The real estate market in Mumbai has shown a price increase after a gap of three quarters, according to the National Housing Bank's Residex survey, that tracks property values across Indian cities.
Mumbai saw an increase of 3.2 per cent, while Delhi recorded growth of 1.5 per cent in the January to March quarter this year. Both these cities are among the top real estate markets in the country. Delhi, however, has been showing an increase since the last two quarters.
House prices have increased by up to 7.1 per cent in 12 major cities, National Housing Bank said on Thursday.
Prices witnessed an increase ranging from 1.3 per cent in Bhopal to 7.1 per cent in Surat in comparison to that in the previous quarter of October-December, 2013, the quarterly update of NHB Residex said.
Prices, however, fell in 12 other cities, ranging from -0.6 per cent in Vijayawada to -5.7 per cent in Patna.
Indices for Faridabad and Kochi remained stagnant.
Ahmedabad saw a price rise of 6.1 per cent, Chennai 5.8 per cent and Kolkata 5.1 per cent.
Lucknow saw 4.9 per cent rise, Raipur 4.4 per cent, Mumbai 3.2 per cent, Nagpur 2.9 per cent, Dehradun 2.7 per cent, Hyderabad 2.2 per cent, Delhi 1.5 per cent and Bhopal 1.3 per cent.
Cities which witnessed a decline include, Jaipur (-3.8 per cent), Guwahati (-3.75 per cent), Bangalore (-3.6 per cent), Meerut (-3.5 per cent), Bhubaneswar (-3.47 per cent) and Ludhiana (-3.3 per cent).
Prices fell in Chandigarh by -2.7 per cent, Coimbatore (-1.7 per cent), Indore (-1.6 per cent), Pune (-1.3 per cent) and Vijayawada (-0.6 per cent).
with thanks : Business Standard : LINK : for detailed news story.