Bhubaneswar saw a 1.03-per cent drop in residential property prices in the July-September quarter of 2013-14.
According to the NHB Residex, the National Housing Bank (NHB)’s property price track index, the movement in prices of residential properties for the quarter July-September at the all-India level has shown the increasing trend in 12 cities ranging from 0.46 per cent in Mumbai to 5.30 per cent in Kolkata, and the fall in 10 cities ranging from -0.93 per cent in Bengaluru to -6.88 per cent in Meerut in comparison to the previous quarter April-June.
As per market experts who track this sector, the real estate industry has been facing a phase of low sales and high inventory. In order to revive demand, developers have even been offering freebies on purchase of flats for the past few quarters. Experts believe that property prices are expected to correct going forward.