Residex, National Housing Bank’s residential property index, dips for Kochi in the October-December quarter, writes K.A. Martin.
The National Housing Bank’s residential property index (Residex) has dipped to 85 for Kochi in the October-December 2013 quarter, a trend that has been visible over the last few quarters.
The property index for the city has not reached the level of 107 it hit in the April-June quarter in 2011, the base year 2007 being 100. On the other hand, Chennai has seen tremendous improvement over these quarters, with the index for the city for the quarter under review standing at an all-time high of 330.
The capital city of Tamil Nadu has seen brisk rise over the last four quarters, starting in October-December 2012 when the index stood at 314. Since then, it has climbed to the current level though the quarters April-June 2013 saw a small dip in the index.
IT industry hub Bangalore saw the index move up to 111 during the third quarter of the current financial year. The movement of the price has not been too sharp for Bangalore, the index for the previous quarter being 107.
Another South Indian city that is showing real property growth is Coimbatore. Here the index stands at 173 whereas Vijayawada is at 161. Coimbatore, which was included in the 26-city Residex during the January-March 2013 quarter, has seen the index going up consistently. It started at 184 but now has declined to the current level.
As far as Kochi is concerned, the index has dropped for the central zone, comprising Fort Kochi and Vennala among other places, to 78 during the quarter under review compared to the 82 during the July-September 2013 quarter.
Other areas such as Palarivattam, Panampally Nagar, Thevara, and Maradu have seen the index moving up to 115. The index for the area has been moving up quite consistently over the last three quarters, the Residex table shows.
The Palluruthy area comprising areas like Konam, Kacherippadi and Mundaveli saw the index moving up to 138, the highest for areas in the Kochi city area.