Property prices in India increase by 2.4% in January 2011 - says Makaan.com Property Index
Makaan.com Property Index – National
- Monthly Trend: At the National level, the property prices in India have increased by 2.4% in the last one month. The Index in January 2011 stands at 1260 as against 1230 in December 2010.
- Quarter Analysis: Over the last 3 months, the national MPI has seen a small rise - it has moved from 1170 in October 2010 to 1260 in January 2011, a increased by 7.7%.
- Year-on-Year Movement: As compared to last year i.e. January 2010, the national MPI in January 2011 has moved up by 16.7%. Prices had risen 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 Mumbai, Bangalore, Kolkata, Chennai and Hyderabad have seen property prices rise in the range of 4.2% to 9.1%. On the other hand some cities like Delhi, Pune, Ahmedabad, and Chandigarh saw property prices drop in the range of 0.6% to 4.2% in the same period.
- Quarter Analysis: Over the last quarter, i.e. between October 2010 to January 2011, there are many steep upward and downward swings in property prices across cities. Property prices in Chennai, Hyderabad, Delhi, Pune, Mumbai, Ahmedabad and Bangalore property prices rise in the range of 3.9% to 18.2%. On the other hand, Kolkata is the only city that experienced a 6.6% drop in property prices over the same period.
- Year-on-Year Movement: Over the last 1 year,i.e. between January 2010 to January 2011, most cities have seen significant increase in property prices. Cities like Ahmedabad, Delhi, Mumbai, Pune, Hyderabad and Kolkata saw property prices rise in the range of 3.9% to whopping 56.6%. On the other hand cities like Bangalore and Chennai saw prices drop by 5.8% and 8.2% respectively.
- 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