BWI: Property Prices Continued to Decline and Rentals Stabilized during Oct- Dec ’08: 99acres Insite

Press release from Business Wire India
Source: 99acres.com
Tuesday, March 31, 2009 09:14 PM IST (03:44 PM GMT)
Editors: General: Consumer interest, Entertainment; Business: Advertising, PR & marketing, Business services, Construction, Information technology, Real estate; Technology
Release no: 19588
--------------------------------------------------
Property Prices Continued to Decline and Rentals Stabilized during Oct- Dec '08: 99acres Insite


New Delhi, Delhi, India, Tuesday, March 31, 2009 -- (Business Wire India) -- Highlights of the Report:

-- Oct- Dec '09 was the worst quarter in the past year for real estate. Residential Property Prices saw a marked decline as compared to July - Sep'08
-- Property slump in Hyderabad continued, Bangalore saw stability
-- Rentals stabilized across most cities in India

According to '99acres Insite' - a quarterly report on property price trends released by 99acres.com, India's No.1 Property Portal, Oct - Dec 2008 has been the worst quarter during 2008. Property prices faced pressure and continued to spiral down in Oct- Dec' 08. Some of the most affected cities included Delhi - NCR, Mumbai, Hyderabad and Chennai, and the worst hit localities included Miyapur in Hyderabad and Rajarhat in Kolkata.

"I expect the trend to continue for a few more quarters until prices bottom out and the market stabilizes on the interest rate front, which will make the market lucrative for the consumers to re-enter," said Vineet Singh, Business Head, 99acres.com

The report compiles the asking rates (price demanded by the seller/builder/broker) of residential apartments (2-3BHK apartments) for buy/rent. It presents a trend of property prices and rentals across top cities: Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Pune.

Delhi - NCR

Buy: Property prices in Delhi declined during Oct-Dec '08 as compared to the previous quarter (July-Sep '08). Dwarka witnessed a steep decline by 15%. Noida experienced a sharp drop of upto 20% while Gurgaon witnessed a further decline in property prices by 7-8%.

Rent: Rentals in Delhi witnessed varying trends during Oct- Dec '08 as compared to the previous quarter, with some localities like Rohini, Vasundra Enclave, Lajpat Nagar witnessing an increase in rentals by about 20% while others such as Connaught Place, Vasant Kunj, Malviya Nagar and Janakpuri saw a steep decline of about 15%. Noida saw a decline by about 15% in rentals, while Gurgaon was stable.

Mumbai

Buy: The Mumbai Realty market saw a decline in property prices during Oct-Dec '08 as compared to the previous quarter. Localities such as Bhayander (East), Vashi and Thane West saw a drop in property prices by 10%

The rental market in Mumbai shows a mixed trend. Rentals in Prabhadevi, Breach Candy saw an increase by over 50% while rentals in Dahisar, Seawoods and Kharghar saw a decline by over 20% as compared to the previous quarter.

Kolkata

Buy : Property prices continued to decline in Kolkata during Oct-Dec'08 as compared to the previous quarter (July- Sep '08). Prices at EM Bypass declined by 17% while Rajarhat saw a decline in prices by 25%.

Rent: Rentals stabilized during Oct- Dec '08 as compared to the previous quarter. However, some localities like Alipore and Jadhav Pur continued on an upward trend, witnessing an increase of over 20%.

Chennai

Buy: In Chennai, Oct-Dec '08 saw a steep decline in property prices in some localities as compared to the previous quarter. Perungudi and Valalsaravakkam saw a decline in prices by 15-20%.

Rent: Rentals declined during Oct-Dec '08 as compared to the previous quarter. Localities ilke Kilpauk, T. Nagar and Medavakkam registered a steep drop of over 20%.

Bangalore

Buy: Bangalore was one of the first cities to get affected by the slowdown, where property prices declined steeply round the year. However Oct - Dec '08 saw a stability in property prices as compared to the previous quarter.

Rent: Rentals in Bangalore slipped in Oct - Dec '08 with areas like Thipassandra, Maleshpalaya and Kaggadasapura witnessing a decline in rates of over 25%.

Hyderabad

Buy: Severely affected by the slowdown, property prices in Hyderabad have declined steeply in Oct-Dec '08 as compared to the previous quarter. Property prices in Madhapur declined by 11% while Miyapur saw a decline by 25%.

Rent: Most of the localities in Hyderabad have seen a landslide in rentals in the period of Oct - Dec 2008 as compared to the previous quarter. Miyapur and Nizampet have seen a correction in rental prices by more than 20%, and some of the other popular places like Somajiguda and Madhapur saw a decline by over 30%.

Methodology

With over 3 lakh live listings, 99acres 'Insite' is an 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 and rentals of 2-3 BHK 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 sizes have 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.

About 99acres.com

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 at any time. 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


CONTACT DETAILS
Anjali Berry, Sampark Public Relations Pvt. Ltd., +919891526436, anjali@sampark.com
Harsh Sinha, Sampark Public Relations Pvt. Ltd., +919971855115, harsh@sampark.com
Aakriti Bhargava, Manager - Public Relations, Info Edge (India) Ltd, +919871220114, +91 (120) 3082089

KEYWORDS
CONSUMER, ENTERTAINMENT, MARKETING, BUSINESS SERVICES, CONSTRUCTION, IT, REAL ESTATE, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com