BWI: Sulekha.com Releases Market Study on Property Price Increase in Mumbai and Pune

Press release from Business Wire India
Source: Sulekha.com
Wednesday, August 08, 2012 01:19 PM IST (07:49 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Construction, Real estate, Retailers
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Sulekha.com Releases Market Study on Property Price Increase in Mumbai and Pune


Mumbai, Maharashtra, India, Wednesday, August 08, 2012 -- (Business Wire India) -- Property prices have increased by an average of 15% in Mumbai and 10% in Pune

Over 40% of the properties available in the two cities are over the 40-lakh price point

A study undertaken on the property prices in Mumbai and Pune by Sulekha.com, India's leading digital marketplace for local needs, has revealed the following interesting trends. The study indicates that property prices have increased by an average of 15% in Mumbai and 10% in Pune over the last one year (June 2011 to June 2012). The study reveals that in Mumbai over 40% of the properties available are in the Rs. 40 to 100 lakh price band. In Pune, about 49% of the properties available are in this price range.

This study, an analysis of over 65,052 residential property listings on Sulekha.com, covers various categories including apartments, flats, individual houses, plots, villas, row houses, beach houses, farm houses. The study covers advertisements posted by builders, individuals and brokers for residential properties in the last one year, June 2011 to June 2012. It is a comparative study of properties for sale in Mumbai and Pune.

Key findings:

-- Mumbai has recorded a property price increase of 15% over the last one year, while it is 10% in Pune.
-- There has been a sharp increase of 22% in the cost of 2BHK (Bedroom, Hall and Kitchen) apartments/houses in Mumbai. In Pune, 1BHK houses have witnessed the maximum price increase, at 11%.
-- In both cities, 2BHK houses constitute the largest share of available properties. In Mumbai, 2BHKs constitute 40% of the total supply, while in Pune this segment is 43% of the total supply.
-- Mumbai has a high availability of 1BHK properties - 35%, while Pune has a high availability of 3BHK houses - 25%.
-- While in both cities the Rs. 40 to 100 lakh price band leads in supply (over 40% of available properties), in Mumbai this is followed by the [over] Rs. 100 lakh price point (28% of available houses), and by the Rs. 25 to 40 lakh price range in Pune (21% of available houses).
-- Over the last two years, property prices have gone up by 41% in Mumbai and 30% in Pune.

Interesting to note - Places to look for property in the range of Rs. 10-40 lakh:

-- Rs. 10-15 lakh: Virar East and Badlapur East in Mumbai; Chakan and Talegaon in Pune
-- Rs. 15-25 lakh: Mira Road and Dombivali East in Mumbai; Hadapsar and Wagholi in Pune
-- Rs. 25-40 lakh: Mira Road and Kharghar in Mumbai; Hadapsar and Kharadi in Pune

Commenting on the analysis, Satya Prabhakar, CEO of Sulekha.com, said, "The Pune-Mumbai study has interestingly revealed that there is a steep increase in the prices of 2BHK apartments, which constitute above 40% of the total supply across these regions. Our study suggests that the time is opportune to buy residential apartments in both Pune and Mumbai. Considering an annual increase of 10-15% in property prices, delaying purchases will only adversely affect buyers."

Sulekha.com had undertaken a similar study in the Delhi-NCR region which was released last quarter. In the months ahead, Sulekha.com will release similar reports pertaining to Chennai, Hyderabad, Bangalore and Kolkata markets.

Disclaimer: Data for this study has been compiled from the database of properties listed on the site for the period mentioned. The data is only representative, based on the listings posted on Sulekha.com, and may not be the actual transaction value. Sulekha.com does not give any guarantee on the prices mentioned, and it should be verified independently.

Annexure: The complete report on increase in property prices in Mumbai and Pune

About Sulekha.com:

Sulekha.com is India's leading 'Digital Marketplace', a need-based site with a strong focus on LOCAL NEEDS on the Home, Business and Entertainment fronts.

Sulekha.com started with blogging in early 2000 and today has a diverse set of offerings - Classifieds, Yellow Pages, Local Search, E-commerce, Blogging and much more. As per the latest comScore ranking, Sulekha.com is the fifth largest Indian Internet site (in terms of visitors). Sulekha.com recently won the award for the Best Multi-Utility Website at IAMAI's annual India Digital Awards (2011).

Sulekha has 14 offices across India (including Delhi, Mumbai, Pune, Ahmedabad, Hyderabad, Bengaluru, Kolkata and Chennai) and 3 offices in New York, Toronto and Austin. The corporate office is in Chennai and the company has more than 1,300 employees across India. Sulekha has 75,000+ businesses listed and offers services across 50+ cities. Please visit www.sulekha.com.

To view the report please click on the link given below:

Report on increase in property prices in Mumbai and Pune
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Report_on increase_in_property_prices in_Mumbai_and_Pune.pdf
Report_on increase_in_property_prices in_Mumbai_and_Pune.pdf


CONTACT DETAILS
Geetha Raj, Sulekha.com, geetharajc@sulekha.net
Dinesh C, Sulekha.com, dineshc@sulekha.net
Nikhila Kesavan, Brandmap Communications, +91 9840124036, nikhila.kesavan@brandmap.in
Divya Singh, Brandmap Communications, +91 9789882403, divya.singh@brandmap.in

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, CONSTRUCTION, REAL ESTATE, RETAIL

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