Property prices in Chennai appreciate by 5% in September 2011 - says Makaan.com Property Index
Makaan.com Property Index – City level
- Monthly Trend: Property prices in Chennai appreciate by 5% in the last one month. The Index in September 2011 stands at 1465 as against 1396 in August 2011.
- Quarter Analysis: Over the last 3 months, the MPI has seen great stability - it has moved from 1467 in June 2011 to 1465 in September 2011
- Year-on-Year Movement: As compared to last year, the Chennai Property Index in September 2011 has increased by 47%. Prices had dropped significantly in the third quarter of 2010 due to the economic slowdown. From thereon, the prices have been rising steadily, with minor highs and lows over the last 3 quarters.
- City Level: Over the last 1 year,i.e. between September 2010 to September 2011, all the cities saw a significant increase in property prices. Chandigarh, Chennai and Pune witnessed maximum appreciation.
- 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.
Last Updated: Mon Dec 05 2011