India’s MagicBricks.com, has just published its 5th Edition of PropIndex. MagicBricks takes pride in claiming that the Index is the first of its kind that tracks both demand and supply of real estate across the 11 major cities of India. The Index is in its second year of publication.
These are some of the highlights, findings and new features of the latest edition of the MagicBricks.com PropeIndex:
Lead by Ahmedabad & Delhi the MagicBricks’ 11 City PropIndex rises 4%
August 2012: The major discoveries in this PropIndex were that despite weak buyer sentiments and tight monetary conditions, the National Property Index (NPI) went up by over 4 per cent in the Apr-Jun 2012 quarter as compared to Jan-Mar 2012 quarter. In addition, 9 of the 11 indexed cities showed a rise in the property index values.
The Ahmedabad Index shot up by 10 per cent, the maximum among all the cities. This was mainly due to the effects of listed values. The Delhi Index also witnessed a rise of 6 per cent, though growth was limited to certain pockets. However, Gurgaon registered a drop of 4 per cent, owing to a fall in active listings.
Affordable localities saw a better rise in values as compared to premium localities in cities such as Mumbai,Ahmadabad, Pune and Kolkata.
On the demand front, even though the demand for traditional 2 and 3 BHK categories remained stable across the cities, a growing consumer sentiment preference was seen towards smaller 1 BHK units. Also, there was a distinct preference for ready-to-move in apartments, rather than property with a wait period of 2-3 years.
Volume Two of MagicBricks Property Index comes with new features apart from the Industry standards that MagicBricks introduced of the Listed Price, Rent and Yield Monitors. This edition features Capital Value Ranges of over 620 localities with a special “ranking of top localities” based on changing user demand comparing the top 10 preferred localities in each city currently with the top 10 preferred localities in the Jan-Mar quarter.
Explaining the News Capsules section, E Jayashree Kurup, Research and Content Head, MagicBricks said,“Property market performance is significantly impacted by drivers outside the purview of buying and selling. There are broadly four key drivers that determine the prospects of real estate – infrastructure such as water and power, transport links creating new growth corridors, policy such as rental laws, property tax, etc and return on investment.”
Click here for more excerpts from the report.