Property prices in Chennai increase by 0.7% in December 2010 - says Makaan.com Property Index
Makaan.com Property Index – City level
- Monthly Trend: The property prices in Chennai have increased by 0.7% in the last one month. The Index in December 2010 stands at 998 as against 991 in November 2010.
- Quarter Analysis: Over the last 3 months, the Chennai MPI has remained constant - the MPI stayed at 998 in September 2010 and December 2010.
- Year-on-Year Movement: As compared to last year, the Chennai Property Index in December 2010 has dropped by 6.5%. Prices had dropped significantly in the fourth 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 December 2009 to December 2010, most cities have seen significant increase in property prices. Cities like Ahmedabad, Delhi, property at Pune, Hyderabad, Kolkata and Mumbai saw prices go up by a whopping 66.8%, 30%, 13.6%, 11.5%, 5.6% and 0.5% respectively. While Bangalore and Chennai saw property prices decrease by 9.1% and 6.5% in the same period. These cities led the national index increase by 9%% over the last 1 year.
- Going forward: The signals from the Indian Economy are quite positive - Industrial output, Exports and the GDP are rising, and jobs are more secure than before.At the same time interest rates are likely to go up, which may make buyers cautious in their purchase decisions.In the current situation one would expect the realty sector to maintain stability of prices.
Last Updated: Thu Aug 29 2013