As per Residex, real estate prices stable since 2007. Is it true?

Q: The Residex of National Housing Bank, which follow residential property prices across 26 cities, disclose that property prices have not appreciated as much over the past 7 years.

Miraniyatin, Mumbai

4th June 2015

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Replies (4)

As per National Housing Board's RESIDEX, price in Mumbais central suburbs has appreciated by 13.59% from November 2007 to September 2014.

Ravi Waghmare, Mumbai

4th June 2015

Comment

Right Ravi,
Similarly, Viman Nagar area in Pune, the residential property rates per sq-ft, were around Rs4000 in 2008-09, which rose almost double to Rs7500 as of June 2015.

Keshavrao Jedhe, Pune

4th June 2015

Hey Guys,
What were the prices of flats in Kalyan during 2008-09 compared to 2015?

Kishore Pathak, Mumbai

4th June 2015

Comment

Good evening Kishore,
During 2008-09, the prices of flats in Kalyan (East) were around Rs1750/sq-ft. Last year, the prices went up to Rs5500-6000/sq-ft and as of today are being quoted at Rs4600-Rs5500/sq-ft in the same area.

Joydeep D,

4th June 2015

Hi Joydeep,
Which are the cities that has gained the maximum property price appreciation?

Govinda,

4th June 2015

Comment

Well Govinda,
Property prices in Chennai gained the most, appreciating by as much as 20% annually over the 7 years. Pune and Mumbai followed with a price appreciation of about 13% each. Bhopal reported an appreciation of 12.44%, while Ahmedabad reported a gain of 11.39% during the same period. Among the other major cities, Kolkata was at number 7 with a return of 10.81% and Delhi was at number 10 with a gain of 9.27%.

Joydeep D,

4th June 2015

What about Bangaluru and Hyderabad?

Govinda,

4th June 2015

Well Govinda,
Bengaluru, which reported a growth rate of just 1.21% and Hyderabad that reported a decline of 1.01%. Even over the past 2 years, the index has gained an average of just 4.53%.

Joydeep D,

4th June 2015

Hi Miran,
Which are the top 10 cities in India which reported an annual price appreciation of 10% or more over the past seven years? And what is the combined average property prices appreciated by the 26 cities?

Govinda,

4th June 2015

Comment

Hi Govinda,
Mumbai, Bhopal, Ahmedabad, Faridabad, Kolkata, Bhubaneswar, Lucknow, Delhi, Indore, Dehradun, Nagpur, Coimbatore and Chandigarh are the top 10 cities in India and just 9 cities have reported an annual price appreciation of 10% or more over the past 7 years. The combined average of the 26 cities reveals that property prices appreciated by just about 8% over the past 7 years.

Joydeep D,

4th June 2015