Housing prices hike in India
The recent data that has been published by the National Housing Bank states that Mumbai might be the most expensive city in India, but Chennai has been catching up fast. The index of National Housing Bank for residential property prices states that Chennai has recently experienced a sudden rise of around 249 percent increase in the price of house from the past seven years.
This sudden rise can be translated to an average yearly rise of around 20 percent which has been the highest all across the 26 different cities as surveyed by NHB. According to the survey Pune has been recorded as the second most highest in the growth rate of housing prices, while the prices keep rising by around 132 percent in the same period as it has been showed by the accompanying chart show.
Mumbai has also been recorded as the third city with a hike in the growth rate of houses, with a hike of around 129 percent. The change in the population pressure within the two western cities might perhaps reflect the change in the price pressure within the two real estate markets. The population growth in Pune experienced a growth percentage of around 30 in the past ten years.
Source: Mint
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