Property prices increased in Q4-2011: NHB

By Accommodation Times Bureau

According to the NHB reports revealed that property prices increased in the 4th Q of the last fiscal year, particularly Mumbai and Kolkata have witnessed of price correction of 0.5%— the least among the cities, whereas Surat has seen maximum appraisal of 9.4%.
Instead of correction, property prices increasing across the country. According to the NHB’s Rsidex track record which is keeping watch on 15 cities of country pointing out in that direction that residential property prices are increasing since 4th quarter.
As per the Residex reports, during the October to December 2011 nine cities have witnessed of increase in residential property prices whereas decline in five cities comparatively previous year.
However, property prices during reporting quarter have not witnessed significant fluctuations /corrections due to moderation in demand, real estate firms/construction agencies holding land banks and a slowdown in launching of new residential projects and/or progress of the existing projects,” says NHB.
The Residex data shows the following details following are the cities which witnessed a price increase are: Chennai (9.2%), Pune (8.9%), Delhi (8.4%), Bengaluru (7.5%), Lucknow (7.1%), Faridabad (5.8%), Ahmedabad (2.5%) and Bhopal (1.4%). Kochi has seen maximum correction, a sizeable 15.5%, followed by Hyderabad (6%), Jaipur (1.5%), Patna (0.7%), Kolkata (0.5%) and Mumbai (0.5%).

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