glossary & definitions - magicbricksproperty.magicbricks.com/microsite/buy/propindex/... · l...

There is a wealth of information within these pages. For better readability, we have presented somedata as tables and others as graphs. Between them, you will find how property markets haveperformed in the Jul-Sep 2011 quarter from many different perspectives – from a capitalappreciation perspective, from a rental/yield realization perspective & from a supply of propertiesperspective. We recommend that you evaluate the city report in its entirety – that will provide arounded perspective of the performance of the property market within each city. Here are details ofwhat 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 aswell as the average capital appreciation/drop in various localities of the city in the quarter. Thecity index is the weighted average of the average rate per square feet in that locality & thesupply of properties from that locality. Premium localities (with higher average rate per squarefeet) as well as localities with higher supply of properties will have a bigger impact on theIndex.E.g. if the supply of properties from a premium locality drops, that locality will end up havinga 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 bycapital appreciation within the locality.

2. Price Monitor - This reflects the capital appreciation/drop within a locality. It is calculatedbasis a movement in the “average rate per square feet” within that locality. By and large, the movement in the “average rate per square feet” reflects capitalappreciation/drops. However, in a few selected cases, we have observed that the average rate persquare feet moves due to a change in mix of apartments within that locality (e.g. if the ratio ofpremium apartments, which command a higher per square feet rate, changes over the quarter).In these few circumstances, the Price Monitor will in turn depict reflect this input. Suchchanges have been explained in the text of the City reports.

3. Rent Monitor - This reflects the rental appreciation/drop within a locality. It is calculatedbasis a movement in the “average rent per square feet” within that locality. By and large, the movement in the “average rent per square feet” reflects rentalappreciation/drops. However, in a few selected cases, we have observed that the average rentper square feet moves due to a change in mix of apartments within that locality (e.g. if the ratioof premium apartments, which command a higher per square feet rent, changes over thequarter). In these few circumstances, the Rent Monitor will in turn depict 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. Yield meter depicts thegross yield percentages across the various localities. Gross yield is a ratio of average annualrental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) - This shows the actual range of Prices withinwhich properties were available in each locality. Prices are shown in rupees per square feetbasis; these are the prevailing rates for properties in each locality.

GLOSSARY & DEFINITIONS

MagicBricksPropIndex

MagicBricks PropIndex is atool which empowersproperty seekers andinvestors with detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credible propertyindex can be a function ofdirect values as the changesare governed by multiplefactors.

MagicBricks PropIndex hastaken this reality intoaccount and produced anindex based on listing ofapartments and theircapital and rental values onthe website.

Magicbricks.com has over 4 lakh active propertiesposted by more than 1,00,000active users in 300 cities and3,500 localities. Our usersinclude owners, brokers andbuilders.

Methodology

Apartment values andlistings form the basis ofthe MagicBricks PropIndex.These include multistoreyapartments and single unitson plotted developments,referred to as Builder Floorson MagicBricks.com.

The Index is structured insuch a way that Individualproperties are aggregatedinto respective localitieswhich in turn are weighted

to their respective citywhich in turn is weighted tothe National Index.Weightages for PropIndexare based on the supply ofproperties within thelocality/city. Based on thisstructure, PropIndex gives arealistic picture of trends inprice/supply acrossdifferent property marketsin each city. We have useddifferent weightages forPrice Monitor/RentMonitor. Therefore, read asa whole, PropIndex alongwith tables provided forPrice Monitor, Rent Monitor,Yield Monitor and Capitalvalues. PropIndex gives anexcellent perspective of theproperty marketperformance in the quarter.

While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.

The National PropertyIndex (NPI) is indicative ofthe extent of activity as well

as price movements acrosscities and localities in themajor cities active onMagicBricks.com. The indexincludes the top 11 cities(these have been chosenbased on their activitylevels) and has anindividual city report foreach of these cities. Whilethe NPI and its movementsare of interest to the expertcommunity of bankers,builders and investors, thePropIndex has also takencare to explain the nuancesof index movements at thelocality level that wouldhelp the huge base ofMagicBricks.com.consumers

The PropIndex has been puttogether throughmeticulous research at thelocality level and throughdetailed discussions withexperts who have regularlybeen offering market adviceand comments on variousforums in theMagicBricks.com’s offlineand online initiatives.

The real estate markets inIndia are dynamic and thePropIndex reflects thosechanges. Since it is derivedfrom a dynamic database,there will be some additionsand deletions of localitiesthat happen as a function of market dynamics. Thesewill be reflected in futureeditions of the Index. TheMagicBricks PropIndex is released on a quarterlybasis.

