Mumbai shows price rise after gap of 3 quarters: NHB Residex

Overall, housing prices have increased by up to 7.1 per cent in 12 major cities

Housing prices have increased by up to 7.1 per cent in 12 major cities, including Delhi and Mumbai, in January-March quarter this year, according to the Residex by National Housing Bank.

The real estate market in Mumbai has shown a price increase after a gap of three quarters. Mumbai saw an increase of 3.2 per cent while Delhi recorded increase of 1.5 per cent. Both these cities are among the top real estate markets in the country. Delhi, however, has been showing an increase since the last two quarters.

Overall, prices went up in the range of 1.3 per cent in Bhopal to 7.1 per cent in Surat. However, prices declined in 12 other cities, ranging from 0.6 per cent in Vijayawada to 5.7 per cent in Patna. For Faridabad and Kochi, prices remained stagnant for the January-March quarter, the Residex data showed.

Ahmedabad saw a prise rise of 6.1 per cent, Chennai 5.8 per cent and Kolkata 5.1 per cent. Lucknow saw 4.9 per cent rise, Raipur 4.4 per cent, Mumbai 3.2 per cent, Nagpur 2.9 per cent, Dehradun 2.7 per cent, Hyderabad 2.2 per cent, Delhi 1.5 per cent and Bhopal 1.3 per cent.

Cities whichwitnessed a decline include Jaipur (-3.8 per cent), Guwahati (-3.75 per cent),Bengaluru (-3.6 per cent), Meerut (-3.5 per cent), Bhubaneshwar (-3.47 per cent) and Ludhiana (-3.3 per cent). Prices also fell in Chandigarh (by -2.7 percent), Coimbatore (-1.7 per cent), Indore (-1.6 per cent), Pune (-1.3 per cent) and Vijayawada (-0.6 per cent).

The residex for the quarter January-March, 2014 for 26 cities has taken into account the price trends for residential properties in different locations and zones in each city. It is based on the transaction data received from Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).