Pune 1 of 3 cities to see 100% rise in residential property rates
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While most of the major Indian cities have seen a decline or marginal increase in the prices of residential properties in recent years, Pune has registered a hike of over 100 per cent. It is one of the three cities to see more than 100 per cent rise in the segment since 2007, says the Economic Survey 2012-13.
According to the ES, tabled by Finance Minister P Chidambaram in Parliament on Wednesday, Pune has witnessed a 101.1 per cent increase in the prices of residential properties in the July-September 2012 quarter as compared to the prices in 2007. Other cities that have registered steep increase are Bhopal (106.1 per cent) and Chennai, with the latter seeing a 212 per cent hike — highest in the country.
On the contrary, prices in Hyderabad, Bangalore and Jaipur have seen a decline of 15.7, 14.7 and 1.7 per cent, respectively. Other cities such as Patna (37 per cent), Delhi (78.5 per cent) Ahmedabad (79.7), Kolkata (90.9 per cent) and Mumbai (98) have seen a marginal to moderate increase.
The survey has attributed the spiraling property prices in the three cities to determinants such as prices of land, low FSIs and other factors.
"Rapid increase in land prices, absence of a long-term funding and lending market at fixed rates, limited developer finance, the Urban Land Ceiling Regulations Act (ULCRA) continuing in some states, existing lower floor area ratio in cities, high stamp duties and difficulties in land acquisition are some other issues, that need to be addressed," observed the ES.
"As per the National Housing Bank Residex index for the July-September 2012 quarter, compared to April-June 2012 (covering 20 cities, with 2007 as base year), there is a general decline in prices of residential properties in some smaller towns, while the increase in other cities is mostly marginal," it added.
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