Flat prices in
Chennai & Pune have witnessed steep rise in the last 4 years. As per the
quarterly Residex released by National Housing Bank (NHB), price of housing
property (Apartments) in Chennai has gone up by 228.4% and Pune by 107% during
July to September 2012, compared with July to December 2008.
However three cities
have, however, shown negative growth in property prices. Jaipur has shown a
decline of 26.1%, Kochi of 15.8A% and property prices in Hyderabad fell by
8.7%.
The Residex,
constituted by NHB in 2007, has been monitoring the residential (apartment -
flat) property prices in 15 cities NHB had recently extended its ambit to 5
more cities to 20 cities and showed interest to expand its scope. The index also takes into account various
locations within a city.
Mr. R.V. Verma,
Chairman and Managing Director, NHB said, “Lot of infrastructure development in
Chennai & Pune is helping the residential prices. However, in some cities
like Kochi & Jaipur, with lack of investment in overall infrastructure,
prices have come down.Going forward, we expect a lot of movement in prices of
residential property in smaller towns & cities. We plan to release this
index on a monthly basis from next financial year“
According to NHB,
Residex helps housing loan borrowers & lenders in comparing various cities
as well as locations to make informed decision.
Residential property
in Ahmedabad has become dearer by 80% over the last 4 years, while prices in
Faridabad has climbed by 78.5%.
Top 10 Cites - Flat
Price Increase...!
Last 4
Year Growth
Chennai 228.40%
Pune 107.00%
Ahmedabad 80.00%
Faridabad 78.50%
Lucknow 71.60%
Mumbai 69.20%
Surat 40.80%
Patna 38.00%
Delhi 36.90%
Kolkata 36.40%
