Here is the latest graphic of National Housing Bank's (NHB) Residex index of residential property prices in 6 metropolitan cities from 2007 to December 2010.
The property markets in Delhi, Mumbai, Kolkata, and Bangalore are clearly on their way up. All signs point to a bubble developing in Kolkata. Chennai's blip may be only a short correction. However, given its volatile political situation, Hyderabad remains depressed, being the only city where property prices are still below its 2007 peak.