FOREWORD

Happy Diwali and best wishes for the upcoming New Year to all our readers!

We are pleased to release the 6th edition of PropIndex in this festival season. Property Markets seem to be making a slow but steady comeback with reducing supply-demand mismatches and a consistent increase in prices supporting the market growth. PropIndex data suggests that many markets have witnessed a 2-8% appreciation in prices during the current quarter. Supply of luxury properties is on the rise, reflecting growing confidence in the builder community; demand for the same also seems to be picking up, although at a slower pace than supply creation. The Land Acquisition Bill, having been cleared by the group of ministers (pending parliament approval), and the anticipated interest rate cuts also auger well for the markets in the coming months.

As always, we continue to make improvements to PropIndex. The current issue features new tables that we have added to “Buyer Demand Analysis” within each city. Additionally, we have shown quarter-wise trends of how the demand is shifting between the top 10 localities in each city. Both of these should help explain demand patterns and help you to decipher market trends much better. With PropIndex into its 6th quarterly edition, we now have a bank of very useful trends and content about market performance at a city/locality level and we shall keep making these available to you in later editions of PropIndex. You may also visit MagicBricks.com and explore all our content/research sections which carry ample information about property markets, news and trends.

Do share with us on whether PropIndex has helped you in understanding property markets better and in making a more intelligent real estate decision. Our team puts its effort in improving each new edition to meet this stated objective of PropIndex. Your inputs towards this would direct our efforts much better. Do write in!

Sudhir Pai Business Head, MagicBricks.com [email protected] METHODOLOGY

MagicBricks in such a way that index includes the top 11 PropIndex individual properties are cities (these have been aggregated into respective chosen based on their MagicBricks.com cities and then to the activity levels) and has an PropIndex is a tool which National Index. individual city report for empowers property Weightages for PropIndex each of these cities. While seekers and investors with are based on the supply of the NPI and its movements detailed information on properties within the are of interest to the the movement of locality/city. Based on this expert community of residential apartment structure, PropIndex gives bankers, builders and prices and supply of a realistic picture of investors, the PropIndex properties in . No trends in price/supply has also taken care to credible property index across different property explain the nuances of can be a function of direct markets in each city. We index movements at the values as the changes are have used different locality level that would governed by multiple weightages for Listed Price help the huge base of factors. Monitor/Rent Monitor. MagicBricks.com MagicBricks.com Therefore, read as a whole, consumers. PropIndex along with PropIndex has taken this Insights into consumer tables provided for Listed reality into account and demand have been Price Monitor, Rent produced an index based gathered through analysis Monitor, Yield Monitor and on listing of apartments of search information on Capital Values, gives an and their capital and the site. This helps excellent perspective of rental values on the understand the best the property market website. localities by demand, the performance in the MagicBricks.com has over type and configuration of quarter. 400,000 active properties units as well as the budget- posted by more than While listing and its wise preferences. values/supply provide a 1,00,000 active users in 300 The PropIndex is the result level of understanding cities and 3,500 localities. of meticulous research at into the market, there are Our users include owners, the locality level and meticulous data checks to agents and developers. through detailed prevent aberrations discussions with experts at creeping into the Index. Methodology MagicBricks.com’s offline These are based on and online initiatives. Apartment values are statistical calculations, based on listings on industry inputs and logical The Indian real estate MagicBricks.com interpretations. market is dynamic and the PropIndex. These include PropIndex reflects those The National Property multistorey apartments changes. Since it is derived Index (NPI) is indicative of and single units on plotted from a dynamic database, the extent of activity as developments, referred to additions and deletions of well as price movements as builder floors on localities happen as a across cities and localities MagicBricks.com. function of market in the major cities active dynamics. -- The Index is structured on MagicBricks.com. The 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 Jul-Sept 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. This section also provides a comparison between demand and supply in the Jul-Sept, 2012 and Apr-Jun, 2012 quarters. 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 2; JUL-SEP, FY 2012-13

