Housing prices tend to rise in Chennai
Posted on: 21/Jun/2014 4:54:27 PM
As per the statistics released by the National Housing Development bank based in the Residex Index, the housing prices have increased in Chennai while they have dropped in Coimbatore.
As per this index, the housing prices in Chennai have gone up by 5.8%.Housing prices have risen in 12 other cities such as Mumbai, Delhi, and Kolkata.Residex index gives an idea about the trend of house & plot prices whether they are rising or falling.
The National Housing Development Bank calculates the Residex Index as practiced in the Stock exchanges,
The index is calculated based on the market price of the property, the taxes of the local government, the real estate companies, Real Estate Consultancy companies, and the banks which provide housing loans.
The index figures are released every quarter or half year for 24 cities in India. Hennai & Coimbatore from Tamil Nadu are included in this list.
As per the data released on December, the residex index for Chennai was 330. It has now increased to 349. Based on this, the prices of plots and flats/houses have rised by 5.8% during January, February, and March.
However, the index for Coimbatore has come down from 173 to 170. Based on this, the housing prices are down by 1.7%.
The index serves to decide whether it is right to go for a house purchase. It gives an idea about the price rates of the area where the house/flat is bought and the trend over the past few months.
As this index is authentic, it is always advisable to check on the Residex Index before taking a decision to buy a home. It also helps people who are interested in buying properties in other states.
