Mumbai home prices fell 9.1 % between March 2011-12: Knight Frank

This is one of the highest decline among world's top cities

Mumbai's residential prices have fallen 9.1% between March 2011 and March 2012, which was one of the highest decline among world's top cities, according to a new study by global property consultancy Knight Frank.

Sydney, which saw a fall of 9%, and Kuala Lumpur, where prices fell 8.8%,  are the other cities which have seen similar fall in property prices, says the Knight Frank Prime Global Cities Index.

Overall, the index rose 1.4% in the 12 months period to March 2012, a statement from Knight Frank said.

Nairobi, Jakarta and Miami are the cities which saw an increase of 24.2%, 14.3% and 13.9% in home prices respectively.