National Housing Bank Releases the NHB RESIDEX For June 2022
1 Sep, 2022 17:18 IST|Sakshi Post
National Housing Bank releases the NHB RESIDEX for Quarter ended June 2022. The Housing Price Index (HPI) tracks the movement in prices of residential properties in select 50 cities on a quarterly basis with FY 2017-18 as the base year.
The 50city HPI based on valuation prices of properties collected from Primary Lending Institutions (HPI @ Assessment Prices) recorded an annual increase (Y-o-Y) of 7.0% in QE June 2022 as compared with 1.8% a year ago.
The annual change in HPI @ Assessment Price varied widely across the cities – ranging from an increase of 16.1% (Coimbatore) to a decline of 5.1% (Navi Mumbai).
The three prominent cities of Telangana and Andhra Pradesh i.e., Hyderabad (11.5%), Vizag (6.7%) and Vijayawada(3.0%) recorded significant improvement in the index on an annual basis.
On a sequential (Q-o-Q) basis, the 50-city index registered an expansion of 1.7% in April-June 2022 as against 2.6% in the previous quarter. The index is showing an increasing trend on Q-o-Q basis since June-21.
Hyderabad (1.9%), Vijayawada (2.0%) and Vizag (0.8%) recorded moderate improvement in index during quarter April - June 2022 on a sequential basis.
The 50 city HPI @ Market Price for Under Construction Properties computed using the quoted prices for under construction and ready-to-move unsold properties, also recorded an annual increase (Y-o-Y) of 5.7% in QE June 2022 as against 1.9% a year ago backed by rising cost of building materials.
The annual variation in HPI@ Market Price ranged from an increase of 28.6% (Bhubaneshwar) to a contraction of 13.2% (Indore).
Hyderabad (5.7%), Vijayawada (4.3%) and Vizag (9.0%) recorded an annual increase in the index during QE June 2022.
On a sequential (Q-o-Q) basis, the 50 city Index witnessed an increase of 1.8% during the quarter compared to 1.9% in previous quarter. The uptick in the asking prices for properties is indicative of continued demand and rising cost of construction.
While cities like Hyderabad (0.7%) and Vijayawada (2.1%) witnessed moderate improvement in the index during April - June 2022, Vizag recorded significant improvement in the asking prices resulting in an improvement of 9.0% in the index during April – June 2022 on a sequential basis.
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