The recently launched MagicBricks.com’s Property Index Anniversary Issue tracks both Buyers and Sellers sentiments
May 2012: MagicBricks latest PropIndex Report, that just hit the stands, is the first Index of its kind that tracks both demand and supply of real estate across the 11 major cities of India.
Despite tight monetary conditions and slow offtake, values of residential property maintained a growth of 8-10% across cities. As a result, 9 of the 11 indexed cities showed a rise in the property index values.
However, weak buyer sentiments and drop in rate of new launches in the city dragged the Mumbai Index downwards while in Chennai, a decline in average capital values as well as listings pushed their city index down.
The cash-squeezed buyer made shifts towards the suburbs in search of better deals and lifestyles. While broad price ranges were present at the macro level, only properties that were being actively sought by buyers were being listed for sale. Rental markets swung to infrastructure beats and rose on better transport connectivity.
“Having completed a year of publishing, this anniversary issue is special with enhanced analysis and extra insights. For the first time ever, detailed analysis of User Demand has been drilled down to Suburb levels. We have also expanded PropIndex coverage to over 620 localities for Capital Values with a special feature on the Top 10 Localities in each city.” said Sudhir Pai, Business Head, MagicBricks.com.
Commenting in the report, Mr. L.K. Jain, National President, CREDAI, the Country’s Apex Real Estate Body said, “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.”
CREDAI (Confederation of Real Estate Developer’s Associations of India) is the apex body of the organised real estate developers/builders across India. Present with 18 state/city level association viz. Andhra Pradesh, Assam, Chhattisgarh, Delhi-NCR, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Orissa, Punjab, Rajasthan, Tamilnadu, Uttar Pradesh & West Bengal with over 6,000 members.
Speaking of this association, Sudhir Pai added, “Having joined hands with CREDAI, The MagicBricks PropIndex features exclusive commentaries from each of the Heads of CREDAI’s city units on their interpretation of their individual market performance. These commentaries add tremendous insights to this great source of information for layman investors as well.”
Here are the other Key Findings from the MagicBricks.com PropIndex Anniversary Issue–
- The National Property Index (NPI) rose over 2% across the country
- Majority of consumer demand exists for properties costing up to Rs 60 lakh (US$110,000).
- Transport connectivity and affordability remain top priorities among consumers.
- Ready-to-move-in and property near completion stage witness maximum demand.
- Cities witness migration of working population to affordable locations in the suburbs.
- Localities continue to witness good demand for properties in and around commercial centres for both outright purchase as well as rentals.
- Traditional unit size properties in the 2 and 3BHK category continued to be the common man’s choice across all cities.
- Substantial increases seen in property values across IT & Technology Hubs in Bangalore, Pune, Kolkata, Hyderabad and Chennai.
Please visit http://property.magicbricks.com/microsite/buy/prop-index-new/index.html to download more City Specific Details.