Rise in Housing Prices across Cities
Demand for property in major cities across the country have dipped and sharp increase in borrowing costs had kept buyers on the sidelines. Banks have raised their lending rates sharply in the past few months after Reserve Bank of India (RBI) raised interest rates 11 times since March 2010.
Bhopal leads the pack in rise in housing prices with a gain of 34.13% followed by Faridabad which has witnessed an increase of 33.33%. Housing prices in Kochi have risen 24.42%, Surat 16.41%, Delhi 16.67%, Chennai 13.76%, Hyderabad 9.6%), Bengaluru 4.5%. The financial capital Mumbai has shown an increase of only 3.4% followed by Ahmedabad 2.4%, Lucknow 1.9% and Pune 1.35%.
National Housing Bank (NHB) showed that only 2 cities have seen a decline in prices over the previous quarter. These include Kolkata where prices dipped 8.05% and Jaipur 4.47%. The Residex for the January-March quarter, which was released in July, had shown that property prices rose only in six of the 15 cities covered by the residential price index-a situation similar to what was witnessed at the peak of the global financial crisis.
Ahmedabad, Bangalore, Bengaluru, Bhopal, Chennai, Cities, Demand for property, Faridabad, Global financial crisis, Housing prices, Hyderabad, Inflation, Jaipur, Kochi, Kolkata, Lucknow, Major Cities, Mumbai, National Housing Bank, New Delhi, NHB, Property Prices, Pune, RBI, Reserve Bank of India, Residential price index, Residex, Rise in Housing Prices, Surat
