Property prices in Chennai appreciate by 4.4% in January 2013 - says Makaan.com property index
Makaan.com Property Index – City level
Monthly Trend: The property prices in Chennai have appreciated by 4.4% in the last one month. The Index in January 2013 stands at 1443 as against 1383 in December 2012.
Quarter Analysis: Over the last quarter, the MPI has seen an appreciation of 3.7%; it has moved up from 1392 in October 2012 to 1443 in January 2013.
Year-on-Year Movement: As compared to last year, the Chennai Property Index in January 2013 has dropped by 4.4%. This indicates a steady price depreciation, with highs and lows over the last year. The MPI figures moved down from 1510 in January 2012 to 1443 in January 2013.
City Level: In the last one month most cities have seen an increase in property prices. Property prices in the key property markets: Mumbai, Bangalore, Chennai, Hyderabad and Pune registered an increase; while those in Delhi, Kolkata and Ahmedabad remained stable
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.