NATIONAL PROPERTY INDEX (NPI) JUL-SEP 2012

n National property index rose by 2 per cent. n Six out of 11 cities posted approximately 50 per cent demand for 2 BHK units n Affordable areas were more in demand in comparison to premium areas in cities such as Pune, Bangalore and Mumbai. n 8 cities witnessed maximum demand for properties between Rs 30 and Rs 60 lakh JUL-SEPT 2012 The MagicBricks.com PropIndex is based on dynamic data mined The National Property Index from the portal to show the levels (NPI) went up by 2 per cent in the of supply and the type of property significantly to the index values of Jul-Sept’ 2012 quarter compared to listed in each locality. Apr-Jun’ 2012 quarter. that city. This index is reflective of These are cleaned with complex trends across multi-storey and The NPI is a weighted average of algorithms to remove outliers and single floor apartments supply and prices across 11 cities arrive at the index values at (commonly known as builder in India. locality, city and national levels. floors) around 11 cities. Of the 11 cities in the apartment The Index is impacted by the IN THIS REPORT: index, nine have seen a rise while number and the average price of two recorded stable values. Delhi, properties in each locality and the National Property Index...... 1 Gurgaon, Noida-Ghaziabad, Pune, locality’s weightage in the city. Delhi...... 4 Ahmedabad, , Hyderabad This is based on its contribution and Bangalore saw a rise in the to the city’s property databank. Gurgaon...... 10 city index while Mumbai and Chennai registered stable values. The listings on the website are by Noida & Ghaziabad...... 16 end users and market participants Bangalore topped the city index and the index is based on a mix of Mumbai...... 24 chart by registering a 7 per cent newly developing and established Pune...... 30 increase followed by Hyderabad, localities. New and old Gurgaon and Pune with 5 and 4 constructions are also a part of Ahmedabad...... 36 per cent rise, respectively. listings. Kolkata...... ,...... 40 Ahmedabad, Delhi, Kolkata, Noida and Ghaziabad saw a rise of The composite index value of a Chennai...... 46 city draws from the changing 1-3 per cent in the city index Hyderabad...... 52 values.The NPI is a weighted index values of different average of city indices. Mumbai, localities. Bangalore...... 58 Gurgaon and Pune were the major Localities that were more active Annexures...... 66 contributors to the NPI. compared to others can contribute 2 VOL2, ISSUE 2; JUL-SEP, FY 2012-13

NATIONAL PROPERTY INDEX rate, quoted values maintained steady pace, showing no great tilt the index up. either ways. The outskirts There are certain common recorded a rise in capital value threads across cities: The Bangalore index rose 7 per primarily due to the presence of cent in the Jul-Sept quarter as IT companies. Places such as l Areas that witnessed better compared to the NPI that rose by Sarjapur Road, Electronic City, road infrastructure, Metro rail only 2 per cent. The listed price Brookfields, Marathahalli and connectivity and better monitor recorded negligible Bellandur have recorded a facilities saw a rise in values. increase, reflecting a stable significant growth; however, market. This was primarily due to l Affordable localities saw localities such as Whitefield, the buyers adopting a cautious increased buyer demand as Sahakar Nagar and Hormavu attitude. The Bangalore realty compared to premium localities have reported low capital value market managed to maintain its in cities such as Pune, change. Bangalore, and Mumbai. l Increased values were registered across IT-driven localities in cities such as Bangalore, Pune, Kolkata and Chennai for both outright purchase and lease. l Similar to the previous quarter a growing preference for smaller sized residential units (1 and 2BHK) was recorded in almost all the cities. l Multi-storey apartments remained the most sought-after property type across all the cities. Demand for larger unit- size properties was mainly witnessed in premium localities. Supply of these units outstripped the demand. During Jul-Sept quarter, Ahmedabad property index witnessed an increase of 3 per cent. Despite the slow transaction VOL2, ISSUE 2; JUL-SEP, FY 2012-13 3

