The National Housing Bank’s price index (NHB Residex) for under construction properties has recorded an overall increase in 39 cities with the maximum price growth of 9.4 per cent recorded in Lucknow.

It also recorded decrease in 10 cities including Patna, which was the lowest at 12.2 per cent on a year-on-year basis.

NHB Residex, India’s first housing price index (HPI), was launched in July 2007, to track movement in prices of residential properties in select cities on quarterly basis, taking 2007 as the base year.

The revamped NHB Residex is wider in its geographic coverage and captures two housing price indices that include HPI at Assessment Prices for 50 cities and HPI at Market Prices for under construction properties for 47 cities. The coverage is spread across 21 states in India, including 18 state/UT capitals1 and 37 smart cities.

Annually, eight tier 1 cities showed growth apart from Pune (-1.4 percent), while Kolkata (8.5 percent), Hyderabad (5.0 percent), Mumbai (3.8 percent), Delhi (3.3 percent), Bengaluru (2.3 percent), Ahmedabad (2.2 percent) and Chennai (0.7 percent) witnessing growth.

On quarterly basis, all cities witnessed upward movement Kolkata (4.1 percent), Delhi (2.2 percent), Hyderabad (1.4 percent), Bengaluru (0.7 percent), Mumbai (0.7 percent), Chennai (0.7 percent), Ahmedabad (0.7 percent), Pune saw no change.

Of the 29 tier-2 cities being covered, maximum increase in indices was seen in Lucknow (9.4 percent) followed by Indore (7.1 percent) and Chandigarh (6.4 percent), while maximum decrease in indices was seen in Patna (-12.2 percent), Faridabad (-7.1 percent) and Vadodara (-3.5 percent) on Y-o-Y basis.

On Q-o-Q basis, Gurugram (2.8 percent), Dehradun (2.6 percent) and Kochi/Nagpur (2.4 percent) witnessed increase while Faridabad (-3.3 percent), Thiruvananthapuram (-2.8 percent) and Vadodara (-1.8 percent) witnessed maximum decrease.

Among 13 tier-3 cities, the variations ranged from 8.6% in Panvel to -1.7% in Howrah on Y-o-Y basis. On Q-o-Q basis, there were variations in the indices with -0.8% in Howrah to 2.5% in Bhiwadi.