Chennai tops the rising chart of property prices
The third highest increase in property has been observed in Mumbai in comparison to the other major cities over the past seven years. The rise in property is around 129 percent since 2007. Chennai has topped the chart with a 249 percent hike. The other cities that made to the list with an over 100 percent appreciation in realty prices during this same period are Pune (132 percent), Bhopal (126 percent), Faridabad (109 percent), Ahmedabad (109 percent) and Kolkata (106 percent).
According to the RESIDEX designed by National Housing’s Bank, which tracks prices of properties n Indian cities, property looks to be a safe investment. Data for the seven years since 2007 show prices have appreciated in 24 of around 26 major cities. When compared to 2007, only cities like Kochi and Hyderabad have witnessed a dip and cities like Jaipur and Bengaluru have remained stagnant.
However, in January- March 2014, 13 of the 26 cities that have been tracked by the index including Delhi have shown a dip in their prices. The other 13 cities have shown a rise in prices. The residential properties in Delhi have been priced at an average price lower than 1.5 percent in comparison to last year. Second tier cities seem to be badly affected, as cities like Meerut have experienced worst hit with a fall of around 13.6 percent.
Source: The Times of India
Chennai, house prices, Housing, Mumbai, NHB, Pune, Realty, Realty News
