Residential Price Trends Across India's 14 Major Cities

14.  Bhubaneswar

161 (Jan-Mar 2012 Index)

Base Year: 2007 = 100

Bhubaneswar is the capital and most important city in the state of Orissa. The city is slowly emerging as a preferred destination for real estate you could watch out for. It is believed that the initiative measures taken by state government and the strategic importance of Cuttack in the economy of Orissa, is driving the real estate demand in the city. Also, educational institutions and IT industries are setting up their base in the city, making the city one of the real estate hotspot.

Wrapping up:

National Housing Bank, which is entirely owned by the Reserve Bank of India (RBI), initiated the Residex in July 2007 for tracking the price movement of residential properties in India. Residex gives consideration to prices of the actual transactions for the study.

According to NHB, “Prices have been studied for various administrative zones/property tax zones constituting each city. The index has been constructed using the weighted average methodology with Price Relative Method (Modified Laspeyre’s approach),” reports Yahoo.com.