The world is evolving, so is consumer demand. A globetrotting, well-read consumer today is looking for value for money in his investments, and real estate forms a substantial part of his investment portfolio. Assessing this consumer demand was the crux of discussion at the Real Estate Dialogue (ReD) event held by Magicbricks.com on the launch of the Second Anniversary issue of its industry watch – PropIndex.
The latest PropIndex report highlights that despite global slowdown and domestic policy paralysis, the last two quarters have witnessed some positive policy boosts and consequent response by industry. This has impacted consumer sentiment and delivery of housing products. This is reflected in the 3% rise in the National Property Index (NPI), an indicator of some optimism in the market.
Among the 11 cities tracked in the apartment index, eight have seen a rise but others registered a marginal drop in the city index. While Bangalore, Gurgaon, Noida, Mumbai, Kolkata, Delhi, Pune and Ghaziabad witnessed a rise in city index values, Chennai, Hyderabad and Ahmedabad recorded 2-6 per cent drop during the quarter.
Bangalore topped the chart of 11 city index at 7 per cent increase followed by Gurgaon and Noida at 5 per cent rise each. Mumbai and Kolkata registered a rise of 4 per cent each while Delhi, Pune and Ghaziabad saw a rise of 3 per cent each in the city index values. Cities registered dropped in index values are Ahmedabad, Hyderabad and Chennai in the range of 2-6 per cent.
Key findings of PropIndex:
- Residential property in the Rs 30-50 lakh range continued to top the consumer demand chart by (23 per cent)
- Premium residential properties in Rs 2 crore and above range witnessed healthy buyer interest (13 per cent)
- In spite of cautious approach among buyers, listings price continued to remain up
- Six out of 11 cities witnessed over 50 per cent demand for 2 BHK units
Speaking at launch of the PropIndex Second Anniversary issue, Sudhir Pai, Business Head, MagicBricks.com explained, “As the market leader in the Industry, we have access to the most representative data set covering supply as well as consumer demand. It is this representative data that has made PropIndex a credible source of data analytics as well as qualitative information on market performance. And we wish to thank our users for their feedback and participation in making PropIndex such a big success over the last two years”
Other panelists present at the Real Estate Dialogue lauded the comprehensive data that PropIndex brings to the real estate fraternity, discussing how it monitors the decision-making of consumers and informs developers of the market movements. They also by and large agreed that areas that generate employment, and have economic activities are the ones to have an edge fulfilling the housing need.
While the print copy of PropIndex has been highly coveted both for reference and archival value by big corporates, in order to provide the individual user access to this report, from the last issue of MagicBricks.com’s PropIndex is now also available online for free!
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“The Real Estate market is on an upward curve at present. 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 (P) Ltd
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