2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NHB RESIDEXQuarterly Update April - June, 2017

Housing Price Indices (HPI)

HPI@Assessment Prices

HPI@Market Prices for under-construction

Properties

NHB RESIDEXTECHNICAL ADVISORY COMMITTEE MEMBERS

Government of India

1. Ministry of Finance – Shri Arun Kumar, Adviser, Economic Division, Department of Economic Affairs

2. Ministry of Housing & Urban Affairs - Shri S.K Valiathan, Deputy Secretary

3. Ministry of Statistics & Programme Implementation - Shri Sunil Jain, Deputy Director General, Price Statistics Division,

Central Statistics Office

4. Ministry of Statistics & Programme Implementation - Shri Vivek Srivastava, Deputy Director, National Accounts

Division, Central Statistics Office

Reserve Bank of India

5. Dr. Anil Kumar Sharma, Adviser, Department of Statistics and Information Management (DSIM)

Experts

6. Smt. Balbir Kaur, Ex-Adviser, Department of Economic and Policy Research, Reserve Bank of India

7. Dr. Bimal Roy, Professor, Indian Statistical Institute, Kolkata

8. Dr. Deepayan Sarkar, Professor, Indian Statistical Institute, New Delhi

9. Dr. Neeraj Hatekar, Professor, Department of Economics, Mumbai University

National Housing Bank

10. Shri Sriram Kalyanaraman, Managing Director & Chief Executive Officer

11. Dr. A.K. Tripathi, Executive Director

12. Shri V. Rajan, General Manager

Financial Institutions

13. Shri M.G. Vaijinath, Chief General Manager, REHBU, State Bank of India

14. Shri Sanjay Joshi, General Manager, HDFC Limited

Industry Institutions

15. Brig. (Retd.) R.R. Singh, Director General, NAREDCO, Industry Association

SUPPORT AGENCY

Liases Foras Real Estate Rating & Research Private LimitedShri Pankaj Kapoor, Founder & Managing Director (Email: pankaj@liasesfores.com)

For more details visit us on https://residex.nhbonline.org.in/

DISCLAIMER

National Housing Bank (“NHB”), a wholly owned by the Reserve Bank of India, which has been established under the National Housing Bank Act,

1987, has made its best effort to collect/collate the data/information from various Banks, HFCs for providing a cluster of housing related

indices under NHB RESIDEX. The views and opinions expressed in the NHB RESIDEX are those of NHB and do not necessarily reflect its official

policy or position of any other agency, organization, employer, or company. Assumptions made in the analysis are not reflective of the position

of NHB or any other entity. These views are subject to change, revision, rethinking at any time and NHB do not hold them in perpetuity. The

primary purpose of the NHB RESIDEX is to educate and inform and do not constitute either professional or investment advice or any service.

NHB assumes no responsibility or liability for any omissions or any errors in the content of the NHB RESIDEX. The information contained is

provided on an “AS-IS” basis with no guarantee of completeness, accuracy, usefulness or timeliness and without any warranties of any kind

whatsoever, express or implied. NHB does not warrant any information or material printed in NHB RESIDEX.

NHB assumes NO RESPONSIBILITY OR LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES and assumes no responsibility or liability, for

any loss or damage suffered by any person as a result of the use, misuse or reliance of any of the information or content in NHB RESIDEX/this

website.

NHB RESIDEX and NHB RESIDEX logo are registered trademarks of NHB. No part of this publication may be reproduced, stored in a retrieval

system or transferred in any form or by any means, mechanical, electronic, photo-copying, recording or otherwise without the prior written

permission of the publisher.”

NHB RESIDEX TEAMMs. Varsha Jain, Assistant Manager (Email: varsha.jain@nhb.org.in)

1

NHB RESIDEX, India’s first official housing price index (HPI), was launched in July, 2007, to track the movement in prices of

residential properties in select cities on quarterly basis, taking 2007 as the base year. With a view to reflect the current

macroeconomic scenario, NHB RESIDEX has been revamped to include cluster of indices with updated base year, revised

methodology and automated processes. The revamped NHB RESIDEX is also wider in its geographic coverage and captures

two housing price indices viz. HPI@ Assessment Prices for 50 cities and HPI@ Market Prices for under construction

properties for 47 cities. HPI@ Assessment Prices is computed using lenders’ valuation data received from Banks/Housing

Finance Companies (HFCs), while HPI@ Market Prices for under construction properties is based on primary market data

for under-construction properties collected from developers, builders and brokers.

