Property price drops in NCR
Apparently the increasing property prices in Delhi are finally looking like to have hit a plain. The National Housing Bank’s property price index shows that there has been a decrement of 1.5 percent in the residential property prices in the city during the January-March 2014 quarter as compared to previous year. The Residex of NHB, which has been designed to track prices of the properties in main Indian cities, shows the same trend in around 13 to 26 major cities.
Second-tier cities have taken the worst hit. The greatest fall has been recorded in Meerut, where the prices have dropped down by 13.6 percent. Though the index shows that there is no overall fall in the country’s residential property as 13 other cities have been tracked to show a rise in the prices. Surat, Chennai and Nagpur have shown the highest increase with house prices by more than 10 percent in a year or more.
Prices have gone up between 5 percent and 10 percent in Pune, Lucknow, Raipur, Hyderabad and Ahmedabad. Prices have fall by 13.6 percent in Meerut which is the biggest drop among the 26 cities. Ludhiana and Vijaywada have also witnessed a 10 percent decrement in the prices of these residential properties. Property has been 5 percent cheaper in cities like Coimbatore, Jaipur, Chandigarh and Indore when compared to the January-March 2013 sector.
Source: The Times of India
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