India’s housing markets surged in Q2 2011. There were amazingly strong house price increases, despite an economic slowdown which saw gross domestic product grow by ‘only’ 7.7% during the year to Q2 2011, the weakest growth for six quarters, due to high interest rates and the poor performance of mining and quarrying (1.8% annual growth), construction (1.2%) and the manufacturing sectors (7.2%).
India ranked second out of 50 countries for annual growth of residential prices, in Knight Frank’s latest global housing price index. During year to Q1 2011, house prices rose 21.3%..............................................Full Article: Source
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