Property prices in Mumbai drop by 3.6% in December 2012: Says Makaan.com property index
Makaan.com Property Index – City level
Monthly Trend: Property prices in Mumbai drop by 2.4% in one month. The Index in December 2012 stands at 1471 as against 1507 in November 2012.
Quarter Analysis: Over the last quarter, the Mumbai MPI figures have seen a drop of 7.8% - it has moved from 1597 in September 2012 to 1471 in December 2012.
Year-on-Year Movement: As compared to last year, the Mumbai Property Index in December 2012 has dropped by 3.6%. This indicates prices have been depreciating , with minor highs and lows over the last year. The MPI figures moved from 1526 in December 2011 to 1471 in December 2012.
City Level: In the last one month most cities have seen an increase in property prices. Property prices in the key property markets: Bangalore, Chennai, Hyderabad and Pune registered an increase. Delhi, Kolkata and Ahmedabad remained stable, while only Mumbai witnessed a depreciation.
Going forward: Indian Real Estate market is going through a challenging phase with multiple macro economic headwinds like poor liquidity for developers, increased cost of construction, high land prices, delayed projects, high interest rates. These factors are keeping the home buyers away from the market. Over the coming months the property prices in India are likely to move in a narrow range with a slight negative bias.