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India sees third highest surge in housing prices in January-March

The Indian Express

June 09, 2012

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India sees third highest surge in housing prices in January-March

India witnessed the third highest rise of 12 per cent globally in housing prices in January-March quarter of 2012 over the year-ago period, according to consultant Knight Frank. Housing prices in India, however, declined by 0.9 per cent when compared with the previous quarter. "Brazil recorded the strongest annual growth (23.5 per cent) and Ireland the weakest (minus 16.3 per cent)," the report said.

The Knight Frank Global House Price Index monitors and compare the performance of 53 mainstream residential markets across the world. Austria ranked fourth with 11 per cent rise in housing prices, followed by Germany (9.8 per cent), Colombia (9.6 per cent), Turkey (8.7 per cent), Russia (8.2 per cent), Iceland (7.3 per cent) and Canada (6.8 per cent). In China, the prices have declined by 2.2 per cent. The report further said that during the first quarter of 2012, the housing prices fell in 58 per cent of the countries monitored by the index. The report noted that the Global House Price Index recorded its weakest annual performance at 0.9 per cent growth in the year to March 2012 since the depths of the recession in 2009.

Real estate developer Sankalp Group has launched a zero carbon development called Coral Village in Malvan, Sindhudurg district in Maharashtra. Spread over 47 acres, the first phase of 80 villas spread over 10 acres will be priced over R2 crore each would be ready by 2014 while the total project of 180 Villas will be ready for occupancy by 2016. The project has been appraised by Bank of India and has got a platinum LEED rating. The project would feature a 4MW power generation through non-conventional sources. The development is being constructed with eco-friendly materials.

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