On the verge of its third anniversary Makaan.com is an Indian real estate website belonging to the People Group who also run other real-time websites like Shaadi.com, Astrolife.com and Mauj Mobile. Pravda Godbole spoke to Aditya Verma, Chief Operating Officer, Makaan.com about the findings of its latest survey Pune’s real estate market and the way ahead. Excerpts:
What is the kind of price movement trend estimated for Pune? As per the latest Makaan.com property index, property prices in Pune have grown by 12.5 per cent in the last one year. Talking about a short term that is a quarterly trend, price index for June 2010 as compared to March 2010, shows softening in property prices. The Pune index during this period has moved from 1197 in March 2010 to 1094 in June 2010 signifying a fall of 8.6 per cent. This indicates a short term fatigue in the property prices after an upturn seen earlier in the year.
Which city saw the highest growth rate in property prices in the last one year? On an annual basis, Kolkata saw the maximum gain in property prices at 50.7 per cent and on a quarterly basis, Delhi was highest with 15.1 per cent in property prices.
Will the trend continue next year as well? In the long run, the signals from the Indian Economy seem quite positive. Industrial output, exports and the GDP are rising, and jobs are more secure than before. At the same time interest rates are likely to go up, which may make buyers cautious in their purchase decisions. In the current situation one would expect the realty sector to more or less remain stable.
In Pune, what patterns are home buyers following? If its a wait and watch yet, when will this segment pick up? With increased property prices, home buyers are applying the wait and watch approach. On one hand the property prices have gone-up too much too soon and on the other there is excess supply. Both these are acting like a headwind in the short term. The price movement over the next few months will determine the next definitive trend.
Has there been a rise in luxury housing prices? By how much? Property prices have gone up in all segments, which include the luxury segment as well.
What is MakaanIQ.com all about? Makaan IQ is an initiative that provides information, intelligence and tools to help home buyers make informed property purchase decisions and to keep the real-estate industry informed of the latest trends in purchase habits of buyers.
The website offers a host of services like latest news on the Indian real estate sector, and home buyers can calculate their equated monthly installment (EMI) or check their affordability by using some simple tools hosted on the site.
It helps buyers by analyzing the property trends across major Indian cities.
The website has been integrated with Makaan.com Property Index (MPI), which is quickly emerging as a trend for measuring real-estate price fluctuations (over a period of time). The new website also allows home buyers to search for property for buying; renting or for paying guest accommodations.