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What is the prevailing prices for houses in Chennai?
Posted on: 08/Aug/2017 11:48:51 AM
Some changes have been carried out in the Residex Code System of the National Housing Bank which gives an indication of the trend of the house prices - whether they are increasing or decreasing.
To put it in simple terms, the Residex Code is almost identical to Sensex Code. Just Sensex Code gives us an idea about the prices of the stocks in the share market – their rise and fall, Residex Code gives us an idea about the trend of the prices of houses/plot – up or down.
Only Chennai and Coimbatore are listed in the Residex Code list from the state of Tamil Nadu. These 2 cities were already included in the list of 24 cities in the list. In the latest Residex Code list, no additional cities have been added from Tamil Nadu state.
As on March 2017, the Residex Code for Chennai has increased to 133. It was 103 in the year 2013. So, Residex Code has increased by 30 points in the last 4 years.
However, as on September 2016 and December 206, the code was 134 and 131 respectively.
As compared to Chennai, the Residex Code for Coimbatore is rather different. Presently, it is 107. It was 130 during the last September and has come down to 102 in December and currently, stands at 107.
Thus, as per the Residex Code released last, Chennai housing prices show an up-and-down trend whereas Coimbatore shows a ‘down’ trend.
The share market prices during the construction have also been furnished. Currently, in Chennai, the Code is 132. It was 136 last September and down to 124 in December.
In Coimbatore. The share price index during construction was 132. It was 124 last September and up to 135 in December.
As per this, the Residex Code reveals that House share Prices in Chennai show an increasing trend and a decreasing trend in Coimbatore.
What is the advantage of the public knowing Residex Code?
The public can get the details of the pricing trend, prevailing rates, and the prevailing rate as compared to the prices 3 months ago, etc., which will enable to take a decision to buy or not. One can also decide about waiting for some more time before buying.
A point to note is that the figures given by brokers while discussing these pricing trends may not be reliable. They may exaggerate the prices without telling the true situation.
However, the figures given by the National House Bank are authentic. If the latest Residex Code points are noted, it will be easier to negotiate while deciding to buy and fix the right rates.