METHODOLOGY

JUL-SEP 2011

The National Property Index(NPI) went up by 4% in thequarter Jul-Sep 2011, compared toApr-Jun 2011.

The NPI is a weighted average ofsupply and prices across cities. Ofthe 11 cities covered in the IndiaApartment Index, 9 have risen atthe city level. These includeDelhi, Chennai and Ghaziabad(9%), followed by Noida (8%),Bangalore and Hyderabad (5-6%)and Mumbai, Gurgaon and Pune (1-2%).

Ahmedabad index value dropped5% on the back of falling valuesin some key locations whileKolkata remained stable duringthe Jul-Sep 2011 period.

The NPI is a weighted average ofcity indices. Mumbai, Gurgaon,Delhi and Bangalore were themajor contributors to the NPI.

The MagicBricks Propindex isbased on dynamic data minedfrom the portal to show the levels

of supply and the type ofproperty listed in each locality.These are cleaned with complexalgorithms to remove outliers andarrive at the index values forlocality, city and national levels.

The index is impacted by thenumber and the average price ofproperties in each locality and thelocality’s weightage in the city.This is based on its contributionto the city’s property databank.

Since the listings on the websiteare by end users and marketplayers, the index is based on amix of newly developing andestablished localities as well asnew and old construction.

The composite index value of acity draws from the changingindex values of differentlocalities. Localities that weremore active than others cancontribute significantly to theindex values of that city.

This index is reflective of trendsacross multistorey and singlefloor apartments.

n National Property Index(NPI) rose 4%

n Quoted prices remain highacross cities

n Maximum hike in values inlocalities adjoiningecnonomic corridors

n Rental values rise on backof improved transportcorridors and Metroconnectivity

n Demand and supply moveto the suburbs

JUL-SEP 2011

IN THIS REPORT:

National Property Index...............1Delhi.........................................4Gurgaon....................................7Noida & Ghaziabad................... 10Mumbai....................................13Pune........................................16Ahmedabad..............................19Kolkata...........,........................ 21Chennai....................................23Hyderabad................................26Bangalore.................................28Annexures.................................31

NATIONAL PROPERTY INDEX (NPI)

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

Source: Magicbricks.com

NATIONAL PROPERTY INDEX

There have been certain commonthreads across different cities:

l Markets witnessed limitedsupply of new projects due totight monetary conditions

l Consumers displayed weaksentiments due to persistentlyrising home loan interest rates

l High quoted prices led users togo slow on investmentdecisions

l Suburban properties registeredbig hike in capital values onthe back of increasing supplyof affordable options, backedby robust demand

l Demand for low cost housingshifted to peripheral areas

l All major developments tookplace along transport spines

l Demand for residentialproperty focused on localitiesnear IT corridors andcommercial hubs

l Shifting commercial hubsdrove residential demand inthat direction

l Very high pricing in premiumlocalities drove supply anddemand of properties inneighbouring low-priced areas

l Increase in capital values inone locality due to economic or

local factors led to spillovereffect in capital values ofsurrounding areas

l Infrastructure development ledto rising number of propertylistings and values

The Ahmedabad index valuedropped 5%. Sharp fall in capitalvalues in Prahlad Nagar impactedthe city index value significantly.There has been a significant dropin the number of properties

coming up for transaction inpremium areas such as PrahladNagar, Satellite and Gurukul,which have pushed index valuesdownwards.

The Bangalore Index rose by 5%.Hike in capital values and thenumber of listings in heavyweightage localities such asWhitefield, Banerghatta Road andSarjapur Road tilted the indexupwards. In North Bangalore newinvestment destinations such as

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Hebbal and Yelahanka toocontinued to quote values 3-8%higher, which further pushed theindex upwards.

The Chennai Index posted 9%increase. Rise in values of 8-13%as also the number of listings inThiruvanmiyur and Ambatturwere major contributors to therising index values. Premiumlocalities such as Anna Nagar tooposted significant increase innumber of listings, pushing upindex values. However, there hasalso been a noticeable fall innumber of listings in localitiessuch as Medavakkam, Perungudi,Velacheri and Sriperumbudur,which arrested the increase inindex values.

Delhi city index rose by 9%primarily because of rise inaverage prices in majority oflocalities across the city. Averagecapital values rose significantly inDwarka, Chittranjan Park,Kalkaji, East of Kailash, MayurVihar Phase-1 and Paschim Vihar,followed by Rohini Sector -13 andAlaknanda. Also there was afluctuation in the number oflistings in most of the areas.However, fall in number of listingsand average capital values inPanchsheel Enclave impacted theindex adversely during the periodJul-Sep 2011.

