Press release from Business Wire India
Tuesday, November 25, 2008 06:00 PM IST (12:30 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Real estate; Technology
Release no: 18612
“99acres Insite”: A Realty Report that Showcases Trends Across the Top Cities in India Over the Past One Year
New Delhi, Delhi, India, Tuesday, November 25, 2008 — (Business Wire India) — Highlights of the Report:
— In Delhi NCR, Gurgaon and Noida remain bearish on realty with marginal increase or decline in prices
— Mumbai and Kolkata remain stable with asking prices seeing a fluctuation within 10%. Mumbai suburbs see a greater fluctuation, prices in Nerul fall drastically
— In the IT cities – Bangalore, Hyderabad and Pune the sentiment remains low with prices seeing a dip. Hyderabad sees a correction to the tune of 15%
— Chennai remains the only market bullish on realty with prices appreciating in all localities in the last quarter
According to the report ’99acres Insite’ released by 99acres.com, India’s No.1 Property Portal, Prices in realty have fluctuated over the past year and most localities across cities have seen a dip in prices. The report compiles the asking rates (price demanded by the buyer/broker) for localities across Delhi – NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad and Pune.
On the report, Vineet Singh, Business Head, 99acres.com said, “The report is an attempt to keep our stakeholders abreast of the prevailing prices in the market. Especially in the given scenario, with prices fluctuating at a high rate, the report will be a ready reckoner for our users. We will keep this initiative up by releasing reports on various trends regularly.
’99acres Insite’ – Metro Property Price Trends is an overview of the prices in the Top cities in India which have a high demand. This quarter the sentiment has been low, and the report states a decline in prices across most localities in India.”
The Delhi market includes hot spots in the southern and eastern part of the city as well as other popular investment and housing localities like Noida, Greater Noida and Gurgaon. South Delhi, Vasant Kunj and Lajpat Nagar have seen an appreciation over the year. Dwarka has shown a decline in prices by a margin of 15% when compared to prices in January. It currently exhibits a buyer friendly rate of Rs 5800/sqft. In Noida, prices have shown some volatility in popular sectors such as 50 and 61 with a variation to the tune of 10%. Prices in these regions currently range between Rs 4500/sqft to Rs 6000/sqft. In Gurgaon, prices have declined (July – Sep) by about 10% – 20% in localities such as Golf course road and Sohna Road during the third quarter after appreciating in the second quarter of the year.
Mumbai has been a relatively stable market in the last one year with rates exhibiting marginal increase / decrease in most localities. In Mira Road and Bhayander (East) have shown a very marginal increase in the last two quarters of this year. The rate in here currently stands at Rs 3100/sqft. The Andheri – Dahisar belt, the most attractive realty destination in Mumbai has seen marginal fluctuations. Navi Mumbai has seen declining prices especially in Nerul, prices have fallen from Rs 6677/sqft at the beginning of the year to the prevailing rate of Rs 4607/sq ft.
Kolkata has seen a price decline in popular localities in the southern region of the city. Tollygunj and Ballygunj have seen dips in prices in the last quarter although E M Bypass has seen a slight increase. A popular locality in the eastern part of city – Rajarhat has not witnessed much volatility over the given time period and residential apartments here are priced at around Rs 2800/sqft.
After some volatility during the first quarter of this year, the prices have shown some stability and appreciation in Chennai. Urapakkam saw a near 20% appreciation in price with the prevailing rate at Rs 2100/sqft. The rate here currently stands at Rs 4800/sqft. Valasaravakkam and Madipakkam, also in South Chennai have not experienced much volatility over the last one year with prices currently hovering at Rs 3900/sqft and Rs 3200/sqft respectively. Other localities that have seen an appreciation in the third quarter (July – Sep) of this year vis-à-vis the previous one are Perungudi and Medavakkam.
Bangalore has witnessed volatility in some localities in the given time period. Whitefield, which commanded a price of Rs. 3300/ sqft, has witnessed decline in prices in the last two quarters (April – Sep) of this year and the prices currently stand at Rs 2200/sqft. Marathahalli and Banaswadi, also in the east, showed stability. Maleshpalaya has been steady over the year with prices around the Rs 2100 / sqft mark. In the north, Hebbal has seen a correction this year.
Hyderabad has shown a decline in prices in the localities of Banjara Hills, Nizampet and Kukatpally in the third quarter of this year (July – Sep) vis-à-vis the previous one. In Banjara hills there has been a 10% correction in prices with the figure now standing at Rs 7800/sqft.
With over 3 lakh live listings, 99acres ‘Insite’ is a unique initiative to provide users and stakeholders of 99acres.com with useful insights about the property market in India. 99acres ‘Insite’ – Metro Property Price Trends addresses the single most important concern of all be it buyers, sellers, investors or media- ‘Price trends’. The report compiles city wise, locality wise price graphs of residential apartments only. The team at 99acres.com has adopted the methodology which ensured that spam listings do not skew the numbers that are present in this report. Since, the figures quoted are asking prices (price demanded by the buyers/ brokers) and not actual transaction prices, it was important to identify entries which were spurious and eliminate them from the data set. Sample size has been carefully chosen to ensure significant number of data points, only properties with high number of user views have been selected for the analysis and outliners have been identified and treated.
99acres.com is the no.1 property portal in India. It was launched by Info Edge, in September 2005, as a gateway to the country’s property bazaar, and an information ‘exchange’ for buying, renting and selling of all types of residential and commercial properties anywhere in the country. The website enables easy access to a huge property bank for netizens and allows for direct connect with brokers/builders in cities in urban and remote parts of India. With properties of almost 8000 builders, 60,000 brokers and 1,00,000 individuals, the portal lists over 300000 properties. The website has a registered database of 3,00,000 users.
For more information or to buy, sell or rent property in India, please log to http://www.99acres.com .
To view the 99 acres Reality Insite, please click on the link given below:
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