NEW DELHI: Housing prices have increased by up to 7.1 percent in 12 major cities, including Delhi and Mumbai, in January-March period of this year due to a surge in demand, National Housing Bank said. Prices witnessed an increase ranging from 1.3 percent in Bhopal to 7.1 percent 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 percent in Vijayawada to -5.7 percent in Patna. Indices for Faridabad and Kochi remained stagnant. Ahmedabad saw a prise rise of 6.1 percent, Chennai 5.8 percent and Kolkata 5.1 percent. Lucknow saw 4.9 per cent rise, Raipur 4.4 percent, Mumbai 3.2 percent, Nagpur 2.9 percent, Dehradun 2.7 percent, Hyderabad 2.2 percent, Delhi 1.5 percent and Bhopal 1.3 percent.
Cities which witnessed a decline include Jaipur (-3.8 percent), Guwahati (-3.75 percent), Bengaluru (-3.6 percent), Meerut (-3.5 percent), Bhubaneshwar (-3.47 percent) and Ludhiana (-3.3 percent). Prices fell in Chandigarh by (-2.7 percent), Coimbatore (-1.7 percent), Indore (-1.6 percent), Pune (-1.3 percent) and Vijayawada (-0.6 percent).
The residex for the quarter January-March, 2014 constructed for 26 cities has taken into account the price trends for residential properties in different locations and zones in each city. It is based on the transaction data received from Central Registry of Securitisation Asset Reconstruction and Security Interest of India ( CERSAI).
READ MORE: 5 Business Ideas You Wish you'd Come Up With Yourself
Ambani's Skyscraper Most Expensive Billionaire Home in the World