The Chennai property index of the city too witnessed an remained unchanged during the increase of 6 per cent in the said TOP YIELD GROSSERS period Jul-Sept quarter as quarter, recording a slightly lower Rental yield is a factor of the changes in compared to the Apr-Jun quarter. percentage as compared to the rental values locality-wise vis-à-vis the The NPI during the same period previous quarter. Several projects changes in capital values. Given below rose by 2 per cent. The Chennai have resumed construction and are the top yield-grossing localities in listed price monitor rose by 8 per reaching completion pushing the each city cent as compared to the Apr-Jun capital values up in localities such Locality Gross yield quarter. Pallikaranai topped the as Miyapur and Sainikpuri. list registering a growth of 11 per Kolkata, EM Bypass 5.80% The Kolkata property index rose cent, followed by Nungambakkam Bangalore, JP Nagar 5.70% and Thiruvanmiyur. This may be by just a per cent during the attributed primarily to its location Jul-Sept quarter as compared to Chennai, OMR 4.95% the Apr-Jun quarter. In line with and launch of new projects. Hyderabad, Kondapur 4.65% small rise in the average capital The Delhi index rose 3 per cent in values across, the listed price Ahmedabad, SG Higway 4.55% the Jul-Sept quarter as compared monitor rose by 1 per cent Gurgaon , Sector-31 3.44% to the Apr-Jun quarter. The listed indicating that the city real estate price monitor saw a rise of 4 per market hasn’t seen much Pune, Viman Nagar 3.33% cent within the quarter reflecting appreciation. The appreciation of Mumbai, Goregaon East 3.11% a steady price appreciation over values across multi-storey Ghaziabad, Indirapuram 2.98% the past six months. Rates have apartments across all localities continuously moved up. Some of remained subdued. During the Noida, Sector-62 2.87% the prime areas include Dwarka quarter , Kalikapur, Delhi, Vasundhara Enclave 2.31% sector 9, Hauz Khas, Sarita Vihar, and New Town Action Area East of Kailash, Greater Kailash I II witnessed maximum rise. and Uttam Nagar. The Noida index saw a slight The Ghaziabad index rose only upward trend as many projects marginally by a per cent that were held up due to the land CAPITAL GAINS indicating that sentiments across row have now resumed the real estate market remained construction. Similar to the rise The table given below indicates subdued. The average listed price recorded in the NPI, the city index maximum increase in capital values monitor rose by 1 per cent and also increased by 2 per cent during in each city stood at 6 per cent from the earlier the Jul-Sept quarter as compared Locality % Change 5 per cent during the Apr-Jun to the Apr-Jun quarter. quarter. Areas such as Crossings Gurgaon , Sector-85 14% The Pune city index rose by 4 per Republik, Raj Nagar Extension Ghaziabad, Crossings Republik 11% Vasundhara have seen the cent while the listed price monitor maximum jump. Renewed interest increased by 3 per cent. Properties Mumbai, Palm Beach 11% was observed in Crossings at affordable price witnessed Bangalore, Sarjapur Road 11% Republik after the issue of Noida regular demand in localities in and around IT hubs. This resulted Extension brewed for over a year. Delhi, Rohini, Sector-24 11% in consistent upward movement in The Gurgaon city index saw a rise property values in areas such as Chennai, Pallikaranai 11% of about 4 per cent during the Kharadi, Viman Nagar and Jul-Sept quarter. The listed price Kalyani Nagar, Hinjewadi, Wakad, Pune, Baner Road 11% monitor in Gurgaon saw a Baner Road, Aundh and Pashan. Hyderabad, Miyapur 10% consistent growth of 5 per cent The Mumbai index remained over the last six months period, Ahmedabad, Gurukul 8% reflecting an overall stability in stable over the last three months. the real estate market. However, Even though almost all localities Kolkata, Narendrapur 8% had witnessed a rise in capital prices continued to appreciate Noida, Sector-78 6% across localities. Some prime ones values, the listed price monitor include Sohna Road, areas along registered a decrease of 4 per cent the Dwarka Expressway and during the Jul-Sept quarter. sectors 81, 82 and 83.. Though the city remains high priced. Drop in values in localities The Hyderbad city index rose such as Parel, Vasai and Colaba 5 per cent during the Jul-Sept were responsible in bringing the quarter. The listed price monitor average listed price monitor down. KOLKATA 40 VOL2, ISSUE 2; JUL-SEP, FY 2012-13

PROPINDEX - KOLKATA QUICK STATS

n Yield Meter: Yield ranges from 2.77% to 5.80% n Capital Values rose in 75% localities n Rental Value rose in l40% ocalities n City Index rose from 127 to 128 n Price Monitor rose from 149 to 150

