As per the latest Residex released by the National Housing Bank (NHB), prices of residential properties in Mumbai and Kolkata witnessed a downward movement while Delhi prices firmed up during the third quarter of the current fiscal,
Prices of houses in Kolkata and Mumbai declined by 0.5 per cent in October-December period of 2011-12 compared to previous quarter. Among other cities, the maximum decline was observed in Kochi at 15.5 per cent followed by Hyderabad at 6 per cent, Jaipur 1.5 per cent and Patna 0.7 per cent.
According to Residex, which keeps track on property prices movement in cities, residential property value in Surat rose by 9.4 per cent followed by Chennai at 9.2 per cent, Pune at 8.9 per cent, Delhi 8.4 per cent and Bengaluru 7.5 per cent.
Property prices in Lucknow rose by 7.1 per cent, Faridabad 5.8 per cent, Ahmedabad 2.5 per cent and Bhopal 1.4 per cent during quarter.
NHB said, “The movement in prices of residential properties has shown an increasing trend in nine cities and decline in six cities covered under NHB Residex during the quarter October-December, 2011 in comparison to the previous quarter.”
NHB maintained that the index has taken into account the price trends for residential properties in different locations and zones in each city as per classification devised for the purpose.
The property valuation index is beneficial and helpful for consumers, stakeholders and property dealers.
Source – PTI
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