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Property prices in Kolkata grow by 50.7% in the last one year - says Makaan.com property index

Property prices in Kolkata grow by 50.7% in the last one year - says Makaan.com property index

Property prices in Kolkata grow by 50.7% in the last one year - says Makaan.com property index

As per the latest release of Makaan.com Property Index (MPI), real estate prices in Kolkata have grown by a whopping 50.7% in June’10 compared with the same month last year. The index for the month of June stood at 1247 vis- a- vis 827 a year ago. This is the maximum % increase reported by any city in India. The trend for June’10 deserves a special mention as it was around this time last year that the property prices started to look up after 9 months period (Oct’09 to June’09) of continues decline caused by global meltdown.

The rise in the Kolkata property index can be attributed to the hardening of property prices in the underlining markets of South and East Kolkata. The property price appreciation in these markets was higher or in line with the Kolkata city average. Other popular markets like North Kolkata saw an appreciation lower than the city average.

If one were to look at the short term (quarterly) trend and compare the price index for June’10 with that of March’10, one would observe consolidation in property prices. The Kolkata index during this period has moved from 1179 in March’10 to 1247 in June’10 a small appreciation of 5.8%. This indicates a short term fatigue in the property prices after an upturn seen earlier in the year. When it comes to other major cities, in the last one quarter, the index has moved up in markets like Delhi (15.1%), Ahmedabad (10.3%), and Hyderabad (2.7%) whereas it has fallen in markets like Chennai (-10.6%), Pune (-8.6%), Mumbai (-4%) & Bangalore (-0.8%).

Commenting on the findings, Aditya Verma – COO, Makaan.com says, “In the near term the mood seems to be that of caution. The home buyers seem to be in a wait and watch approach. The price movement over the next few months will determine the next definitive trend”.

Makaan property index is a part of a bigger initiative known as MakaanIQ that has been bringing out property intelligence & research reports for the benefit of homebuyers and real estate industry.

Last Updated: Tue Aug 20 2013

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