LISTED PRICE MONITOR Though the price monitor has seen some rise, appreciation of values for multi-storey apartments across all localities CITY PROPERTY INDEX during the quarter as compared to remained subdued. the Apr-Jun quarter when the The Kolkata property index rose range was 2.72-5.30. During the Jul-Sept period by just 1 per cent during the Narendrapur, Kalikapur, Behala Jul-Sept quarter as compared to EM Bypass and areas and New Town Action Area II the Apr-Jun quarter. During the continued to register the highest witnessed the maximum three months period the NPI saw a rental returns in spite of appreciation. It ranged between hike of 2 per cent. increased average capital values. 7-8 per cent in these regions. Rajarhat New Town seems to be In line with small rise in the on top of the list for investors. Localities such as , average capital values across, the New , , Santoshpur listed price monitor rose by 1 per Southern avenue has continued to and Rajarthat saw small change in cent indicating that the city real witness the lowest rental returns average capital values. estate market has not seen much over the last six months. The area The range in these localities was appreciation. has not seen any significant improvement as there was a 2-4 per cent. Average capital “Several infra-projects across the correction in capital values values dipped in areas such as EM city have pushed the real estate during the Jul-Sept quarter. Bypass, New Town, and market. Metro, flyovers, beautification of roads, EM Bypass etc have impacted real LISTED PRICE MONITOR estate values in a positive way,” said Sambit Basu, director, Centuary 21, a real estate brokerage firm. In addition, the MagicBricks.com yield meter ranged between 2.7 and 5.80

1% Price Monitor indicates 1% increase in the average sale price VOL2, ISSUE 2; JUL-SEP, FY 2012-13 41 KOLKATA

RENT MONITOR APR-JUN 2012 Rent Price Percentage Change n The Kolkata property index rose by 1 per cent during the Jul-Sept 2012 n Properties upto Rs 30 lakh highest in demand in the north and west zone n Rajarhat and New Town witnessed maximum consumer interest during the quarter

in the city has been in the budget range of Rs 25-40 lakh. 2BHKs have been the most preferred configuration in Kolkata. In the last six months more queries have been received for 3BHK units but

Southern Avenue. The drop was in will connect New Town Action the range of 1 to 3 per cent. Area II to the airport as well. In Sushil Mohta Managing Director Garia, the metro is already Despite fluctuations in the capital Merlin Group of functional. Because of this Companies market values, according to residential demand has gone up in realtors, Garia, Narendrapur, E M the locality, according to the Real estate market here is Bypass, Kalikapur remain active MagicBricks.com data. “Both areas in the south in terms of more or less a static capital and rental values have market and one can transactions. While Behala, registered an upward trend in the Pailon, Tollygung are active last 6 months,” said Jaydeb consider it for centres in west Kolkata Rajarhat Halder, owner of JTM property investment. The prices and New Town are sought after Group, a city based real estate are still at very realistic locations in the east. transactions firm. levels. The future The prospect of Metro is also Though there is an increased prospects of Kolkata real pushing capital values in New supply of 3BHK apartments, estate market is good Town Action Area II. The Metro 2BHK property type has network will be operational by due to limited supply of witnessed a maximum jump in land. 2016 and will connect some new demand. “The maximum demand locations in the city. The Metro YIELD METER n EM Bypass continued to top the gross yield chart with highest rental return quarter-on-quarter for more than a year.

n Southern Avenue continued to registered lowest gross yield over last six months, with small improvement in gross yield by .04 per cent in comparison to Apr-Jun 2012. KOLKATA 42 VOL2, ISSUE 2; JUL-SEP, FY 2012-13

