Property prices in Chennai drop by 3.3% in November 2012 - Says Makaan.com Property Price Index
Makaan.com Property Index – City level
Monthly Trend: The property prices in Chennai have dropped by 3.3% in the last one month. The Index in November 2012 stands at 1347 as against 1392 in October 2012.
Quarter Analysis: Over the last quarter, the MPI has seen much stable figures; it has moved up from 1373 in August 2012 to 1347 in November 2012, a meager drop of 1.9%.
Year-on-Year Movement: As compared to last year, the Chennai Property Index in November 2012 has dropped by 13.3%. This indicates a steady price depreciation, with highs and lows over the last year. The MPI figures moved down from 1554 in November 2011 to 1347 in November 2012.
City Level: In the last one month most cities have seen much stability in property prices. Property prices in the key property markets: Kolkata, Ahmedabad and Hyderabad remained stable. Bangalore and Pune registered an increase, while Mumbai, Chennai and Delhi 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.