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Real estate prices increase in 14 major cities by 3.1%

Author: IANS/Tuesday, January 23, 2018/Categories: Infrastructure

Real estate prices increase in 14 major cities by 3.1%

New Delhi, Jan 22 - The Indian real estate sector witnessed an average price increase of 3.1% in 46% of the 750 localities across 14 major cities during October-December 2017, revealed Magicbricks PropIndex.

"After almost two years, the National Price Index of Magicbricks PropIndex had seen first price gain in July-September 2017 quarter and this positive sentiment continues in October-December 2017 with just under 1% increment," said Sudhir Pai, CEO Magicbricks.com. "This has further translated into 45% of over 750 localities covered under PropIndex witnessing price increment."

Southern and western India continued to witness price gain in October-December 2017 quarter while northern and eastern regions were either stagnant or saw marginal decline, the statement said quoting the quarterly report.

During the quarter ended December, southern markets including Hyderabad, Chennai and Bangaluru witnessed a price rise in the real estate sector in a range of 1.5 to 3.5%. In western markets including Ahmedabad, Pune, Thane, Mumbai and Navi Mumbai prices rose in a range of 0.5 to 1.5%, the report said.

However, Noida, Greater Noida and Ghaziabad regions in the north witnessed fall in prices by 1.5 to 1%. Gurgaon and Delhi saw a price decline of approximately 1% and Kolkata saw a marginal drop of around 0.25%, it said.

The PropIndex also revealed that the "crucial Rs 3,000-6,000 per square feet bracket, which accounts for more than 50% share of property searches", remained stable and ready-to-move properties at national level continued to command about 3.7% premium over under construction properties.
 

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Kavita Giridhar Mallya

IANS

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