Property prices up by 20% to 43% in one year: Survey

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Pune:  Ten locations in the city and adjoining areas have shown significant appreciation in property prices during the last one year, said a study by Makaan.com, an online real estate service promoted by People Interactive, the consumer Internet division of the Anupam Mittal-led People Group. The price appreciation in these localities ranged from 20% to 43% and is associated with the pace of infrastructural development, the survey found.

The study compared prices in the period from January to September 2010 with the corresponding period last year. The study, carried out at 236 localities, found that property prices in Ambegaon area escalated from Rs2,264 per square foot (psf) (January to September 2009) to Rs3,312 psf (January to September 2010), showing a whopping 46.5% increase.

The Cantonment area came next with an increase of 43% as real estate prices went up from Rs5,395 to Rs7,724 during the same period. Other localities where there has been escalation in real estate prices include Baner, Aundh, Shastrinagar, Karvenagar, Kharadi, Pimple Saudagar, Magarpatta and Koregaon Park.

According to a statement by Makaan.com, the research was commissioned with the objective to capture market sentiments and to ascertain the pockets that are driving growth in the Indian real estate sector. The portal conducted research on 2,863 Indian localities. These localities were picked from the top six real estate markets of Delhi, Mumbai, Bangalore, Chennai, Pune and Hyderabad.

Makaan.com Chief Operating Officer (COO) Aditya Verma said the research was an enlightening experience. "Although we were unable to figure out the common theme behind all the localities that featured in the top 10, we can safely conclude that property price appreciation has its roots in two extremely fundamental factors.

"Firstly, the pace of infrastructural development and secondly, the demand and supply mismatch in that area. This also makes us believe that the fortune of the Indian real estate sector is closely tied with the government infrastructural initiatives," Verma said.

He predicted that property prices are likely to remain stable during the next three to six months and will be extremely beneficial to the buyers.

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