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City

Location

Jan-Mar 08*

July-Sep 08*

% Decline

Delhi NCR

Dwarka

6,938

5,871

-15.38

Noida Sector 61

5,333

4,694

-11.98

Rohini

9,327

9,082

-2.63

Gurgaon Sohna Road

3,957

3,858

-2.5

Mumbai

Nerul

6,677

4,607

-31

Malad (West)

8,153

7,257

-10.99

Mira Road

3,194

3,122

-2.25

Kandivali (East)

7,288

6,932

-4.88

Vashi

6,190

6,049

-2.28

Kolkata

Tollygunge

3,112

2,580

-17.1

E M Bypass

2,821

2,485

-11.91

Bangalore

Hebbal

3,967

2,310

-41.77

Whitefield

3,327

2,288

-31.23

Sarjapur Road

3,588

2,778

-22.58

Maleshpalaya

2,076

2,031

-2.17

Hyderabad

Jubilee Hills

9,386

7,006

-25.36

Nizampet

2,819

2,271

-19.44

Miyapur

3,404

2,877

-15.48

Banjara Hills

9,013

7,856

-12.84

Kukatpally

3,263

3,073

-5.82

Pune

Kalyani Nagar

6,392

5,326

-16.68

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Wait! Property prices to fall further!

December 30, 2008

The Road Ahead

That prices must head south is inevitable. The question is when, and the answer will depend on who blinks first. While homebuyers have preferred to defer their purchases, builders haven't budged from the prices they announced and none of them have gone on record saying they will reduce prices.

Their bid to attract buyers with freebies has not met with much success either. So, say experts, now there is no option but to cut prices.

"A minimum of 25 per cent correction can be expected. Correction in Tier-II and Tier-III cities will happen a little more. Even cities like Mumbai could see significant price correction," adds Mavani.

Kumar of Park Lane Property agrees that a 10-25 per cent drop is likely. How much the fall actually is will depend partly on the location. In fact, prices have started falling in some places already.

The table above lists select locations that have undergone correction between January 08 and September 08. (Source: www.99acres.com    *(Average capital values Rs/sq. ft)

Also read: Govt's package: Impact on 8 sectors
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