Property prices in India increase by 5.1% in November 2010 - says Makaan.com Property Index
Makaan.com Property Index – National
- Monthly Trend: At the National level, the property prices have increased by 5.1% in the last one month.The Index in November 2010 stands at 1229 as against 1170 in October 2010.
- Quarter Analysis: Over the last 3 months, the national MPI has seen a small rise - it has moved from 1190 in August 2010 to 1229 in November 2010, an increase by 3.3%.
- Year-on-Year Movement: As compared to last year i.e. November 2009, the national MPI in November 2010 has moved up by 8%. Prices had risen significantly in the second quarter of 2009 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 an increase in property prices.The key property markets like Ahmedabad, Chennai, Delhi property, Hyderabad, Pune, Mumbai and Bangalore saw prices increase by 8.6%, 8.6%, 7.4%, 5.8%, 5.1%,4% and 1.8% respectively. Kolkata is the only city that registered a minor drop by 0.1%, in the same period.
- Quarter Analysis: Over the last quarter, i.e. between August 2010 to November 2010, there are many steep upward and downward swings in property prices across cities. Cities like Ahmedabad saw prices increase by 22.1%, Delhi saw prices rise by 10.6%, in Hyderabad prices increased by 6.7%, In Pune prices went up by 5.8% and in Kolkata by 2.8%. On the other hand cities like Chennai, Bangalore and Mumbai saw property prices drop by 8.5%,3.9% and 0.1% in the same period.
- Year-on-Year Movement: Over the last 1 year,i.e. between November 2009 to November 2010, some cities have seen significant increase in property prices. Cities like Ahmedabad, Delhi, Kolkata ,Hyderabad and Pune saw property prices go up by a whopping 71.6%, 35.2%,22.5% and 11.5% and 8.9% respectively. On the contrary cities like Bangalore, Mumbai and Chennai saw a decrease in prices by 8.5%, 3.6% and 3.3% respectively. These cities have led the national index to increase by 8% 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: Tue Aug 27 2013