in the Rs 25-40 lakh budget itself,” past, high demand for rental added Basu. accommodation in the area has pushed up prices and rental Buyers are also actively looking at values. new launches where they can strike a deal at the soft launch Showing a similar trend, SK Rungta Narendrapur is another area that Chairman stage. “In the last six months both Rungta Group buyers and investors have been has shown a drop of 5 per cent. showing an increased interest in Demand from the IT professionals Scarcity of land and lack soft launches due to the low kept the rental market buoyant of any policy around land pricing,” added Halder. and alive. Affordable rents in and acquisition has made RENT MONITOR attracted more demand from pushed rates to consumers. Both localities saw a exponentially high levels. The rental market remained 4 per cent change in rental values. stable across localities such as While there is strong , Rajarhat and New Due to the increased Metro demand for housing Town Action Area I and II. connectivity across the city, the supply is constricted Behala, on the other hand, saw real estate market has remained largely positive in the Jul-Sept even in suburbs. This maximum jump of 10 per cent in would further take the rental values during the quarter. In certain localities Jul-Sept period as compared to the Metro construction is still in housing prices up. Apr-Jun quarter. Other areas that progress but it has helped realtors to up property prices. witnessed a hike in rental values Top ten localities - Kolkata were EM Bypass, Prince Anwar The Metro is expanding its Shah Road, VIP Road and operations connecting the main Jadavpur. The localities saw a city with suburbs and the airport Locality Rank change in the range of unveiling new corridors of Q2 Q1 4-6 per cent. growth and real estate activities. Rajarhat 1 1 On the contrary, Garia witnessed This will have a positive impact New Town 2 2 on the realty market and the the maximum drop in rental Salt Lake 3 3 property values would see an values during the three months Garia 4 4 period. The rents dropped by 9 per exponential rise. There are four Behala 5 5 cent during the quarter. Despite proposed links under metro its good location, good railway, the 16.75-km Joka-BBD New Town Action Area 1 6 8 connectivity and already existing Bag stretch, to Dum Dum 7 6 Airport, Dum Dum to and infrastructure Garia has Tollygunge 8 7 Dum Dum to via witnessed a drop. Realtors in the Kestopur 9 10 locality attribute this to the temple town . The Jadavpur 10 9 already high rental values. In the construction is commissioned and is at initial stages. Note: Q2 Jul-Sep 2012, Q1 Apr-Jun 2012 R E A L T Y N E W S

Expanding Metro is likely to impact the property prices in the city. While the Metro network is connecting the main city with suburbs and the airport new improved road connectivity is also adding value to the overall values. Though subdued for now the market has growth potential and promises better returns in future Metro route to boost residential prices Rajarhat tops in realty boom Kolkata’s market is witnessing a rapid expansion along the new Rajarhat New Town seems to be on top of the list for investors. In metro route. Kolkata metro is expanding its operations the highest ever land auction in the area so far, a 2.5-acre plot for a connecting the main city with suburbs and the airport unveiling retail-cum-office complex has fetched Rs 51.13 crore for the new corridors of growth and real estate activities. The under- Housing Infrastructure and Development Corporation (Hidco). construction East-West Metro by Kolkata Metro Rail Corporation The plot at Action Area-II of New Town is located beside the Ltd (KMRCL) will enhance the connectivity to city’s IT corridor major arterial road and is meant for a retail cum office complex. ‘SaltLake’ by manifolds. This will have a very positive impact on “This is the highest ever price a plot of land in Rajarhat has the realty market. There are four proposed links under metro fetched in terms of per acre price,” said Hidco chairman cum railway, the 16.75-km Joka-BBD Bag stretch, New Garia to managing director Debashis Sen. Authorities sold seven small Airport, Dum Dum to Barasat and Dum Dum to Barrackpore via plots for a whopping Rs 58.5 crore through conventional bidding. temple town Dakshineswar. The work is at initial stages. n Property, The Times of India, Kolkata n The Times of India To read full story and more news go to www.content.magicbricks.com VOL2, ISSUE 2; JUL-SEP, FY 2012-13 43 KOLKATA

BUYER DEMAND ANALYSIS

Budget Wise Analysis properties worth below Rs 30 lakh. 1 crore bracket. Supply exceeded The supply however, in this demand by 5 per cent for property Almost 80 per cent of property category was adequately met at priced above Rs 2 crore. buyers in Kolkata showed interest the city level. However, a dearth of to purchase properties upto Rs 60 15 per cent was noted for the More than 90 per cent demand lakh. While the demand for supply of property in the Rs 30-60 was observed for property worth properties in the Rs 30-60 lakh lakh budget range. Moderate up to Rs 60 lakh in north and west bracket saw small rise of 5 per demand and supply ratio was Kolkata. With more than 70 per cent in the Jul-Sept quarter it recorded in the Rs 60 lakh to cent demand, southern and dropped by 8 per cent for eastern areas of the city also displayed huge buyer interest in Budget wise Analysis - City Level this category. Healthy supply was observed for these units across DEMAND SUPPLY the city. However, a peculiar trend (Apr-Jun’12) 100 100 (Jul-Sep’12) was noted in the western zone: (Apr-Jun’12)

