Mumbai: Makaan.com, India’s fastest growing online real estate website by People group has launched the country’s first Property Index. Christened Makaan.com Property Index (MPI) the tool is aimed at empowering homebuyers and the real estate industry with up-to date information related to movement in residential property prices. Apart from analyzing the trend for Mumbai, Makaan.com Property Index will also track property price trends nationally, for major metros and tier II cities of India. The Index is intended to serve as an objective tracker of property trends. It is meant to aid in decision-making and is expected to be used by both end users and the industry.
MPI tabulates the movement in residential property prices from Jan’09. According to Index, most Indian cities witnessed a price correction in the first half (Jan-June) of 2009. The national index slipped from 1000 to 946 during this period, a drop of 5.7%. There has been an upward trend from thereon. If one observes MPI during the second half of 2009, it has moved from 946 levels (June’09) to 1128 (Dec’09) signaling an improvement of 19.2% in property prices. Over the 12 months period from Jan-Dec’09 the property prices in India have gained by 12.8%.
If one analysis the Mumbai Property Index, we observe a negligible rise in property prices in the 1st half of 2009. During the period Jan’09 to June’09 the index moved from 1000 to 1015 points, registering a minor increase of 1.5%. However things started picking up better in the second half of the year and Mumbai property prices registered a gain of 18.2% from 1055 points in July’09 to 1247 in Dec’09. Over the 12 months period from Jan – Dec 09 the property prices in Mumbai gained by 24.7%.
Makaan.com Property Index (MPI) is part of the intelligence division of Makaan.com called MakaanIQ that has been bringing out property intelligence & research reports for the benefit of homebuyers and real estate industry since Makaan.com was launched. MakaanIQ was the first to predict a shift towards affordable housing in 2008. The Index is another attempt at bringing objective information and analysis for the benefit of the industry and the country.