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Start a DiscussionProperty prices in Chennai increase by 3% in July 2011
Posted on October 18, 2011Makaan.com Property Index – City level
- Quarter Analysis: Over the last 3 months, the MPI has seen an increase by 10% - it has moved from 1459 in April 2011 to 1604 in June 2011.
- Year-on-Year Movement: As compared to last year, the Chennai Property Index in July 2011 has increased by a whopping 56%. Prices had dropped significantly in the second quarter of 2010 due to the economic slowdown. From thereon, the prices have been rising steadily, with minor highs and lows over the last 3 quarters.
- City Level: Over the last 1 year,i.e. between July 2010 to July 2011, most cities have seen significant increase in property prices. Except for stable property prices in Kolkata, other major cities, like Delhi, Mumbai, Ahmedabad, Chennai, Bangalore and Pune saw an increase in property prices. These cities have led the National Index to increased by 37% over the last 1 year.
- Going forward: Indian Real Estate market is going through a challenging phase with multiple macro economic headwinds like poor liquidity for developers, increased cost of construction, high land prices, delayed projects, high interest rates. These factors are keeping the home buyers away from the market. Over the coming months the property prices in India are likely to move in a narrow range with a slight negative bias.
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