) ) The supply of property worth 80 (Jul-Sep’12) 80 % % ( (

e e below Rs 30 lakh saw an upward g g a a t t

n 60 52 n 60 movement as compared to the e 47 e c c r r

e e 37 previous quarter. It rose 19 per

p 36 p 36 40 40 n n 32 i 28 i 31 cent during the Jul-Sept quarter s s e e r r 17 16 u 20 u 20 outstripping the demand by 28 per g 13 g i 11 i 9 8 7 7 F 4 5 F 2 2 cent. For units in the budget 0 0 <30 30-60 60-100 100-200 200 & <30 30-60 60-100 100-200 200 & range of Rs 30-60 lakh, the supply above above fell by 16 per cent as compared to Figures in Rs lakh Figures in Rs lakh the last three months period. In comparison to the existing w Ne Budget wise Analysis - DEMAND Q1 (Apr-Jun’12) demand the supply drastically fell Q2 (Jul-Sep’12) short by 23 per cent. 120 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Moderate demand was recorded 100 6 5 5 36 5 6 for units in the range of Rs 60 12 45 35 18 ) 10 39 20

% lakh to Rs 1 crore in the south and ( 46 54

e 80 g

a 55 eastern parts of the city. The t

n 55 e

c 61 demand however, remained low in

r 60

e 58 p 54 other zones. On the contrary n 49 i

s 40 e

r supply remained marginally high

u 37 g i

F than demand in most zones 20 25 21 17 displaying small or negligible 0 deviation from the previous South Kolkata North Kolkata West Kolkata East Kolkata quarter. Buyers had limited upto Rs 30 lakh Rs 30-60 lakh Rs 60 lakh-1 crore Rs 1-2 crore Rs 2 crore and above interest in buying properties priced above Rs 1 crore. The w demand remained low across the Ne Budget wise Analysis - SUPPLY Q1 (Apr-Jun’12) Q2 (Jul-Sep’12) city. Supply almost remained 120 stable in the Jul-Sept, 2012 quarter Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 as compared to the previous 100 12 11 55 7 7 quarter. It however, exceeded 29 13 10 9 ) 12 11 38 35 23 % 86 25 demand by 13 and 6 per cent, in (

e 80

g 16 16

a the south and east, respectively. t

n 67 e

c 39

r 60 32 38 40 e p 51 54 n i

Property Type Analysis s 40 e r u g i 28 Multi-storey apartments continue F 25 24 20 20 to remain the most preferred property type in the city. Nearly 0 South Kolkata North Kolkata West Kolkata East Kolkata 80 per cent demand for the same upto Rs 30 lakh Rs 30-60 lakh Rs 60 lakh-1 crore Rs 1-2 crore Rs 2 crore and above was recorded. Even though the KOLKATA 44 VOL2, ISSUE 2; JUL-SEP, FY 2012-13

increasing demand is being cent was recorded for these units margin of 10-15 per cent in the adequately met with healthy supply exceeded demand by the central and western zones. Buyer supply at the city level, the supply same margin for single floor demand remained almost stable in dropped 11 per cent during the units. rest of the zones. quarter. The demand for all the other property types remained Huge demand for multi-storey High supply was recorded for almost stable. apartments was witnessed in all these units across zones, except the zones. As compared to the western areas, where it was Residential houses were the previous quarter the demand for significantly lower as compared to second most preferred property these units has dropped in the the other zones. Despite launches type. While a shortage of 7 per Jul-Sep quarter by a significant supply was observed to be lowered by different margins in all the Property wise Analysis - City Level zones except the west. North and south Kolkata displayed a DEMAND SUPPLY significant fall of 17 and 13 per 100 100 (Apr-Jun’12) 86 (Apr-Jun’12) cent in the supply, respectively. (Jul-Sep’12) (Jul-Sep’12) ) ) 78 77 75 % % 80 80 ( ( Within zones too, residential e e g g a a t t houses remained the second most n n e e 60 60 c c r r preferred property type. The e e p p

