Property prices in Chennai remain stable in April 2011 - says Makaan.com Property Index
Makaan.com Property Index – City level
- Monthly Trend: The property prices in Chennai have remained stable in the last one month. The Index in April 2011 stands at 1459 as against 1436 in March 2011.
- Quarter Analysis: Over the last 3 months, the MPI has seen an increase by 20.4% - it has moved from 1212 in January 2011 to 1459 in April 2011
- Year-on-Year Movement: As compared to last year, the Chennai Property Index in April 2011 has increased by 32.5%. Prices had dropped significantly in the second 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 April 2010 to April 2011, most cities have seen significant increase in property prices. Except for Kolkata, all other major cities, Delhi, Pune, Mumbai, Bangalore, Chennai and Hyderabad saw exceptional property price hikes. These cities have led the National Index to appreciate by 27.8% over the last 1 year.
- 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: Fri Sep 06 2013