Property prices in India increase by 0.1% in December 2010 - says Makaan.com Property
Makaan.com Property Index – National
- Monthly Trend: At the National level, the property prices have increased by 0.1% in the last one month.The Index in December 2010 stands at 1230 as against 1229 in November 2010.
- Quarter Analysis: Over the last 3 months, the national MPI has seen a small rise - it has moved from 1175 in September 2010 to 1230 in December 2010, a 4.7% increase.
- Year-on-Year Movement: As compared to last year i.e. December 2009, the MPI in December 2010 has moved up by 9%. Prices had rised 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.
Makaan.com Property Index – City level
- Monthly Trends: • In the last one month most cities have seen increase in property prices. The key property markets like Pune, Delhi, Ahmedabad, Chennai and Hyderabad saw prices increase in the range of 0.4% to 4.5%. On the other hand Kolkata, Bangalore and Mumbai saw prices drop in the range of 1.3% to 10.5.
- Quarter Analysis: Over the last quarter, i.e. between September 2010 to December 2010, there are many steep upward and downward swings in property prices across cities. Cities like Chennai, Ahmedabad, Delhi, Hyderabad, Pune and Mumbai saw property prices increase in the range of 0.1%. and 19.5%. Over the last 3 months Bangalore and Kolkata properties are the only cities that saw property prices drop by 3.9% and 2.9% respectively.
- Year-on-Year Movement: 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, 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: Wed Aug 28 2013