The 11 city Magicbricks PropIndex report has released it’s 9th edition for the period Apr-Jun 2013. During this period, the National Property Index (NPI) witnessed a considerable rise of 2%, which is surprising for the current weak economic scenario. The demand at the top of the pyramid showed robust growth in demand, fuelled by end users. High-end consumers have also seen this as an opportunity to upgrade lifestyle and seek better, newer units with amenities to match their growing expectations. But the winners have been those who have managed to strike a balance between price, amenities and luxury.
Speaking at the launch of the Magicbricks PropIndex, Sudhir Pai, Business Head, Magicbricks remarked, ” Being the leader in the space, we endeavor to leverage our vast data resources to bring new depth and transparency to Real Estate in India, much like our Guide to Buying a House is for home buyers, The Magicbricks PropIndex has also become the de-facto standard for the industry to gauge the actual demand and supply movements of real estate across the hottest property markets in the country. As the veritable go-to guide for the Real Estate Industry it is earning numerous accolades from both developers and investors. I am pleased to announce that now its 9th edition it is available in both hardcopy and online.”
Of the 11 cities in the Magicbricks PropIndex, nine have seen a significant increase while the others registered a small drop in the city index values. The trend clearly indicates that the Indian property buyer has matured. End users, rather than investors and speculators, are now driving this growth based on sound economic fundamentals and structured planned infrastructure.
The main highlights of the latest PropIndex report as are follows:
- A rise in the city index in nine out of 11 cities, during the quarter, indicated an upbeat property market across cities.
- Hyderabad was the biggest gainer with a whopping 11 per cent rise. It was followed by Chennai with eight per cent rise, Ahmedabad and Gurgaon with four per cent each, Noida and Ghaziabad with three per cent and Pune and Mumbai with two and one per cent respectively.
- Bangalore and Delhi registered a drop of six and three per cent respectively while the city index in Kolkata remained unchanged.
- The Rs. 30-50 lakh budget range continued to be the most preferred category with 25 per cent buyer demand. Bangalore and Pune were the major contributors.
- Demand for premium housing priced above Rs one crore saw a drop of five per cent in buyer demand during the Apr-Mar 2013 quarter.
- 2BHK apartments remained the most supplied configuration in six out of 11 cities.
- Buyers look for political and economic certainty, adopt wait and watch approach.
Please contact Magicbricks for the complete report at PropIndex(at)timesgroup(dot)com
Some Accolades for the Magicbricks PropIndex from Industry Leaders –
“The PropIndex by MagicBricks.com is a good index for gauging the market and taking decisions. It is indeed very helpful, not only for developers, but also for buyers, professionals in the financial sector and market analysts.” – A Balakrishna Hegde, Managing Director, Chartered Housing Pvt. Ltd.
“PropIndex is a great step in knowledge initiatives, bringing out well-studied reports by MagicBricks.com. It is, indeed, a commendable job. I take this opportunity to wish PropIndex all the success.” – Muninder Seeru, Director, G: Corp Developers Pvt. Ltd.
“The PropIndex, covering top yield grossers and capital gains in residential properties, in 11 leading cities for 260 locations, gives valuable insights into the moving property values scenario. The scientific methodology adopted, based on meticulous research on dynamic property movement trends, provides a good benchmark index for discerning property buyers and real estate watchers.” – V Suresh, Principal Executive Officer, HIRCO
“PropIndex is a perfect tool for potential investors/buyers in understanding the price movement of the properties in a respective city vis-à-vis other cities, thereby deciding their investment choices… In this perspective, MagicBricks.com’s PropIndex is certainly a boon for the real estate industry.” – R. Murugesan, CEO, Shriram Properties
“The PropIndex is insightful and provides in-depth analysis in a consolidated manner. The information is quite useful as it assists multiple stakeholders in analysing data and arriving at the most relevant strategy or solution.” – Avinash Rao, Regional Director – South, Knight Frank India Pvt. Ltd.
“We need benchmark value indicator in the real estate industry across the country which can guide consumer and assist developers in analyzing city rates and trends. MagicBricks PropIndex provides a structured and transparent matrix and I am looking forward to consider these case studies as Benchmark in such reports. – Mr. L.K. Jain, National President, CREDAI, the Country’s Apex Real Estate Body