NHB Residex indicates fall in property prices
The National Housing Bank (NHB) has brought out an expanded version of NHB Residex, the first official index of residential property prices in the country, after including Kochi, Chennai and eight other cities.
The first version of the national price index for residential property prices, released in July 2007 by the then Finance Minister, P. Chidambaram, included just five cities — Bangalore, Bhopal, Delhi, Kolkata and Mumbai.
The expanded list of cities now also includes Hyderabad, Faridabad, Patna, Ahmedabad, Jaipur, Lucknow, Pune and Surat.
Kochi
The NHB Residex for Kochi has 2007 as the base year, a shift from the pilot work where the base year was 2001, and indicates a fall in the price of residential property in several locations across Kochi.
The price index is available for 2007, the first half of 2008 (January to June) and for the second half of 2008 (July to December).
On an average, the index has dropped for Kochi from 100 (2007=100) to 95 in the second half of 2008, the first half having seen a jump to 106.
K.A. MARTIN
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