Survey reveals decline in property rentals

But some localities in Bangalore bucked the national trend and recorded a marginal increase in property prices.

According to the property price trends released by “99 acres Insite,” a property portal, Delhi-NCR, Mumbai, Kolkata, Chennai saw a decline in rentals while Hyderabad saw a rise in rentals in January-March 2009 as compared to October-December 2008.

In Bangalore, rentals were up in January-March 2009 across most localities compared to the previous quarter.

The report said, Bangalore real estate saw a correction in property prices early last year continuing into the year. Some localities like Hebbal, Sarjapur Road, Maleshpalaya, Kaggadasapura saw an increase in property prices by three percent.

"The trend in January- March 2009 is on expected lines. In majority of localities in Bangalore, prices seem to be averaging out at the current levels, making the market attractive on the price front. Lack of transactions in the market is just a reflection of the prevailing sentiment," said Vineet Singh, Business Head, 99acres. com.