Housing prices rise 6 pc in 50 cities during Oct-Dec 2018: NHB data

Housing prices across 50 major cities rose by an average 6 per cent during October-December 2018 over the year-ago period, according to National Housing Bank data.

NHB RESIDEX, India's first official housing price index (HPI), was launched in July 2007 to track the movement in prices of residential properties in select cities on quarterly basis.

"Composite HPI@Assessment prices stood at 83 in June, 2013 and has moved up to 105 in the current quarter i.e December, 2018. The index has moved up with a CAGR of 4 over the years. The index increased by 6 per cent on YoY (Year-on-Year) basis," National Housing Bank said in a statement.

In city-wise movements, the HPI recorded an overall increase in 44 cities, decrease in 4 cities and no change in 2 cities on Y-o-Y basis.

"Annual growth in HPI ranged from 25.8 per cent in Ranchi to (-) 2.9 per cent in Kanpur at the end of the quarter," it added.

Among the 8 Tier-1 cities, Ahmedabad witnessed maximum increase at 19.6 per cent on Y-o-Y basis followed by Hyderabad at 13.3 per cent, Bengaluru at 11.1 per cent, Pune at 8.1 per cent, Mumbai at 6.1 per cent, Kolkata at 3 per cent and Chennai at 1 per cent. Delhi witnessed a fall in index by (-) 2 per cent.

Of the 29 Tier-2 cities being covered, significant rise in indices was seen in Ranchi (25.8 per cent) followed by Coimbatore (13.4 per cent), Nashik (7.1 per cent) and Surat (6.2 per cent). HPI fell in Kanpur (-2.9 per cent) and Kochi (-1 per cent) on Y-o-Y basis.

All Tier 3 cities showed growth with Gandhinagar (18.6 per cent) in the lead followed by New town Kolkata (14.6 per cent) and Thane (8.1 per cent) showing significant increase in indices.