Property prices in Mumbai appreciate by 4.9% in January 2013 - says Makaan.com Property Index
Makaan.com Property Index – City level
Monthly Trend: Property prices in Mumbai appreciate by 4.9% in one month. The Index in January 2013 stands at 1544 as against 1471 in December 2012.
Quarter Analysis: Over the last quarter, the Mumbai MPI figures have remained stable; the index displays the same figure of 1544 for October 2012 and January 2013.
Year-on-Year Movement: As compared to last year, the Mumbai Property Index in January 2013 has appreciated by 7.3%. This prices have seen minor highs and lows over the last year. The MPI figures moved from 1439 in January 2012 to 1544 in January 2013.
City Level: In the last one month most cities have seen an increase in property prices. Property prices in the key property markets: Mumbai, Bangalore, Chennai, Hyderabad and Pune registered an increase. while those in Delhi, Kolkata and Ahmedabad remained stable.
Going forward: Indian Real Estate market is going through a challenging phase with multiple macro economic headwinds like poor liquidity for developers, increased cost of construction, high land prices, delayed projects, high interest rates. These factors are keeping the home buyers away from the market. Over the coming months the property prices in India are likely to move in a narrow range with a slight negative bias.