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Apr-Jun 2012 FOREWORD PropIndex is now in its second year! We are delighted to bring to you the fifth edition of PropIndex. Our previous anniversary issue was very well received and we thank you for the generous comments and feedback for this issue. It has been our endeavour to add more information and better depth to every edition and we hope that such improvements help to make PropIndex more relevant and enabled to capture market trends. In this issue, we have added – (a) “Realty News”, which are stories potential for impact on markets in the future (b) trend of “rankings of top localities” based on changing user demand and (c) improved Demand Analytics with City aggregates. You will continue to find our regular indices here – the National/City Property Index (NPI/CPI), Listed Price Monitor, Rent Monitor, Yield Monitor, Buyer Analytics and Capital Values. As always, we hope this issue of PropIndex helps you to understand the market better and take an informed and intelligent real estate decision. We value the time spent by various banks/financial institutions, consultants, developers and policy makers to review the findings in the PropIndex. We welcome valuable suggestions from our readers to enrich the quality of our report. Do write in! Sudhir Pai Business Head, MagicBricks.com [email protected] METHODOLOGY MagicBricks such a way that individual cities (these have been PropIndex properties are aggregated chosen based on their into respective cities and activity levels) and has an MagicBricks.com then to the National Index. individual city report for PropIndex is a tool which Weightages for PropIndex each of these cities. While empowers property are based on the supply of the NPI and its movements seekers and investors with properties within the are of interest to the detailed information on locality/city. Based on this expert community of the movement of structure, PropIndex gives bankers, builders and residential apartment a realistic picture of investors, the PropIndex prices and supply of trends in price/supply has also taken care to properties in India. No across different property explain the nuances of credible property index markets in each city. We index movements at the can be a function of direct have used different locality level that would values as the changes are weightages for Listed Price help the huge base of governed by multiple Monitor/Rent Monitor. MagicBricks.com factors. Therefore, read as a whole, consumers. PropIndex along with MagicBricks.com Insights into consumer tables provided for Listed PropIndex has taken this demand have been Price Monitor, Rent reality into account and gathered through analysis Monitor, Yield Monitor and produced an index based of search information on Capital Values, gives an on listing of apartments the site. This helps excellent perspective of and their capital and understand the best the property market rental values on the localities by demand, the performance in the website. type and configuration of quarter. MagicBricks.com has over units as well as the budget- 400,000 active properties While listing and its wise preferences. values/supply provide a posted by more than The PropIndex is the result level of understanding 1,00,000 active users in 300 of meticulous research at into the market, there are cities and 3,500 localities. the locality level and meticulous data checks to Our users include owners, through detailed prevent aberrations agents and developers. discussions with experts at creeping into the Index. MagicBricks.com’s offline These are based on Methodology and online initiatives. statistical calculations, Apartment values are industry inputs and logical The Indian real estate based on listings on interpretations. market is dynamic and the MagicBricks.com PropIndex reflects those The National Property PropIndex. These include changes. Since it is derived Index (NPI) is indicative of multistorey apartments from a dynamic database, the extent of activity as and single units on plotted additions and deletions of well as price movements developments, referred to localities happen as a across cities and localities as builder floors on function of market in the major cities active MagicBricks.com. dynamics. on MagicBricks.com. The The Index is structured in index includes the top 11 GLOSSARY & DEFINITIONS There is a wealth of information within these pages. For better readability, we have presented some data as tables and others as graphs. Between them, you will find how property markets have performed in the Apr-Jun 2012 quarter from many different perspectives – from that of capital appreciation, from a rental/yield realisation perspective and from the stand of supply of properties. Also understand what consumers want in the Demand Analysis section. We recommend that you evaluate the city report in its entirety and that will provide a rounded perspective of the performance of the property market within each city. Here are details of what you will find in each of the city reports enclosed within - 1. City Property Index – This is a composite index which is a function of supply of properties as well as the average capital appreciation/drop in various localities of the city in the quarter. The city index is the weighted average of the average rate per square foot in that locality and the supply of properties from that locality. Premium localities (with higher average rate per square foot) as well as localities with higher supply of properties will have a bigger impact on the Index. For example, if the supply of properties from a premium locality drops, that locality will end up having a lower weightage in the index which in turn will push the Index downwards (and vice-versa). On the other hand, supply of properties remaining unchanged, the index will be influenced by capital appreciation within the locality. 2. Listed Price Monitor – From this issue, we have changed the name of “Price Monitor’’ to “Listed Price Monitor’’ to reflect the metric more clearly – this metric reflects the movement of “listed prices”on MagicBricks.com over a period of time. This metric shows the capital appreciation/drop within a locality & is calculated on the basis of movement in the “average rate per square foot” within that locality. By and large, the movement in the “average rate per square foot” reflects capital appreciation/ drops. However, in a few select cases, we have observed that the average rate per square foot moves due to a change in the mix of apartments within that locality (e.g. if the ratio of premium apartments, which command a higher per square foot rate, changes over the quarter). In these few circumstances, the Listed Price Monitor will, in turn, reflect this input. Such changes have been explained in the text of the City Reports. 3. Rent Monitor – This reflects the rental appreciation/drop within a locality. It is calculated on the basis of movement in the “average rent per square foot” within that locality. By and large, the movement in the “average rent per square foot” reflects rental appreciation/drops. However, in a few selected cases, we have observed that the average rent per square foot moves due to a change in the mix of apartments within that locality (e.g. if the ratio of premium apartments, which command a higher per square foot rent, changes over the quarter). In these few circumstances, the Rent Monitor will, in turn, reflect this input. Such changes have been explained in the text of the City Reports. 4. Yield Meter – Yield is the annual rate of return earned on property. The Yield Meter depicts the gross yield percentages across various localities. Gross yield is a ratio of average annual rental value to the average capital value of the property. 5. Capital Value Tables (given in Annexures) – This shows the actual range of prices within which properties were available in each locality in the quarter. Prices are shown in rupees per square foot basis; these are the prevailing rates for properties in each locality. 6. Demand Analysis – This analysis of consumer demand is based on searches and requirements that users have performed on MagicBricks.com. The top localities by demand gives an insight into consumer peferences. The demand data has been used to arrive at various aspects of consumer requirements including Budget-wise analysis, Property type analysis and BHK configuration analysis. 7. Realty News – Property market performance is also dependent on drivers outside the purview of buying and selling. There are broadly four key drivers that determine the prospects of real estate – infrastructure such as water and power, transport links creating new growth corridors, policy such as rental laws, property tax, etc and return on investment. From this issue onwards, PropIndex focuses on news bytes that impact future prospects of real estate in the city. VOL 2, ISSUE 1; APR-JUN, FY 2012-13 NATIONAL PROPERTY INDEX (NPI) APR-JUN 2012 n National Property Index rose by 4 per cent. n Affordable localities were found to be more in demand in comparison to premium areas across different cities. n Increasing demand for 1 BHK units registered across multiple cities. n Metro connectivity contributed to increase in property rates across cities. APR-JUN 2012 Pune and Bangalore remained the major contributors to the NPI. The National Property Index significantly to the index values of The MagicBricks.com PropIndex (NPI) went up by over 4 per cent in that city. the Apr-Jun 2012 quarter is based on dynamic data mined compared to Jan-Mar 2012 quarter. from the portal to show the levels This Index is reflective of trends of supply and the type of property across multistorey and single The NPI is a weighted average of listed in each locality. These are floor apartments (commonly supply and prices across 11 cities cleaned with complex algorithms known as builder floors).
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