Makaan.com launches Hyderabad's first Property Index
Hyderabad: Makaan.com, India’s fastest growing online real estate website by People group has launched the country’s first Property Index. Christened Makaan.com Property Index (MPI) the tool is aimed at empowering homebuyers and the real estate industry with up-to date information related to movement in residential property prices. Apart from analyzing the trend for Hyderabad, Makaan.com Property Index will also track property price trend nationally, for major metros and tier II cities of India. The Index is intended to serve as an objective tracker of property trends. It is meant to aid in decision-making and is expected to be used by both real-estate buyers and the industry.
MPI tabulates the movement in residential property prices from Jan’09. According to Index, most Indian cities witnessed a price correction in the first half (Jan-June) of 2009. The national index slipped from 1000 to 946 during this period, a drop of 5.7%. There has been an upward trend from thereon. If one observes MPI during the second half of 2009, it has moved from 946 levels (June’09) to 1128 (Dec’09) signaling an improvement of 19.2% in property prices. Over the 12 months period from Jan-Dec’09 the property prices in India have gained by 12.8%.
If one analysis Hyderabad Property Index we observe that the property prices in the city have remained muted throughout 2009. During the 1st quarter period Jan - Mar’09 the Index fell from 1000 to 953 points registering a drop of 4.7%. There was a small recovery by May’09 when the prices regained the same level as in the beginning of the year. This took the index to 1002 during that month. There has been a gradual drop on the property prices post May’09 and the index has ended the year at 923 points. Over the 12 months period from Jan’09 – Dec’09 the property prices fell by 7.7%.
Makaan.com Property Index (MPI) is part of the intelligence division of Makaan.com called MakaanIQ that has been bringing out property intelligence & research reports for the benefit of homebuyers and real estate industry since Makaan.com was launched. MakaanIQ was the first to predict a shift towards affordable housing in 2008. The Index is another attempt at bringing objective information and analysis for the benefit of the industry and the country.