NHB Residex data should be keenly followed

This is one data which should be tracked more often. NHB  has developed this index – NHB Residex to track housing prices across the country. The last data was released on 28 October 2010 for the period Apr-Jun 2010. So it is a bit dated and we should be getting data for Jul-Sep 2010 period next.

I was just looking at the latest data (for Apr-Jun 2010):

CITIES QoQ (Jan- Mar 10 to Apr-Jun 10) YoY (Jun-09 to Apr-Jun 10 Since 2007
Hyderabad 1.2 26.2 -18.0
Faridabad -1.3 9.4 52.0
Patna -2.4 15.9 24.0
Ahmedabad 15.9 3.1 31.0
Chennai 11.6 52.5 83.0
Jaipur -7.6 -14.1 -39.0
Lucknow 18.8 27.9 33.0
Pune 8.9 31.1 35.0
Surat 24.8 22.5 36.0
Kochi 5.1 -7.8 -17.0
Bhopal -3.2 10.1 53.0
Kolkata 6.7 8.6 76.0
Mumbai 19.4 29.0 60.0
Bengaluru 6.3 17.2 -32.0
Delhi 3.8 -9.1 10.0

QoQ analysis

  • Prices have risen across cities.
  • Out of 15 cities, prices have risen in 11 cities compared to Jan-Mar 10 levels.
  • Prices have risen highest in Surat (24.8%), Mumbai (19.4%) and Lucknow (18.8%).
  • Prices have fallen in Jaipur (7.6%), Bhopal (3.2%) and Patna (2.4%)

YoY

  • Prices have risen in 12 cities compared to Jun 2009 levels.
  • Highest rise in Chennai (52.5%) , Pune (31.1%) and Mumbai (29%)
  • Prices have fallen in Jaipur, Delhi and Kochi

From 2007 (a more long term trend)

  • Prices have fallen in 4 cities –  Jaipur, Bangalore, Kochi and Delhi.
  • They have risen in rest of the 11 cities with highest in Chennai followed by Kolkata, Mumbai and Bhopal.
  • From a long term perspective prices seem to have risen across the country in just three years barring the four cities. The rise is quite high as well for some cities like Chennai and Mumbai.
  • Hence, much like USA we are seeing prices rise significantly across the country.
  • And then this is based on white money, once you include the black component we are seeing a much higher rise…

I was checking Mumbai price data and not surprisingly, prices have risen highest in Navi Mumbai, thanks to the airport .

This is Apr-Jun data. The latest developments are prices have started to ease a bit. But then with this kind of a rise, a marginal rise will not really help.

PS.

Also check these rental comparisons across difefernt cities. In Mumbai rentals are double and apartment size is half..

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2 Responses to “NHB Residex data should be keenly followed”

  1. Tweets that mention Gulzar & Amol on property price trends in Indian cities -- Topsy.com Says:

    […] This post was mentioned on Twitter by Nitin Pai. Nitin Pai said: Gulzar http://j.mp/gqDNEl & Amol http://j.mp/flEy66 on property price trends in Indian cities […]

  2. NHB Residex update « Mostly Economics Says:

    […] data has been released for Jul-Sep 2010 quarter. This blog said earlier this data should be tracked closely but hardly anyone covers […]

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