Residential housing prices rising in Bhopal

BHOPAL: As the state capital is growing as one of the major investment hubs in the country, the cost of residential buildings has recorded a maximum increase in Bhopal, indicating the posh development of the city.

The residential housing price index figures of the National Housing Bank (NHB) for April to June this year, points out that Bhopal topped in residential prices, with an increase of 33.73 per cent followed by Faridabad 33.38 per cent, Kochi 24.30 per cent and Surat 16.60 per cent.

During the April-June quarter, the movement of prices of residential properties in Delhi, Chennai, Hyderabad, Bangalore, Mumbai, Ahmedabad, Lucknow and Pune were comparatively less, while Kolkata and Jaipur recorded decline in prices.

Except for a marginal slump during the first two quarters of 2010, house price index of Bhopal shot up to touch 224 in the quarter ending June this year as against 167 in the January-March quarter.

NHB Residex adopted the methodology of dividing Bhopal into 14 separate zones and calculated the house price index separately for each zone. House price index of posh Shyamala Hills and Koh-e-Fiza localities rose to 298 in the quarter of April-June from 219 in the last quarter as in the case of Nehru Nagar and Badbadha Nagar where it increased to 286 from 218 in the last quarter.

Punjabi Bagh and Ashoka Garden, located on both sides of the Raisen Road, stood third with house price index rising to 250 from 203 followed by Shivaji Nagar, Arera Colony and Chuna Bhatti touching 224.

Residential housing prices also showed upward trend in areas which till recently were considered as outskirts of Bhopal, with the housing price index touching 215 in Karond, Ayodhya Nagar, Berasia Road, Gulmohar, Trilanga, Shahpura and Hoshangabad Road.
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