n n i i exceptions to this trend were

s s 40 40 e e r r western localities of the city, u u g g i i F F 20 20 where the buyer interest was 13 12 10 10 4 3 6 7 4 6 5 5 more towards residential plots. 0 0 Multistorey Single Residential Residential Multistorey Single Residential Residential Buyer demand for residential apartment floor house plot apartment floor house plot houses has remained almost w stable over the last six months Ne Property wise Analysis - DEMAND Q1 (Apr-Jun’12) across the city. While the supply Q2 (Jul-Sep’12) fell short by huge margins in all the zones it depicted varied trends 120 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 in different zones when compared 100 6 6 6 5 15 6 15 25 5 7 to the previous quarter. 15 14 16 16 21 9 8 )

% 19 ( 85 For instance a marginal rise of e 80 5 4 84 84 g 17 a 75 76 t 73 73 3 per cent was recorded in south

n 70

e 63 c

r 60 and north Kolkata. It remained e p 53 n

i unchanged in the central and

s 40 e r western localities and it dropped u g i F 20 by 6 per cent in the eastern parts of the city. 0 South Kolkata North Kolkata Central Kolkata West Kolkata East Kolkata The highest demand and supply

Multistorey apartment Single floor Residential house Residential plot for residential plots was seen in the west zone with the supply w exceeding demand by more than Ne Property wise Analysis - SUPPLY Q1 (Apr-Jun’12) 25 per cent. Demand remained low Q2 (Jul-Sep’12) in all other zones. As compared to the previous quarter supply has 120 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 risen marginally across all zones 100 5 8 4 6 60 53 13 except western parts of the city. 98 4 98 10

) 6 6 10 93 The west zone saw a dip of % ( 86 12 e 80 81 83 7 per cent. g 77 a t

n 73 e c

r 60 Demand remained consistently e p

n 10

i low for single floor apartments

s 40 10 e r 37 even in the Jul-Sept quarter u g i 30 F 20 across the city. Supply overshot demand slightly in the south, 0 north and east. It fell short in the South Kolkata North Kolkata Central Kolkata West Kolkata East Kolkata central and western localities by Multistorey apartment Single floor Residential house Residential plot small margins. VOL2, ISSUE 2; JUL-SEP, FY 2012-13 45 KOLKATA

BHK Configuration Analysis demand and supply in the 1 and lower within this quarter as 4BHK categories. While the compared to the previous quarter. The city witnessed the maximum demand surpassed supply by As compared to the last three demand for 2BHK units in the 13 per cent for 1BHK units it months, buyer interest for 2BHK Jul-Sept quarter. The supply fell lagged supply by 12 per cent for units recorded a downward trend short by almost 20 per cent at the 4BHK units. in all zones except east Kolkata, city level. A healthy demand was where it remained stable. also noted for 3BHK apartments. Almost uniform demand for 2BHK For this category, there was an units was observed across all The maximum drop in demand excess supply of 21 per cent. A zones except the eastern areas. was observed in the western huge difference exists between Here the demand was slightly localities, where values dipped by 10 per cent. However, it still BHK Configuration - City Level remained the most favoured configuration among buyers. DEMAND SUPPLY 100 100 Even though the supply fell short (Apr-Jun’12) (Apr-Jun’12) (Jul-Sep’12) (Jul-Sep’12) by different margins in various ) ) % 80 % 80 ( ( zones, it has shown a slight rise e e g g a a t t from the previous quarter. The n n e 60 56 56 e 60 c c r r 50 48 maximum rise was registered in e e p p

n n 39 i i the western region where it rose

37 s 40 s 40 e e r 27 r 11 per cent. u 24 u g g i i F 18 F 15 14 20 20 9 The supply almost matched the 1 2 2 2 prevailing demand in the area. 0 0 I BHK 2BHK 3 BHK 4BHK & I BHK 2BHK 3 BHK 4BHK & Healthy demand was also seen for above above 3BHK units across various zones.

