India’s MagicBricks has just released its highly anticipated Property Index Anniversary Issue, and it has already hit the stands around the country. The Index is the first of its kind that tracks both demand and supply of real estate across the 11 major cities of India.
“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 on the report, Mr. L.K. Jain, National President, CREDAI, the Country’s Apex Real Estate Body said, “We need benchmark value indicators 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.”
The PropIndex addresses such issues as, the tight monetary conditions and slow off-take in the country, and how in spite of it, values of residential property maintained a growth of 8-10% across cities, and as a result, 9 of the 11 indexed cities showed a rise in the property index values.
Also mentioned is the weak buyer sentiments and drop in rate of new launches in the city, which dragged the Mumbai Index downwards whereas in Chennai, a decline in average capital values as well, as listings pushed their city index down.
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.
More City Specific Details can be downloaded here.