices have increased over the previous quarter in 24 of the 47 cities covered in the Index including in Jaipur, Chennai, lucknow, Guwahati, Howrah, Hyderabad, Bidhannagar etc. In Delhi, Faridabad, Chandigarh, Patna and Nashik etc, prices have come down. This component of RESIDEX, called Housing Price Index@Market Prices is based on actual market information.
The other component of RESIDEX called as HPI@Assessment Prices based on the information furnished by banks and other lending agencies showed that prices have increased in 27 of the 50 cities surveyed. These include; Gurgaon, Mumbai, Vadodara, Raipur, Kanpur, Chandigarh, Bhubaneswar, Visakhapatnam and Coimbattore. Prices, however, have declined in Ranchi, Gandhinagar, Surat, ludhiana, Kolkata etc.
The RESIDEX has been computed for three categories of houses with carpet of below 60 sq.mtre, 61-110 sq.mtres and 111 sq.mtres and above.
Speaking on the occasion, Naidu claimed that land prices have come down in the country but more needs to be done on this front. Meanwhile, Naidu called upon the States to quickly frame rules under the RERA framework and appoint regulator for their respective States by July 31.