BHUBANESWAR: Real estate prices in the city increased marginally in the quarter ended in June compared to the previous quarter according to Residex, the National Housing Bank's (NHB) quarterly update on property prices which was released recently. The city registered a price rise of 0.5 per cent in the April-June quarter compared to January-March, the index said.
Residex, which has been tracking property price changes in 26 cities since 2007, calculated the property price index as 196 compared to 195 in the previous three months by taking year 2007 as the base when the price index was assumed as 100. The nominal rise was registered after a sharp fall of 3.47 per cent in January-March compared to October-December 2013.
Among the various areas in the city, the prices rose by 5.2 per cent in Janla, Old Town, Patrapada, Pokhariput, Sundarpada and Surya Nagar zone. It went up by 2.1 per cent in BJB Nagar, Bomikhal, Chandrasekharpur, Jaydev Vihar, Jharpada, Lewis Road, Patia and Sailashree Vihar, the Residex said.
In Mancheswar, Palasuni, Cuttack-Puri Road, Rasulgarh, Saheednagar, Satyanagar, Vivekananda Marg and Hanspal, the rate fell by 1.8 per cent. In Sastri Nagar, Tamando, Nayapalli, Baramunda, and Khandagiri prices went down by around six per cent, the NHB update said.
However, real estate developers were skeptical about the NHB update. "I don't think there was any rise in property prices anywhere in the state capital. Prices have been stagnant for the past year and more although input costs have increased," said Pradipta Kumar Biswasroy, president of Real Estate Developers Association of Odisha (Reda). "I doubt the way the index is being calculated," he said.
Residex in the city had increased from 193 in July-September 2013 to 202 in October-December 2013, registering a price rise of 4.6 per cent. Before that, the index had fallen from 197 in January-March 2013 to 195 in April-June 2013 and 193 in July-September 2013.