According to the National Housing Bank‘s Residex index, the cost of houses and apartments in Chennai are rising sharply. The index for the city raised by 39.5 percent in the last quarter of 2011-12 compared to the same period last year.
This is recorded as the highest jump in residex index for any city for the period.
The index also saw a marginal rise forBangalore realty market. This is recorded as 4.5 percent rise. While in Hyderabad the growth has been even slower at 3.6 percent.
Delhi clocked a robust 32.5 per cent growth, the second best, followed by Pune [22.3 percent], Bhopal [22.15 percent], Jaipur [19.4 percent] and Surat [12.4 percent].
Mumbai registered a growth of 8.6 percent and Lucknow recorded a growth of 4.5 percent.
There are also instances where the index found negative rise for the cities. The index registering for Kolkata property market is minus 9.5 percent, Patna registering a negative growth of minus 13.4 percent. In Ahmedabad, the index has fallen marginally at minus 0.6 percent.
According to the index only nine out the 15 cities crossed the 50 percent mark during the five-year period: Chennai 204 percent, Faridabad, on the outskirts of Delhi 117 percent, Bhopal 104 percent, Kolkata 91 percent, Mumbai 90 percent, Pune 81 percent, Delhi 68 percent and Ahmedabad and Lucknow 64 percent each.