Residential
housing (Flat) prices have declined in 10 of 26 cities covered in the
July-September 2013 quarter over the previous quarter, according to the
National Housing Bank (NHB) Residential Housing Price Index (Residex).
The
Residex aims to bring greater uniformity and standardisation as well as greater
transparency in the valuation of properties.
Ten
cities that have shown decline in prices over the previous quarter include
Meerut (- 6.88 %), Delhi ( - 4.53 %), Ludhiana (- 4.46 %), Vijayawada (- 4.03
%), Nagpur ( -3.58 %), Bhopal (- 3.09 %), Indore (- 2.18 %), Jaipur (- 1.82 %),
Bhubneshwar (-1.03 %) and Bengaluru (- 0.93 %).
Housing
prices in 12 cities, including Kolkata (5.30 %), Chennai (4.95 %), Hyderabad
(4.77 %), Ahmedabad (2.69 %) and Lucknow (2.14 %), have shown an increase.
Declining
prices around the festive season indicates that buyer sentiment is at an
all-time low. Further, slowd own in the economy & a weak job market has
made buyers all the more jittery.
Most
of them are adopting a wait-and-watch approach as pricing is unaffordable.
However, it seems that the correction cycle has begun. But real estate being
region specific, one may not witness a large scale correction at one go.
However,
a synchronized correction which has happened in 10 cities now indicates that
the pricing dynamics of the property market are likely to change for good.
National Housing Bank
Core 5-A, India Habitat Centre,
Lodhi Road, New Delhi-110003
(PBX) 011-2464 9031-35
Fax : 011-2464 9030
E-mail: ho@nhb.org.in
No comments:
Post a Comment