Property prices in Mumbai increased by 3.35% in November 2011 - says Makaan.com Property Index
Makaan.com Property Index – City level
- Monthly Trend: The property prices in Mumbai have increased by 3.35% in the last one month. The Index in November 2011 stands at 1513 as against 1464 in October 2011.
- Quarter Analysis: Over the last 3 months, the MPI has remained stable - it has moved from 1496 in August 2011 to 1513 in November 2011
- Year-on-Year Movement: As compared to last year, the Mumbai Property Index in November 2011 has increased by 19.36%. Prices had dropped significantly in the second quarter of 2010 due to the economic slowdown. From thereon, the prices have been rising steadily, with minor highs and lows.
- City Level: Over the last 1 year,i.e. between November 2010 to November 2011, all the cities saw a significant increase in property prices. Property prices in Bangalore, Chennai and Pune witnessed maximum appreciation.
- 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.
Last Updated: Fri Feb 17 2012