Ghaziabad index rose 9% becauseof increase in average capitalvalues of properties across thecity from the previous quarter.However, significant increase innumber of listings in areas suchas Indirapuram and CrossingsRepublik helped to push the indexup further.

With no major supply posted inmajority of localities in the Jul-Sep 2011 quarter, the Gurgaonindex posted nominal increase of2%. Sohna Road was the onlylocality that registered significantincrease in listings, owing to anumber of projects which are atthe possession stage. Steadyincrease in values in mostlocalities held the city index up.

The Hyderabad city index rose by5% in the Jul-Sep quarter,indicating end-user activity.Values rose in about 60% of thelocalities. The localities nearcommercial districts or easilyaccessible from them have seen arise in capital as well as rentalvalues. As a result, city andsuburban areas witnessedsignificant price rise.

Rising values and increasingnumber of listings in developingareas such as Rajarhat, New Townand Gharia held the Kolkataindex unchanged. Due to pre-festive season slowdown across thecity, listings remained stable inmost areas.

Noida once again posted healthyincrease in index values of 8%.Increase in average capital valuesof the properties across the regionwas primarily attributed to thelegal battles in Noida Extensionbetween farmers and the Noidadevelopment authority. This hasbenefitted properties in thepossession as well as under-construction stage. Rise in listingsof ready-to-move-in and completedprojects has also helped pushindex values up. However, fall innumber of listings in under-construction sectors such as 74, 75,76 and 78 indicates that sellers areholding back for future gains.

Backed by a small rise in valuesacross the city, the Pune cityindex went up by a mere 1% in theJul-Sep 2011 quarter. The numberof listings remained largelyunchanged. Localities near or withgood transport links to IT parksremained the big drivers of theresidential space in the suburbanlocalities.

Mumbai index values rose 2%inthe Jul-Sep 2011 quarter. Nominalincrease in property values andnumber of listings in heavyweightage areas such as AndheriWest, Kharghar, Kandivali Eastand Mira Road held the city indexup. Only 37% of localitiesimpacted the city index positively.The rest remained weak.

TOP YIELD GROSSERS

Rental yield is a factor of the changes inrental values locality-wise vis-a-vis thechanges in capital values. Given beloware the top yield-grossing localities ineach city

Locality Gross yield

Bangalore, Marthahalli 5.29%

Kolkata, Narendrapur 4.99%

Chennai, Porur 4.77%

Hyderabad, Kondapur 4.76%

Mumbai, Powai 3.97%

Pune, Hadapasar 28 3.78%

Ahmedabad, Vejalpur 3.66%

Ghaziabad, Indirapuram 3.52%

Noida, Sector-62 3.34%

Gurgaon, Dlf City Phase II 2.89%

Delhi, Vasundhara Enclave 2.76%

CAPITAL GAINS

The table given below indicates maximum increase in capital values ineach city

Locality % Change

Delhi, Rohini Sector 13 24%

Mumbai, Bandra East 22%

Gurgaon, Palam Vihar 15%

Bangalore, Airport Road 17%

Hyderabad, Begumpet 16%

Pune, Pashan 14%

Chennai, Thiruvanmiyur 13%

Ghaziabad, Raj Nagar Extn 12%

Noida, Sector-93 11%

Kolkata, Narendrapur 10%

Ahmedabad, Bopal 6%

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CITY PROPERTY INDEXDelhi’s city index went up by 9%,a healthy rise over the NPI valueof 4%. The Price Monitor showsan increase of 7%, down from lastquarter’s rise of 10%, but steadyincrease nevertheless.

The Rent Monitor showed a dropin values in Alaknanda,Gulmohar Park, Dwarka Sector 22and Safdarjung DevelopmentArea. Maximum rise was inSarvapriya Vihar, Malviya Nagar,Kalkaji, East of Kailash , GK II,Green Park, Vasant Vihar, SaritaVihar, IP Extension, ChitaranjanPark and Vasundhara.

The yield across Delhi remainedin the band of 1.5-2.7%, the lowestamong all indexed cities.

PRICE MONITORWeightages of localities such asDwarka, Paschim Vihar andRohini continued to remainstrong, with values continuing torise and the number of listings

increasing as well. This reflectsthe nature of demand in themarket where middle and uppermiddle income groups of buyersare active.

The pace of growth of values inDwarka has slowed down whilePachim Vihar and Rohiniregistered a steep rise in valuesin this quarter.

