Property prices in India increase by 2.9% in March 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 2.9% in the last one month. The Index in March 2011 stands at 1332 as against 1294 in February 2011.
- Quarter Analysis: Over the last 3 months, the national MPI has seen a small rise - it has moved from 1230 in December 2010 to 1332 in March 2011, an increase by 8.3%.
- Year-on-Year Movement: As compared to last year i.e. March 2010, the national MPI in March 2011 has moved up by 19.2%. 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 last few 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, Delhi, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai registered an increase ranging between marginal 0.2% to a significant 16.5%.
- Quarter Analysis: Over the last quarter, i.e. between December 2010 to March 2011, there are mostly steep upward swings in India properties prices across cities. Property prices in cities like Mumbai, Delhi, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai saw an increase ranging between 2.5% to a whopping 43.3%.
- Year-on-Year Movement: Over the last 1 year,i.e. between March 2010 to March 2011, all the key Indian cities have seen a significant increase in property prices. Ranging between 5.5% to a whopping 50.7%, cities like Mumbai, Delhi, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai registered an increase in property prices over the last 12 months. Kolkata was the only city that saw a drop in property prices in the same period registering a 3.1% drop.
- 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