Property Prices Increased By Up To 22% In Q1, Shows NHB Residex
Property prices across 33 cities in India have witnessed a rise of upto 22 per cent in the first quarter of the financial year 2018-2019 when compared to the same quarter of the previous fiscal, shows the National Housing Board’s housing price index, NHB Residex. Prices dropped by upto 13 per cent in 14 cities and remain stable in three, the index shows. The report released on January 2 studies property prices on a quarterly basis across 50 Indian cities, with FY2018 as the base year.
Among the eight Tier-I cities, Ahmedabad saw the highest rise in property prices at 12.9 per cent on a year-on-year basis, followed by Hyderabad (9.5 per cent) and Pune (7.2 per cent). Mumbai took the fourth spot with a 5.2 per cent increase while Bengaluru and Kolkata came last, with a two per cent rise each. On the other hand, Delhi witnessed a drop of 4.8 per cent in property prices while prices remained flat in Chennai.
Among 29 Tier-II cities studied by the NHB, a significant rise was witnessed in property prices in Ranchi (21.7 per cent), Nashik (8.4 per cent), Surat (7.4 per cent) and Vadodara (7.4 per cent). On the other hand, Ludhiana witnessed the most significant drop at 12.3 per cent, followed by Jaipur with 9.1 per cent.
While of the 13 Tier-III cities, Gandhinagar topped the charts with 12.8 per cent increase, followed by Chakan at 10.8 per cent and New Town Kolkata at 10.5 per cent. Among all the Tier-III, Bhiwadi witnessed the highest decline of 13.4 per cent.
For the first time, the index also studied property prices of under-construction properties separately. According to the numbers released for under-construction properties, prices were seen increasing in 39 cities by up to 17 per cent and declining in eight cities by up to eight per cent while remaining stable in three cities.
Among the eight Tier-I cities, the HPI for under-construction properties was seen growing at 16.9 per cent in Kolkata, followed by Hyderabad (6.3 per cent), Mumbai (4.1 per cent), Delhi (4.1 per cent), Chennai (3.1 per cent), Pune (2 per cent), Ahmedabad (2 per cent) and Bengaluru (1 per cent).
Of the 29 Tier-II cities, Indore led the charts with 9.7 per cent increase in indices, followed by Dehradun at 8.3 per cent and Lucknow at 7.5 per cent. The prices where the highest drop was witnessed were Faridabad (8.3 per cent), Thiruvananthapuram (7.5 per cent) and Vadodara (3.9 per cent). Among the 13 Tier-III cities, the range of HPI stood between 14.4 per cent and – 4.8 per cent.