The quarterly report of National Housing Bank (NHB) said that prices of residential properties in 22 of 26 major cities have been witnessing marginal downward trend, ranging from -0.45 per cent in Mumbai to -5.99 per cent in Ludhiana.
“Housing prices in major cities, including Delhi and Mumbai, witnessed a downward trend in April-June period compared to the previous quarter due to slowdown in demand,” it said.
In term of price decline, property prices in Indore declined by (-5.64 per cent), Vijaywada (-5.43 per cent), Hyderabad (-4.55 per cent), Kolkata (-4.06 per cent) and Guwahati (-3.92 per cent).
Among others, residential property in Kochi declined by (-3.37 per cent), Patna (-3.29 per cent), Coimbatore (-3.26 per cent), Ahmedabad (-3.13 per cent), Faridabad (-2.42 per cent), Chennai (-2.26 per cent), Jaipur (-1.79 per cent), Delhi (-1.49 per cent) and Bhopal (-1.30 per cent).
On the contrary, there was a price rise in four cities, including 0.55 per cent in Dehradun and 3.07 per cent in Nagpur, during the April-June period.
NHB Residex tracks the movement in prices of residential properties on a quarterly basis since 2007. The index for Delhi includes property transactions in Gurgaon, Noida, Greater Noida and Ghaziabad.
The index has been expanded to include six new cities – Chandigarh, Coimbatore, Dehradun, Meerut, Nagpur and Raipur – from this quarter, NHB said.