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In our last post on the National Housing Bank’s Residex Index, we talked about City level data on housing prices and how it looked like prices were tapering off, but not yet falling.

The slowdown of a long running bubble is now visible, with prices showing signs of reaching a top. The inevitable wiggles remain, and prices have hit a new high, but price action looks considerably benign. It is likely that some interest from NRI’s on the back of a falling rupee in the Oct-Dec 2013 quarter has propped up prices; but even then the year on year price change is very low.

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