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Led by Bangalore and Hyderabad, the MagicBricks' 11 City PropIndex Rises 2%
PR Newswire NEW DELHI, December 6, 2012
NEW DELHI,December 6, 2012/PRNewswire/ --
The Sixth Edition of MagicBricks.com's PropIndex, the First Index of its Kind That Tracks Demand and Supply of Properties Across 11 Major Cities of India, hit the Stands
Despite weak buyer sentiments, theNational Property Index(NPI) went up by over 2 percent in the Jul-Sept' 2012 quarter as compared to Apr-Jun' 2012 quarter. Of the 11 cities in the apartment Index, 9 cities showed a rise in the property index values - led by the southern metros of Bangalore and Hyderabad.
Based on dynamic data mined fromMagicBricks.com, PropIndexfocuses on the National Property Index (NPI), a weighted average of city indices. The data from India's No.1 property portal is refined with intricate algorithms to arrive atIndex Values at locality, city and national levelsacross India.
Thecomposite index values of each of the 11 citiesare drawn from the changing indices of different localities. Localities that are more active compared to others contribute more significantly to the index values of that city. This index is reflective of trends across multi-storey and single floor apartments (commonly known as builder floors).
This quarter, Delhi, Gurgaon, Noida-Ghaziabad, Pune, Ahmedabad, Kolkata, Hyderabad and Bangalore - all saw a rise in their indices while Mumbai and Chennai registered stable values.
Bangalore topped the city index chart by registering an average of 7 percent increase followed byHyderabad, Gurgaon and Pune with 5, and 3 percent rise, respectively. The city witnessed a change of about 7-9 % in capital values in some top localities.
Ahmedabad, Delhi, Kolkata, Noida and Ghaziabad saw a rise of 1-3 percent in the city index values.Bangalore, Hyderabad, Pune and Gurgaon were the major contributors to the NPI within the Jul-Sept quarter.
Some of the other Significant Findings ofPropIndexinclude:
1. Areas that witnessed good road infrastructure, m etro-rail connectivity and better facilities saw a rise in values.
2. Affordable localities saw increased buyer demand as compared to premium localities in cities such asPune, Bangalore, and Mumbai.
3. Increased values were registered across IT-driven localities in cities such asBangalore, Pune, Kolkata and Chennai for both outright purchase and lease.
4. Similar to the last quarter, growing preferences for smaller sized residential units (1 and 2 BHK) were recorded in almost all the cities.
5. Multi-storey apartments remained the most sought-after property type across all cities. Demand for larger unit-size properties was mainly witnessed in premium localities. The supply of these units continued to outstrip the demand in this category in almost all the cities.
A sample ofUser Endorsementsfrom actual subscribers -
"The Real Estate market is on an upward curve at present.The PropIndex by MagicBricks.comis 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 Pvt. Ltd.
"PropIndexis a great step in knowledge initiatives, bringing out well-studied reports by MagicBricks.com. It is, indeed, a commendable job. I take this opportunity to wish PropIndex all the success."- Muninder Seeru, Director, G: Corp Developers Pvt. Ltd.
"The PropIndex, covering top yield grossers and capital gains in residential properties, in 11 leading cities for 260 locations, gives valuable insights into the moving property values scenario. The scientific methodology adopted, based on meticulous research on dynamic property movement trends, provides a good benchmark index for discerning property buyers and real estate watchers."- V Suresh, Principal Executive Officer, HIRCO
"PropIndexis a perfect tool for potential investors/buyers in understanding the price movement of the properties in a respective city vis-à-vis other cities, thereby deciding their investment choices. The research based on 400,000 postings by 100,000 active users will be but a close-to-reality index. In this perspective, MagicBricks.com's PropIndex is certainly a boon for the real estate industry."- R. Murugesan, CEO, Shriram Properties
"ThePropIndexis insightful and provides in-depth analysis in a consolidated manner. The information is quite useful as it assists multiple stakeholders in analysing data and arriving at the most relevant strategy or solution." -Avinash Rao, Regional Director - South, Knight Frank India Pvt. Ltd.
About the MagicBricks.com PropIndex:
"PropIndex" is an apartment index that tracks the property market performance of 11 cities across the country. Based on a bedrock of immense data, this Index, pioneered by India's biggest property portal, MagicBricks.com, will offer a rounded perspective of trends in prices, rentals and supply of apartments in all these markets.
The PropIndex and detailed report processed from the largest base of "live" data from:
Over 400,000 active properties; 3 Million+ active property requirements; close to 4 million visits per month; approx. 35 million page views per month; and approx. 60 thousand property responses (enquiries) per day.
The PropIndex also features:
- "Smart" algorithm and statistical tools to handle large data volumes.
- Expert comments from top builders and brokers.
- Original content sourced from in-house research and from multiple "advice" platforms available on MagicBricks.com
Each city report covers the important metrics of -
National Property Index (NPI):A weighted average of 11 different city indices (C PI)
City Property Index (CPI):This has been derived as a function of supply of properties weighted against the average capital value appreciation/drop in various localities of the city.
Price Monitor:Reflects the capital appreciation/drop within various localities of a city.
Rent Monitor:Reflects the rental appreciation/drop within various localities of a city.
Yield Meter:This is the annual rate of return earned on a property.
Capital Value Tables:Indicates the capital prices for property prevailing in various localities of a city
Please visithttp://property.magicbricks.com/microsite/buy/prop-index-new/index.htmlto download more city-specific details.
Primary Media Contact: Aseem Seth, TBSL,aseem.seth@timesgroup.com, 91-9910273367