Housing prices have risen in 18 major cities, including Delhi and Mumbai, by up to 9.6 per cent during the October-December period 2012 compared with the previous quarter, according to National Housing Bank (NHB).
Mumbai and Delhi witnessed the maximum increase in housing prices at 9.6 per cent each. Of the 20 cities tracked by NHB ‘RESIDEX’, prices have dropped in only two cities — Faridabad and Indore. “In the majority of cities prices are witnessing an upward trend,” NHB said in a statement. “The movement in prices of residential properties has shown an increasing trend in 18 cities ranging from 0.6 per cent in Chennai to 9.6 per cent in Delhi and Mumbai, and a fall in only two cities namely Indore (-1.0 per cent) and Faridabad (-5.1 per cent) during the quarter October-December 2012 in comparison to the previous quarter July-September 2012,” it added.
Prices have shot up by 9.4 per cent each in Kolkata and Patna, followed by Kochi (8.8 per cent), Surat (8.7 per cent), Bangalore (8.2 per cent) and Lucknow (8 per cent). Hyderabad saw an appreciation in housing prices by 7.1 per cent, while in Ludhiana rates rose by 6.5 per cent, Ahmedabad (6.1 per cent), Guwahati (5.1 per cent), Bhopal (4.9 per cent), Bhubaneswar and Jaipur (2.4 per cent), Vijayawada (2.2 per cent), Pune (2 per cent) and Chennai (0.6 per cent).
NHB RESIDEX tracks the movement in prices of residential properties on a quarterly basis. The index for Delhi includes property transactions in Gurgaon, Noida, Greater Noida and Ghaziabad.