Contrary to the popular belief that the global economic slowdown has made it easier to afford a new home in Bangalore, a study published in Times of India says home prices are moving upward.
It may sound unbelievable but property prices in the middle class localities grew at a much faster pace than posh areas between 2001 and 2007.
This has been revealed by the country’s first real estate price index, Residex, released by the National Housing Bank, to gauge house price movement over a six-year period both by localties and the size of houses in five cities of Delhi and Natonal Capital Region, Mumbai, Bangalore, Kolkata and Bhopal.
The NHB Residex shows that realty prices have been showing an upward trend in all five cities. Bangalore (313) is at the top with a three-time increase followed by Delhi (298) and Mumbai (268).
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