NHB RESIDEX at a glance- April to June-17

Brief on housing price indices for Phase 1 is as given below:

Indices Data Sources Cities

HPI@Assessment Prices Lenders’ valuation data Banks/HFC 50

HPI@Market Prices for under

construction properties

Primary market data for under-

construction projectsMarket Surveys 47

The cities covered in phase 1 are spread across India in 21 States/Union Territories (UTs). Among 50 cities covered under

HPI@ Assessment Prices, 18 cities are state capitals and 37 are part of the smart city list released by Government of India.

Due to paucity of data, HPI@ Market Prices for under-construction properties are not available for Rajkot, Ranchi and

Vishakhapatnam.

The housing price indices have been computed on a quarterly basis starting from the quarter April to June, 2013, and

updated up to quarter April to June, 2017, taking FY 2012 -13 as the base year. The housing prices are classified on the basis

of carpet area size at city level (INR/sq. ft.) for units under three product category levels namely <=60 sq.mt, >60 &<=110

sq.mt, and >110 sq.mt. The indices are computed using Laspeyres Methodology, followed by calculation of a Four Quarter

Weighted Moving Average with application of dynamic weights at product category level and static base year weights on the

Weighted Moving Average product category level prices, across all the quarters starting from the base year.

HPI recorded an overall increase in 36 cities, decrease in 13 cities and no change in 1 city on Y-o-Y basis (i.e., April to June,

2017 compared to April to June, 2016) and increase in 14 cities, decrease in 26 cities and no change in 10 cities on Q-o-Q

basis (i.e., April to June, 2017 compared to January to March, 2017). Annual growth in HPI ranged from 15.7% in Vizag to (-)

10.6% in Bhiwadi at the end of the quarter, whereas, the quarterly growth in HPI ranged from 4.5% in Vizag to (-) 6.0% in

Bhiwadi.

All the eight Tier 1 cities namely Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune; witnessed

a rise in indices on Y-o-Y basis with Delhi exhibiting a substantial 8.1% rise followed by Chennai (7.4%) and Pune (6.0%). On

Q-o-Q basis, Ahmedabad, Delhi and Pune saw no change while Kolkata (-4.4%), Bengaluru (-2.2%), Chennai (-0.8%) and

Hyderabad (-0.8%) saw a fall in indices. Mumbai saw a moderate rise at 0.7%.

1.1 HPI@Assessment Prices

Figure: HPI@Assessment Prices for Tier 1 cities (Base Year FY 2012-13 = 100)

Movement of HPI@ Assessment Prices over 17 quarters for Tier 1 cities is as below:

6070

8090

100

110

120

130

140

150

Quarter Ending

HPI@Assessment Prices for Tier - 1 ci�es

Base Year Ahmedabad Bengaluru Chennai Delhi

Hyderabad Kolkata Mumbai Pune

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Of the 29 Tier-2 cities being covered, significant rise in indices was seen in Vizag (15.7%) and Kochi (12.8%), while significant

fall in indices was seen in Coimbatore (-6.6%), Ranchi (-5.9%) and Chandigarh (-5.9%), on Y-o-Y basis. On the other hand, on

Q-o-Q basis, Vizag (4.5%) and Kochi (3.7%) witnessed maximum increase while Jaipur (-5.2%) and Thiruvananthapuram (-

4.6%) witnessed maximum decrease.

The graph below show the movement of HPI@ Assessment Prices over 17 quarters for Tier 2 cities classified as per

geographic location.

Ind

ex

2

Figure: HPI@Assessment Prices for Tier 2 cities classified as per geographic location (Base Year FY 2012-13 = 100)

Quarter Ending

HPI@Assessment Prices for Tier - 2 ci�es- North Zone

Base Year DehradunGhaziabad Kanpur

Ludhiana NoidaChandigarh (Tricity) Faridabad

Gurugram LucknowMeerut

Quarter Ending

HPI@Assessment Prices for Tier - 2 ci�es- Central & East Zone

Base Year Indore Bhubaneswar

Patna Bhopal Raipur

Guwaha� Ranchi

60

80

100

120

140

160

180

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

60

80

100

120

140

160

180

Ind

ex

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Among the 13 Tier-3 cities, on Y-o-Y basis, Howrah (10.2%) and Pimpri Chinchwad (6.9%) showed maximum increase in

indices while Bhiwadi (-10.6%) showed maximum decrease. On Q-o-Q basis, Pimpri Chinchwad (3.7%) recorded the

maximum increase while Bhiwadi (-6.0%) recorded maximum decrease.

