Property prices in Ahmedabad rise by 36.2% in the last one year - says Makaan.com property index

As per the latest release of Makaan.com Property Index (MPI), real estate prices in Ahmedabad have grown by 36.2% in June’10 compared with the same month last year. The index for the month of June stood at 1490 vis- a- vis 1094 a year ago. Ahmedabad is among few select cities in India which have shown a positive price movement over long, medium and short term. The trend for June’10 deserves a special mention as it was around this time last year that the property prices started to look up after 9 months period (Oct’09 to June’09) of continues decline

The rise in the Ahmedabad index can be attributed to the hardening of property prices in the underlining markets of East and West Ahmedabad. The property price appreciation in these markets was higher or in line with the Ahmedabad city average. Other popular markets like Central & North Ahmedabad saw an appreciation lower than the city average.

If one were to look at the short term (quarterly) trend and compare the price index for June’10 with that of March’10, one would continue to observe a buoyant trend in property prices. The Ahmedabad index during this period has moved from 1351 in March’10 to 1490 in June’10 a handsome appreciation of 10.3%. When it comes to other major cities, in the last one quarter, the index has moved up in markets like Delhi (15.1%), Kolkata (5.8%) and Hyderabad (2.7%) whereas it has fallen in markets like Pune (-8.6%), Bangalore (-0.8%), Mumbai (-4%) and Chennai (-10.6%).

Commenting on the findings, Aditya Verma – COO, Makaan.com says, “In the near term the national mood seems to be that of caution. The home buyers seem to be in a wait and watch approach. The price movement over the next few months will determine the next definitive trend”.

Makaan property index is a part of a bigger initiative known as MakaanIQ that has been bringing out property intelligence & research reports for the benefit of homebuyers and real estate industry.