Naidu releases new version of NHB RESIDEX

Speed Post News Network

New Delhi : The revamped and expanded official online user friendly NHB RESIDEX that captures movements in the prices of residential real estate prices released on July 10, 2017, revealed that prices during January-March, 2017, have increased over that of October-December, 2016, in about half of the cities covered under the survey while the other half have either registered a decline or remained the same.

Minister of Housing & Urban Affairs M Venkaiah Naidu on July 10 released the new version of NHB RESIDEX on the occasion of the National Housing Bank (NHB) entering its 30th year. Speaking on the RESIDEX, Naidu said the price indices for the last quarter of last financial year 2016-17 proved wrong the critics of demonetization who said that economy will take a hit. He also said that the National Housing Bank also collected data on land prices which showed that a correction in land prices is taking place which again reflects the declining trend in transactions of unaccounted money, he said, according to a PIB release.

NHB RESIDEX for January-March,2017 revealed that price indices for residential properties based on actual market prices for ongoing construction prices have increased over the previous quarter in 24 of the 47 cities covered in the Index including Jaipur, Chennai, Lucknow, Guwahati, Howrah, Hyderabad, Bidhannagar etc. In Delhi, Faridabad, Chandigarh, Patna and Nashik etc prices have ome down.  The RESIDEX has been computed for three categories of houses with carpet of below 60 sq.metre, 61-110 sq.mtres and 111 sq.mtere and above, according to the PIB release.

RESIDEX, the country’s first official housing price index (HPI), was launched in 2007 covering 26 cities and was published till March, 2015 on a quarterly basis. The revamped RESIDEX has been expanded to 50 cities spread over 18 states and UTs. These include 38 smart cities of which 18 are state capitals.