New Delhi: Housing prices increased in 33 cities by up to 22 per cent during April-June quarter this fiscal, while rates fell in 14 cities by up to 13 per cent, a report has stated.
According to the revised National Housing Bank data with new base year, housing prices went up in 39 cities by up to 17 per cent and declined in eight cities by up to eight per cent and remained stable in three cities, for under-construction properties.
The National Housing Bank (NHB), which launched housing prices index ‘NHB RESIDEX’ in 2007 to track the movement in housing prices on quarterly basis, has revamped the system by changing the base year and releasing separate index for under construction properties.
“Composite HPI@Assessment Prices stood at 83 in June, 2013 and has moved up to 101 in the current quarter i.e., June, 2018. The index has moved up with a CAGR of 3.8 per cent over the years. The index increased by two per cent on YoY (Year-on-Year) basis,” NHB said.
“Annual growth in HPI ranged from 21.7 per cent in Ranchi to (-) 13.4 per cent in Bhiwadi at the end of the quarter,” it said.
Among the eight Tier-1 cities, Ahmedabad witnessed maximum increase at 12.9 per cent on y-o-y basis, followed by Hyderabad (9.5 per cent), Pune (7.2) per cent and Mumbai (5.2 per cent), Bangalore and Kolkata (2 per cent). Chennai witnessed no change and Delhi witnessed a fall in index by (-) 4.8 per cent.
Of the 29 Tier-2 cities, NHB said that significant rise in indices was seen in Ranchi (21.7 per cent), followed by Nashik (8.4 per cent), Surat (7.4 per cent) and Vadodara (7.4 per cent), while significant fall in indices was seen in Ludhiana (-12.3 per cent) and Jaipur (-9.1 per cent) on y-o-y basis.
In under-construction properties, NHB said that composite HPI@Market Prices stood at 84 in June, 2013 and have steadily moved up to 101 in the current quarter i.e. June, 2018.
“Annual growth in HPI ranged from 16.9 per cent in Kolkata to (-) 8.3 per cent in Faridabad at the end of the quarter,” the statement said.