National Housing Bank (NHB) report released said, ''At a time of slowdown in real estate development, housing prices have more than doubled in 3 cities of Chennai, Faridabad & Bhopal in 4 years. The three other cities Jaipur, Hyderabad and Bengaluru recorded fall in prices residential properties".NHB Residex..!
The Citywise housing price index, NHB Residex, incorporated in 2007 with a base of 100 said June 2011 quarter showed index for Chennai residential property prices have gone up to 248 from base 100 in 2007, which means property prices of Chennai metropolitan city surged 148% during the period.
This is followed by Bhopal that has witnessed 124% up; Faridabad comes third with a rise of 120%.
However cities like Jaipur, Hyderabad & Bengaluru have registered a downward trend with 36%, 9% & 8% drop respectively.
The report also revealed that total outstanding housing loans have been growing at a steady pace. While the growth was 21.71% in 2010-11, it was 20.79%in 2009-10 and 16.12% in 2008-09.
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