Home prices up in 15 cities, shows Residex
Posted by paragjani on November 5, 2009
The new index of residential price movement – Residex, released by the National Housing (NHB), shows a mixed trend among 15 major cities.
As many as nine out of 15 cities, covered by Residex across the country, have witnessed hardening of residential property prices. Prices of homes have recorded a decline in cities such as Delhi, Bangalore and Bhopal, between December last year and June, but the same went up in cities such as Mumbai, Kolkata and Chennai, among others.
Prices of residential property in Mumbai have increased by 5.98 per cent between December and June, and by 26 per cent and 13 per cent in Chennai and Kolkata respectively. Prices of residential property in Ahmedabad increased by 27 per cent in the same period and during the same time, Faridabad, the neighbouring city of Delhi, reported price hardening to the extent of a whopping 36 per cent.
Other major cities that witnessed price hardening include Lucknow, Pune, Surat and Patna.
On the other hand, the National Capital registered a fall of 7 per cent in prices of residential properties, while Bangalore and Hyderabad witnessed a correction of 24 per cent and 29 per cent respectively. Other cities where prices fell are Bhopal, Jaipur and Kochi.
NHB, a 100 per cent subsidiary of the Reserve Bank of India, comes out with pricing index of residential properties across 15 major cities in the country twice a year.
http://www.mydigitalfc.com/news/home-prices-15-cities-shows-residex-714
