Property prices in Mumbai fall by a modest 0.9% in July 2010 - says Makaan.com Property Index
- Monthly Trend: The property prices in Mumbai have decreased by a modest 0.9% in the last one month. The Index in July 2010 stands at 1164 as against 1174 in June 2010.
Quarter Analysis: Over the last 3 months, the MPI has seen a rise - it has moved from 1105 in April 2010 to 1164 in July 2010, a 5.3% increase.
Year-on-year movement: As compared to last year, the MPI in July 2010 has moved up by 10.3%. Prices had dropped 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.
City Level: Over the last 1 year, i.e. between July 2009 to July 2010, most cities have seen significant increases in property prices. Kolkata, Ahmedabad & Delhi property have seen price increases upwards of 30%. Pune and Mumbai have also seen 10-14% price increases. These cities have led the National Index to move up by 12.2% over the last 1 year. In comparison to these, Chennai and Bangalore has seen price drop by 10% and 7.4% respectively however property prices in Hyderabad have remained stable.
- 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 20 2013