| If you are planning to buy a house this year, take all the | | | | "Mumbai has already witnessed a steep recovery in |
| time you need. | | | | prices after the correction in 2008 and the demand |
| A Crisil research report on residential property prices | | | | has slowed down since December 2009," said Sudhir |
| of India's 10 biggest cities says prices will remain more | | | | Nair, head, Crisil Research. |
| or less stable with a moderate dip in prices in Mumbai | | | | Developers, however, disagree. "We have not seen |
| and a marginal (2 per cent) rise in the National Capital | | | | any drop in demand and I believe demand for |
| Region (NCR) in 2010. | | | | residential real estate will go up by 30 per cent this |
| According to the report, the average capital | | | | year," Niranjan Hiranandani, vice chairman & MD, |
| appreciation in the 10 cities is expected to be 2-3 per | | | | Hiranandani Construction said. |
| cent. Bangalore and Chennai are expected to see the | | | | "Mumbai is so starved of volume that unless land |
| highest rises of 7.3 per cent and 5 per cent | | | | supply increases, prices cannot drop," Dharmesh Jain, |
| respectively. On the other hand, Ahmadabad and | | | | CMD, Nirmal Lifestyle, said. "Considering the rate of |
| Mumbai will see a correction in prices by 1.8 per cent | | | | inflation, we expect that prices in Mumbai to go up by |
| and 0.4 per cent respectively. | | | | 5-12 per cent in 2010, depend- ing on the location and |
| Interestingly, Mumbai witnessed the maximum rise in | | | | quality of constriction of building." |
| prices by 11 per cent between March and November | | | | The expected price rise in Bangalore and Chennai is |
| last year, the report said. While Central Mumbai | | | | on account of recovery of the IT sector. "The |
| witnessed a price rise of 21 per cent, the central | | | | confidence is back now in the (IT) sector leading to a |
| suburb saw 15 per cent hike. | | | | demand in those areas," said Nair. |