Movement of HPI@ Assessment Prices over 17 quarters for Tier 3 cities is as below:

3

60

80

100

120

140

160

180

Quarter Ending

HPI@Assessment Prices for Tier - 2 ci�es- South Zone

Base Year Kochi

Vijayawada Coimbatore

Thiruvananthapuram Vizag

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

Quarter Ending

HPI@Assessment Prices for Tier - 2 ci�es- West Zone

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

60

80

100

120

140

160

180

Base Year Jaipur Nagpur

Nashik Rajkot Surat

Vadodara Vasai Virar

Figure: HPI@Assessment Prices for Tier3 cities (Base Year FY 2012-13 = 100)

Quarter Ending

HPI@Assessment Prices for Tier - 3 ci�es

Ind

ex

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

60

80

100

120

140

160

180

Base Year Gandhinagar Greater Noida

Kalyan Dombivali New Town Kolkata Thane

Bidhan Nagar (Excluding Rajarhat) Bhiwadi Howrah

Mira Bhayander Navi Mumbai Pimpri Chinchwad

Chakan Panvel

HPI recorded an overall, increase in 25 cities, decrease in 17 cities and no change in 5 cities on Y-o-Y basis and increase in 27

cities, decrease in 11 cities and no change in 9 cities on Q-o-Q basis. Annual growth in HPI ranged from 7.8% in Lucknow to (-)

9.0% in Chennai at the end of the quarter, whereas, the quarterly growth in HPI ranged from 3.8% in Lucknow to (-) 5.6% in

Patna.

All the eight Tier 1 cities showed a wide divergence on Y-o-Y basis with Chennai (-9.0%), Kolkata (-4.1%) and Delhi (-2.2%)

witnessing dips and Mumbai (4.8%), Ahmedabad (4.6%), Hyderabad (3.7%) and Bengaluru (2.3%) witnessing moderate

growth, with Pune witnessing no change. On quarterly basis, Delhi saw no change, while Chennai (-2.2%), Pune (-1.4%) and

Kolkata (-1.1%) saw a fall in indices. Mumbai, Hyderabad, Ahmedabad and Bengaluru saw a moderate rise in the range of

0.7 - 0.8%.

Movement of HPI@ Market Prices for under-construction properties over 17 quarters for Tier 1 cities is as below:

4

Figure: HPI@Market Prices for under construction properties for Tier 1 cities (Base Year FY 2012-13 = 100)

1.2 HPI@Market Prices for under-construction properties

60

70

80

90

100

110

120

130

140

150

Quarter Ending

HPI@Market Prices for underconstruc�on Proper�es for Tier - 1 ci�es

Base Year Ahmedabad Bengaluru Chennai Delhi

Hyderabad Kolkata Mumbai Pune

Ind

ex

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Of the 26 Tier-2 cities being covered, maximum increase in indices was seen in Lucknow (7.8%) followed by Indore (7.5%)

and Bhubaneswar (7.5%), while maximum decrease in indices was seen in Patna (-4.5%) and Kanpur (-4.2%) on Y-o-Y basis.

On Q-o-Q basis, Lucknow (3.8%) and Patna (-5.6%) witnessed maximum increase and decrease respectively.

5

Figure: HPI@Market Prices for under construction properties for Tier 2 cities (Base Year FY2012-13 = 100)

The graphs below show the movement of HPI@Market Prices for under-construction properties over 17 quarters for Tier 2

cities classified as per geographic location.

HPI@Market Prices for underconstruc�on Proper�es Tier - 2 ci�es-North Zone

HPI@Market Prices for underconstruc�on Proper�es Tier - 2 ci�es-Central & East Zone

60

80

100

120

140

160

180

Quarter EndingBase Year DehradunGhaziabad Kanpur

Ludhiana NoidaChandigarh (Tricity) Faridabad

Gurugram LucknowMeerut

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

60

80

100

120

140

160

180

Quarter EndingBase Year Indore Bhubaneswar

Patna Bhopal Raipur

Guwaha�

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

HPI@Market Prices for underconstruc�on Proper�es Tier - 2 ci�es- South Zone

60

80

100

120

140

160

180

Quarter Ending

Base Year Kochi

Vijayawada Coimbatore

Thiruvananthapuram

Ind

ex

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

HPI@Market Prices for underconstruc�on Proper�es Tier - 2 ci�es- West Zone

Among the 13 Tier-3 cities, the variations ranged from 4.0% in Panvel to (-) 4.8% in New Town, on Y-o-Y basis. On Q-o-Q basis,

there were slight variations in the indices in the range of (-) 0.9% to 1.7%.

