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Realty gets off the slide, rates on the march

The Times of India (Delhi edition), New Delhi

February 26, 2011

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According to the National Housing Bank (NHB)’s housing price index RESIDEX for April-June 2010, housing prices in 10 out of 15 cities in the country have crossed the peak of the pre-crisis period. The sector was worst affected by the global financial crisis, which set in September 2008. But the latest pricing trend suggests that the impact of the crisis on the housing sector has more or less receded.

According to the Survey, housing prices in Mumbai, Kolkata, Chennai, Pune, Lucknow, Faridabad, Patna and Surat, property prices peaked in the first half of 2010. However, in Delhi, prices are higher than those in 2007 but a shade lower than the average price in 2008. Property prices in other cities like Bengaluru, Ahmedabad, Kochi, Jaipur and Hyderabad are also lower than what they were in 2008. The Survey pointed out that the challenge in the Indian housing market is primarily in the low and moderate-income segments.

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