Makaan.com, one of the Top 10 Indian Property Portals, released the Property Index for the month of June 2012. The company also announced an expanded coverage of its popular Index to four new cities (Thane, Navi Mumbai, Gurgaon & Noida).
These cities were added on the basis of their strong underlining real estate market. The index is now available for 12 cities in India accounting for over 82% of real estate activity in the country.
According to Makaan.com, they were the 1st to publish a Property Index on the Indian market, in Feb 2010. The coverage of the Index has increased from six to eight cities last year, and now to 12 cities.
The Makaan.com Property Index (MPI) has become a useful reference for home buyers and real estate industry player in making informed decision.
MPI is released as a part of the website knowledge initiative MakaanIQ. This index is based on minimum database size of 20,000 data points every month and the analysis has been drawn over a period starting Jan ‘09. The complex algorithm takes into account the property prices as base and then factors in the demand and supply of residential properties for each of the cities covered by it. Care has been taken to give weight age to cities in line with the size of underlying property market.
The latest MPI for the month of June 2012, points out that the Indian Real Estate Sector, a strong seller’s market has started showing some signs of turning in favor of buyers. As per the report there is an initial softening in property rates in major real estate market in India.
The Makaan.com Property Index is available free of charge to property seekers in India.