Housing prices rise by up to 7% in 12 major cities: NHB

Housing prices have increased by up to 7.1% in 12 major cities, including Delhi and Mumbai, in January-March period of this year due to a surge in demand, National Housing Bank said today.

Prices witnessed an increase ranging from 1.3% in Bhopal to 7.1% in Surat in comparison to that in the previous quarter of October-December, 2013, the quarterly update of NHB Residex said.

Prices, however, fell in 12 other cities, ranging from -0.6% in Vijayawada to -5.7% in Patna.

Indices for Faridabad and Kochi remained stagnant.

Ahmedabad saw a prise rise of 6.1%, Chennai 5.8% and Kolkata 5.1%.

Lucknow saw 4.9% rise, Raipur 4.4%, Mumbai 3.2%, Nagpur 2.9%, Dehradun 2.7%, Hyderabad 2.2%, Delhi 1.5% and Bhopal 1.3%.

Cities which witnessed a decline include Jaipur (-3.8%), Guwahati (-3.75%), Bengaluru (-3.6%), Meerut (-3.5%), Bhubaneshwar (-3.47%) and Ludhiana (-3.3%).

Prices fell in Chandigarh by (-2.7%), Coimbatore (-1.7%), Indore (-1.6%), Pune (-1.3%) and Vijayawada (-0.6%).

The residex for the quarter January-March, 2014 constructed 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).