Property prices in India increase by 2.7% in February 2011 - says Makaan.com Property Index
Makaan.com Property Index – National
- Monthly Trend: At the National level, the property prices have increased by 2.7% in the last one month. The Index in February 2011 stands at 1294 as against 1260 in January 2011.
- Quarter Analysis: Over the last 3 months, the national MPI has seen a small rise - it has moved from 1229 in November 2010 to 1294 in February 2011, a increase by 5.3%.
- Year-on-Year Movement: As compared to last year i.e. February 2010, the MPI in February 2011 has moved up by 16.8%. Prices had risen significantly in the first quarter of 2010 due to the economic slowdown. From thereon, the prices have been rising steadily, with minor highs and lows over the quarters.
Makaan.com Property Index – City level
- Monthly Trends: In the last one month most of the major Indian cities have seen an increase in property prices. The key property markets Mumbai, Hyderabad, Pune, Ahmedabad, Delhi, Bangalore and Chennai registered an increase ranging between marginal 1.8% to a significant 14%. On the other hand, Kolkata registered a 3.9% drop over the last 1 month.
- Quarter Analysis: Over the last quarter, i.e. between November 2010 to February 2011, there are many steep upward and downward swings in property prices across cities. Property prices in cities like Mumbai, Delhi, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai saw an increase ranging between 0.5% to a whopping 24.1%. Kolkata is the only city that has registered a 10.1% drop in the same time period.
- Year-on-Year Movement: Over the last 1 year,i.e. between February 2010 to February 2011, all the key Indian cities have seen a significant increase in property prices. Ranging between 3.3% to a whopping 57.1%, cities like Mumbai, Delhi, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai registered an increase in property prices over the last 12 months.
- 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: Tue Sep 03 2013