Property prices in Kolkata drop by 3.9% in February 2011 - says Makaan.com Property Index

Makaan.com Property Index – City level

• Monthly Trend: The property prices in Kolkata have dropped by 3.9% in the last one month. The Index in February 2011 stands at 1096 as against 1140 in January 2011.

• Quarter Analysis: Over the last 3 months, the MPI has seen a drop - it has moved from 1219 in November 2010 to 1096 in February 2011, a decrease by 10.1%.

• Year-on-Year Movement: As compared to last year, the Kolkata Properties Index in February 2011 has increased by 3.5%. Prices had dropped significantly in the first quarter of 2010 due to the economic slowdown. From thereon, the prices have been rising steadily, with minor highs and lows over the last few quarters.

• City Level: Over the last 1 year,i.e. between February 2010 to February 2011, all the key Indian cities have seen a significant increase in property prices. Ranging between 3.3% to a whopping 57.1%, cities like Mumbai, Delhi, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad and Chennai registered an increase in property prices over the last 12 months.
  

• Going forward: The signals from the Indian Economy are quite positive - Industrial output, Exports and the GDP are rising, and jobs are more secure than before.At the same time interest rates are likely to go up, which may make buyers cautious in their purchase decisions.In the current situation one would expect the realty sector to maintain stability of prices.