Realty prices continue downward trend in oct-dec quarter

Mumbai, March 31 Property prices continued their downward trend in the
October- December quarter and the worst-hit cities include Delhi –
NCR, Mumbai, Hyderabad and Chennai, a quarterly review of property
portal 99acres.com said.

Prices at Miyapur (Hyderabad) and Rajarhat (Kolkata) registered a
decline of about 25 per cent in the quarter, the portal said.

With over three lakh listings, the report is a compilation of asking
rates (price demanded by the seller/builder/broker) of residential
apartments (2-3BHK apartments) for buy/rent. It presents a trend of
property prices and rentals across Delhi, Mumbai, Kolkata, Chennai,
Bangalore, Hyderabad and Pune.

"I expect the trend to continue for a few more quarters until prices
bottom out and the market stabilises on the interest rate front, which
will make the market lucrative for consumers to re-enter," said Mr
Vineet Singh, Business Head, 99acres.com

Property prices in Delhi declined during the quarter
(October-December) compared to the previous quarter. Dwarka witnessed
a steep decline by 15 per cent, Noida experienced a drop of up to 20
per cent and Gurgaon saw a further decline in prices by seven to eight
per cent.

On the rental front, some localities such as Rohini, Vasundra Enclave
and Lajpat Nagar saw an increase in rentals by about 20 per cent,
while Connaught Place, Vasant Kunj, Malviya Nagar and Janakpuri
declined by about 15 per cent. Rentals in Noida dropped by about 15
per cent, while at Gurgaon it was stable, compared to the earlier
quarter.

Mumbai, Kolkata
Mumbai Realty market saw a decline in property prices. Localities such
as Bhayander (East), Vashi and Thane West saw prices drop by 10 per
cent.

Rentals in Prabhadevi and Beach Candy saw an increase by over 50 per
cent, while Dahisar, Seawoods and Kharghar declined more than 20 per
cent.

Property prices continued to decline in Kolkata in the quarter under
review and prices at EM Bypass declined by 17 per cent, while Rajarhat
saw a decline of about 25 per cent.

Rentals in Kolkata stabilised during the quarter to some extent and
some localities such as Alipore and Jadhav Pur continued an upward
trend with an increase of over 20 per cent.

Southern cities
Chennai saw a steep decline in property prices in some localities as
compared to the previous quarter with prices in Perungudi and
Valasaravakkam dropping by 15-20 per cent. Rentals too declined during
the period with Kilpauk, T. Nagar and Medavakkam registering a drop of
over 20 per cent.

Bangalore was among the first cities to be affected by the slowdown,
where property prices declined sharply during the year. However, the
October – December quarter saw some stability in prices, compared to
the previous quarter. But, rentals slipped with areas such as
Thipassandra, Maleshpalaya and Kaggadasapura, showing a decline of
over 25 per cent.

Property prices in Hyderabad declined sharply. Prices in Madhapur
dropped by 11 per cent, while in Miyapur the decline was over 25 per
cent.

Rentals at Miyapur and Nizampet corrected by over 20 per cent and
places such as Somajiguda and Madhapur further declined by over 30 per
cent.