ew A steady rise of 7 per cent from N BHK Configuration - DEMAND Q1 (Apr-Jun’12) the last quarter was recorded in Q2 (Jul-Sep’12) the buyer demand for these units 120 in western Kolkata. Demand Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 remained steady in the last six 100 32 24 19 30 24 26 35 32 months in all other zones. ) % (

e 80

g 68 a 62 57 There was a mismatch between t 57 54 58 n 48 e 48 c the demand and supply scenario

r 60 e p with supply exceeding demand by n i

s 40 e 17-23 per cent in different areas r u g i

F except in western localities. Here, 20 17 17 15 15 the gap was not very pronounced. 11 13 14 14 0 South Kolkata North Kolkata West Kolkata East Kolkata However, supply dropped from the previous quarter in all the regions 1 BHK 2 BHK 3 BHK 4 BHK & above particularly in the west and the north Kolkata. The two areas ew witnessed a drop of 13 and 8 per N BHK Configuration - SUPPLY Q1 (Apr-Jun’12) Q2 (Jul-Sep’12) cent in the supply, respectively. 120 A slight increase in the number of Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 2BHK units clearly indicates that 100 7 12 47 6 13 9 12 13 developers are finally trying to 48 39 ) 47 43 30 57 55

% meet the buyer demand within (

e 80 g

a this category. The property type t n e

c has been the most sought after r 60 56 e p 51 over the past six months. n 50 i 43 45 s 40 40 e r

u 31 g i 29 Moderate demand for 1BHK units F 20 was recorded across the city. Supply of these units too fell short 0 5 South Kolkata North Kolkata West Kolkata East Kolkata by huge margins. Similar to the previous quarter, an oversupply of 1 BHK 2 BHK 3 BHK 4 BHK & above these units was seen across zones. ANNExURES KOLKATA 72 VOL2, ISSUE 2; JUL-SEP, FY 2012-13

CAPITAL VALUES – LOCALITY WISE KOLKATA Average Listed Residential Apartment Prices

Locality Capital Values Locality Capital Values (Rs/Sq feet) (Rs/Sq feet)

Airport 2400 to 2800 Kalikapur 3200 to 4100 4800 to 6800 2800 to 3450 Alipore 10450 to 14050 Kasba -East 4000 to 5100 Amtala 1400 to 1600 Kasba -North 4000 to 5100 3050 to 3850 Kestopur 2600 to 3100 2450 to 2950 4250 to 5350 9600 to 12900 Lake Town 4600 to 5950 Ballygunge Circular Area 11800 to 15900 Madhyam Gram 2250 to 2550 Bangur 3550 to 4700 Madurdaha 3350 to 3900 Banshdroni 2800 to 3600 Mukundpur 2900 to 3350 2750 to 3300 Nager Bazar 2600 to 3250 Barasat 1850 to 2350 2950 to 3750 Behala 2900 to 3750 Narendrapur 2800 to 3600 Beleghata 5350 to 7050 Nayabad 2600 to 3050 Belghoria 2150 to 2450 New Alipore 4900 to 6650 Bhawanipur 6800 to 8500 New Town 3750 to 4700 2350 to 2850 New Town Action Area 1 4150 to 5050 BT Road 3000 to 3700 New Town Action Area 2 3950 to 4900 Chinar Park Bus Stop 2750 to 3450 New Town Action Area 3 3800 to 4700 City Centre Newtown 4050 to 4850 Patuli 3300 to 3950 Deshapriya Park 8200 to 10100 3450 to 4250 -East 3750 to 4750 Prince Anwar Shah Road 9000 to 11550 Dum Dum 2550 to 3250 Rajarhat 2850 to 3700 Dum Dum Cantonment 2250 to 2800 Rajarhat Main Road 2850 to 3500 EM Bypass 3300 to 4500 Rajpur Market 2200 to 2600 Ganguli Bagan 3150 to 3650 Santoshpur 3300 to 4150 Garia 2800 to 3450 Sinthi 2450 to 2950 Garia Boral Road 2550 to 2900 2350 to 3150 Gariahat 7750 to 10400 Sonarpur 2300 to 2550 2300 to 2850 Southern Avenue 8350 to 10450 Jadavpur 4150 to 5350 Tegharia 2750 to 3600 Jessore Road 2450 to 2950 Thakur Pukur 2100 to 2800 Jodhpur Park 5850 to 7400 Tolly Gunj 3900 to 5400 Joka 2150 to 2800 5350 to 6350 2450 to 2900 VIP Road 2850 to 3700

VOL2, ISSUE 2; JUL-SEP, FY 2012-13

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