Due to slowdown in demand for homes housing prices in 22 major cities across India, including Delhi and Mumbai, witnessed a downward trend in the April-June period compared to the previous quarter, said National Housing Bank on August 27. Quarterly update of NHB Residex said that property prices in majority of the cities, 22 out of 26, were witnessing marginal downward trend.    

Only in four cities, there was a price rise. 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).    

Since 2007, NHB Residex has been tracking movement in prices of residential properties on a quarterly basis. The index for Delhi includes property transactions in Gurgaon, Noida, Greater Noida and Ghaziabad.