"Our analysts are increasingly finding it tougher now to put up a single residential price for a locality. The price band has gone up and our data reflects that," says Jones Lang LaSalle Meghraj chairman and country head Anuj Puri. Pick up any real estate report and you will find similar findings. The price band of residential prices in the same locality has been the highest in 2008. This is as per data provided by the above-mentioned consultant over a period of five years across Delhi, Mumbai, Bangalore, Kolkata, Chennai and Pune.

Price of Koramangala in Bangalore) was Rs 1,250 per sq ft, a single number. In 2008, prices were in the price range of Rs 7000-8000 per sq ft. Prices in Park Street in Kolkata moved from Rs 3,500 in 2003 to a wider range of Rs 7,500-10,500. Prices of Worli (Mumbai) moved from the price band of Rs 5,500-10,500 in 2001 to Rs 16,000-40,000 in 2008. Places with wider price band include Alwarpet and Nungambakkam in Chennai, Andheri and Santacruz in Mumbai, Vasant Vihar in Delhi, Koramangala and Bannerghatta in Bangalore, Ballygunge and Park Street in Kolkata and Kalyani Nagar in Pune.

What could explain the reason for such varied market prices? Says Dharmesh Jain, CMD of Nirmal group, a Mumbai-based residential property builder: "Every suburb has its own hierarchy and currently there is a 25% price band in Indian markets. This is mainly on account of product differentiation (coming in luxury, super luxury and other segments) and differences due to construction quality. While sometimes the price varies because of builders' pricing strategy, many a time it is also the builder's reputation in delivering quality products that plays a key role."