Property prices in Mumbai increase by 4% in November 2010 - says Makaan.com Property Index
Makaan.com Property Index – City level
- Monthly Trend: The property prices in Mumbai have increased by 4% in the last one month. The Index in November 2010 stands at 1268 as against 1219 in October 2010.
- Quarter Analysis: Over the last 3 months, the MPI has seen a drop - it has moved from 1269 in August 2010 to 1268 in November 2010, a marginal 0.8% drop.
- Year-on-Year Movement: As compared to last year, the Mumbai Property Index in November 2010 has decreased by 3.6%. Prices had dropped significantly in the quarter of 2010 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 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 Feb 15 2011