Movement of HPI@ Market Prices for under-construction properties over 17 quarters for Tier 3 cities is as below:

Quarter Ending

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

60

80

100

120

140

160

180

Base Year Jaipur Nagpur

Nashik Surat Vadodara

Vasai Virar

6

Figure: HPI@Market Prices for under construction properties for Tier 3 cities (Base Year FY2012-13 = 100)

Quarter Ending

HPI@Market Prices for underconstruc�on proper�es for Tier - 3 ci�es

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Ind

ex

60

80

100

120

140

160

180

Base Year Gandhinagar Greater Noida

Kalyan Dombivali New Town Kolkata Thane

Bidhan Nagar (Excluding Rajarhat) Bhiwadi Howrah

Mira Bhayander Navi Mumbai Pimpri Chinchwad

Chakan Panvel

Qu

art

er

En

din

gJu

n-1

3S

ep

-13

De

c-1

3M

ar-

14

Jun

-14

Se

p-1

4D

ec-1

4M

ar-

15

Jun

-15

Se

p-1

5D

ec-1

5M

ar-

16

Jun

-16

Se

p-1

6D

ec-1

6M

ar-

17

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of

HP

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cit

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(Ba

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Ah

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89

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69

59

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49

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79

79

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79

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89

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10

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10

61

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71

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91

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61

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Bh

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10

61

08

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27

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01

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51

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71

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ho

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10

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03

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33

13

51

36

13

7

Lu

dh

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10

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46

14

81

44

Me

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12

11

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11

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Mir

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10

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10

11

11

13

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28

13

01

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13

21

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13

3

Mu

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10

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11

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12

11

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11

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12

01

24

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13

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11

24

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Na

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10

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10

11

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11

11

21

13

11

61

19

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11

22

12

11

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12

0

Na

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12

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Ne

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51

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11

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16

11

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12

91

27

12

4

No

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10

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07

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10

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11

11

11

11

11

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5

Pa

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10

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12

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24

12

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Pa

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11

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11

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13

01

32

13

31

34

13

9

Pu

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41

07

11

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13

11

51

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12

11

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13

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13

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10

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12

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5

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89

89

59

91

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11

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Va

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14

0

Tab

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om

pri

ses

of

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ark

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Jun

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Jun

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07

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10

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11

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11

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20

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12

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27

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07

11

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21

10

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18

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11

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21

12

21

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11

11

12

11

21

11

11

21

06

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08

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11

10

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00

98

99

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11

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14

11

61

19

12

11

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12

01

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10

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08

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10

11

3

10

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11

11

5

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13

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13

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11

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16

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17

11

11

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14

11

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14

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20

12

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13

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44

14

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50

15

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50

15

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13

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13

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34

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11

01

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11

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12

11

24

12

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29

13

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42

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47

14

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50

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95

94

93

93

92

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12

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15

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91

19

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19

11

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19

11

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19

11

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11

11

11

10

10

81

07

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08

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11

11

01

10

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08

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19

12

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01

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10

51

05

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06

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71

10

11

21

14

12

71

32

13

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14

21

42

14

41

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12

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26

12

81

30

13

01

30

13

01

30

13

31

40

14

11

43

13

81

36

13

41

37

12

51

25

12

61

24

12

31

24

12

61

29

97

98

98

97

96

95

94

93

10

31

03

10

31

02

10

31

02

10

61

10

15

21

58

16

41

68

17

11

72

17

41

75

11

91

21

12

11

21

12

11

22

12

21

23

12

11

22

12

11

22

12

21

21

12

21

22

12

11

22

12

31

26

12

91

30

13

11

32

12

81

28

12

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29

13

01

29

12

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27

12

31

25

12

61

27

12

91

29

12

71

26

12

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21

12

01

20

12

01

21

12

11

21

12

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24

12

61

25

12

01

18

11

71

19

11

31

12

11

31

12

11

01

10

11

01

09

11

21

17

12

11

25

12

71

28

12

81

30

94

90

88

89

90

90

90

85

12

31

24

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26

12

71

27

12

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28

13

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35

13

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36

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11

61

18

12

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31

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11

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18

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91

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12

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21

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21

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11

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21

12

31

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12

41

24

12

31

24

12

91

32

13

71

40

14

21

36

13

71

37

11

21

12

11

11

13

11

21

12

11

31

10

11

21

12

11

31

13

11

41

14

11

31

13

13

81

40

14

11

42

14

31

44

14

51

46

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 | Website: www.nhb.org.in

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