Property prices in Chennai appreciate by 4.5% in February 2013 - says Makaan.com property index
Makaan.com Property Index – City level
Monthly Trend: The property prices in Chennai have appreciated by 4.5% in the last one month. The Index in February 2013 stands at 1508 as against 1443 in January 2013.
Quarter Analysis: Over the last quarter, the MPI has seen an appreciation of 11.9%; it has moved up from 1347 in November 2012 to 1508 in February 2013.
Year-on-Year Movement: As compared to last year, the Chennai Property Index in February 2013 has dropped by 1.9%. This indicates a steady price depreciation, with highs and lows over the last year. The MPI figures moved down from 1538 in February 2012 to 1508 in February 2013.
City Level: In the last one month, the cities across the country have seen a mixed appreciation and stability in property prices. Property prices in the key property markets of Mumbai, Chennai and Hyderabad registered an increase. Delhi and Pune have registered a decrease in property prices; while those in Kolkata, Bangalore 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.