Property prices would stay under pressure

There has been a correction of approximately 15% on an average in the capital values of land across NCR, and residential prices would remain under pressure, going forward, says India Residential Market Review: Quarter 3 2007, a report by Knight Frank. The report also adds that Growing urbanisation will result in an incremental demand for housing in suburban locations of urban areas. As a result, close to 530.5 million sq ft of residential space would be developed in the grade A and B+ categories in NCR, Mumbai, Pune, Hyderabad, Bangalore, Chennai, and Kolkata.