Housing prices rise by up to 9.6% in 18 major cities: NHB
Housing prices have risen in 18 major cities, including Delhi and Mumbai, by up to 9.6 percent during October-December period 2012 compared with the previous quarter, according to National Housing Bank (NHB).
New Delhi: Housing prices have risen in 18 major cities, including Delhi and Mumbai, by up to 9.6 percent during October-December period 2012 compared with the previous quarter, according to National Housing Bank (NHB).
Mumbai and Delhi witnessed the maximum increase in housing price at 9.6 percent each.
Out of 20 cities tracked by NHB 'RESIDEX', prices have dropped in only two cities -- Faridabad and Indore.
"In majority of the cities prices are witnessing upward trend," NHB said in a statement.
"The movement in prices of residential properties has shown increasing trend in 18 cities ranging from 0.6 percent in Chennai to 9.6 percent in Delhi & Mumbai, and fall in only two cities namely Indore (-1.0 percent) and Faridabad (-5.1 percent) during the quarter October-December 2012 in comparison to the previous quarter July-September 2012," it added.
Prices have shot up by 9.4 percent each in Kolkata and Patna, followed by Kochi (8.8 percent), Surat (8.7 percent), Bengaluru (8.2 percent) and Lucknow (8 percent).
Hyderabad saw an appreciation in housing price by 7.1 percent, while in Ludhiana rates rose by 6.5 percent, Ahmedabad (6.1 percent), Guwahati (5.1 percent), Bhopal (4.9 percent), Bhubaneshwar and Jaipur (2.4 percent), Vijayawada (2.2 percent), Pune (2 percent) and Chennai (0.6 percent).
NHB RESIDEX tracks the movement in prices of residential properties on a quarterly basis since 2007. The index for Delhi includes property transactions of Gurgaon, Noida, Greater Noida and Ghaziabad.