Housing prices see downward trends in 22 major cities, says NHB report

The quarterly report of National Housing Bank (NHB) said that prices of residential properties in 22 of 26 major cities have been witnessing marginal downward trend, ranging from -0.45 per cent in Mumbai to -5.99 per cent in Ludhiana.

“Housing prices in major cities, including Delhi and Mumbai, witnessed a downward trend in April-June period compared to the previous quarter due to slowdown in demand,” it said.

In term of price decline, property prices in Indore declined by (-5.64 per cent), Vijaywada (-5.43 per cent), Hyderabad (-4.55 per cent), Kolkata (-4.06 per cent) and Guwahati (-3.92 per cent).

Among others, residential property in Kochi declined by (-3.37 per cent), Patna (-3.29 per cent), Coimbatore (-3.26 per cent), Ahmedabad (-3.13 per cent), Faridabad (-2.42 per cent), Chennai (-2.26 per cent), Jaipur (-1.79 per cent), Delhi (-1.49 per cent) and Bhopal (-1.30 per cent).

On the contrary, there was a price rise in four cities, including 0.55 per cent in Dehradun and 3.07 per cent in Nagpur, during the April-June period.

NHB Residex tracks the movement in prices of residential properties on a quarterly basis since 2007. The index for Delhi includes property transactions in Gurgaon, Noida, Greater Noida and Ghaziabad.

The index has been expanded to include six new cities – Chandigarh, Coimbatore, Dehradun, Meerut, Nagpur and Raipur – from this quarter, NHB said.