Among other cities, which saw an appreciation in residential properties during the period, were Delhi (5%), Jaipur (2%) and Bangalore (1%).
On the other hand, there are 9 cities which have shown year-on-year decline in prices with Kochi recording the maximum drop.
As per the Residex, which tracks property prices movement in 15 cities, residential property rates in Kochi fell by 9%, followed by Hyderabad (8%), Bhopal (7%), Surat (7%) and Faridabad (6 %).
Prices in Ahmedabad and Lucknow dropped by 4% in the July-September, 2011 while Patna & Kolkata saw a decline of 3% & 2% respectively.
About Residex..!
The index has taken into account the price trends for residential properties in different locations and zones in each city as per classification devised for the purpose.
The index seeks to provide a better understanding of the trends in the residential property market and is helpful for consumers, property dealers and other stakeholders. As the Residex evolves, it is expected to bring greater uniformity and standardisation in the valuation of properties across the industry.
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