Property rates shot-up in Metro cities

New Delhi:
In six major cities from across the country facing upsurge in property prices particularly three metros are severely affected such as Pune, Chennai and Mumbai. However, there is decrease in the second quarter of the current fiscal year, the National Housing Bank (NHB) said.
According to the NHB’s Residex index report property rates gearing up in Pune city by 13percent in the July-September quarter, whereas prices are up by 9percent in Chennai and 7percent in Mumbai.
On the other hand residential property prices are increasing considerably during the second quarter in Delhi (5 per cent), Jaipur (2 per cent) and Bangalore (1 per cent). Contrary to this there are nine cities which have shown decline in prices frequently with Kochi recording the maximum drop. As Residex speaks on the property rates movement 15 cities, residential property rates in Kochi fell by 9 per cent, followed by Hyderabad (8 per cent), Bhopal (7 per cent), Surat (7 per cent) and Faridabad (6 per cent).
Similarly, in the second quarter for the current fiscal year prices in Ahmadaba and Lucknow decline by 4percent, while Patna and Kolkata saw a decline of 3 and 2 per cent, respectively.

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