Dwarka Sector 4, 6, 9, 11 and 12registered 5-11% increase incapital values. According toSudhir Batra of Hans Linkers,values have risen primarilybecause of the opening of new

facilities such as a 5-star hoteland shopping malls. The profile ofthe locality is therefore rising andthe property is available at valuesthat are well below establishedsectors of Gurgaon, which is theother residential pocket close tothe airport.

The good connectivity throughmultiple modes of transport,including the metro, also helps.Social infrastructure such asschools and hospitals are alsostrong.

Rohini Sector 21 and 24 registered19-23% increase in capital values.According to RK Jain of JainAssociates and Consultants, thereare smaller independent floors onplot sizes of 26 sqm, 32 sqm and 60

DELHI 4VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

PROPINDEX - DELHI QUICKSTATS

n Yield Meter: Yield ranges between 1.51 to 2.76%

n Capital values rose in 93% localities

n Rental values rose in 49% localities

n Property Index rose from 89 to 97

n Price Monitor rose from 110 to 117

+7%

Price Monitor indicates 7% increase in the average sale price

P R I C E M O N I T O R


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sqm, which are in greater demandin the market today. “Theunsuccessful applicants of theDDA scheme are now scouting themarket and pushing demand,”explained Jain.

The NCR land problems haveboosted demand for affordable

properties in Delhi, which toopushed up values in these sectors.

Capital values in Rohini Sector 13registered 24% increase. Jainsays increase in price ofproperties in developing sectorshas a spillover effect onestablished sectors such as

Sector 13. According to VikasSharma of Pratham Properties,“In Paschim Vihar units close tothe metro station in Block A1 andA2 have risen.”

South Delhi localities such asShivalik, Malviya Nagar, Kalkaji,Chitaranjan Park, Alaknanda andSaket have registered an increasein values of 11-20%. According toRajiv Goel of Comtel Associates,metro connectivity in Saket,Malviya Nagar and Kalkaji hadpushed the property values up.

Explains Sanjay Chawla, CEO,Era Landmarks: “I think whatreally opens up new avenues or adevelopment zone is always

DELHI5VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

Y I E L D M E T E R

RENT MONITOR Rent Price Percentage Change

Gross Yield - Locality Wise n Vasundhara Enclavecontinues to post the highestyield quarter over quarter.Marginal increase in yield.

n Alaknanda posted the lowestyield with rising capitalvalues and falling rentalvalues.

JUL-SEP 2011

n Delhi City index went up by 9%Values rose in most localities,supply remained steady

n Rental values received a boost inlocatities well connected by theMetro

n Dwarka impacted city indexsignificantly with steady valuesand increased listings

n Demand up for mid-rangeproperties



DELHI 6VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

connectivity as part of a largermaster plan. Increase in price ofproperty in one locality has aspillover effect on neighbouringareas such as Shivalik,” he added.

In East Delhi, IP Extension andVasundhara posted 5-6%rise invalues in the quarter.

Premium South Delhi areas suchas Vasant Vihar, Defence Colonyand Panchsheel Park have seen adrop in listings and rise in values.

RENT MONITORRental values dropped in areaswhere capital values registered aspike. Rental values in PaschimVihar dropped, while Dwarkaremained largely stable. Therelatively far-flung Sector 22 inDwarka posted a drop of 5% inrental values.

These are signs of end-userdemand and the exit of investorsfrom the market. Any propertymarket with steadily rising valuesreaches saturation wheninvestors see lower yield and exitthe market. Delhi has beenposting the lowest yields onproperty in two consecutivequarters. The sharp rise inproperty values have stemmedsomewhat and values have risenat a slower pace.

South Delhi bucked this trendwith rental markets in MalviyaNagar, Kalkaji, Chitaranjan Park,Sarita Vihar, East of Kailash, GKI and II and Green Park, postinghigher values even as capitalvalues rose. These are all marketsthat have huge end user demand.The ease of accessibility has beena major driver.

Transport connectivity acrossSouth Delhi has now improvedand the Metro lines connectpractically all parts of the city.Roads too have improved and thisease of access is reflected inenhanced rental demand in theselocalities.

A classic case is of SarvapriyaVihar where the number oflistings has doubled thanks to its

location at Haus Khaz metrostation and rental values haveposted a big rise.

Explains Pankaj Bali, GM Sales &Marketing, Ambience Group, “Ipersonally felt that infrastructuregrowth gets an impetus as peoplecome into the place. We have tosee where the governmentinitiatives are taking place andgrowth can take place. On thatbasis, we (developers) come intothe place.”

Another major reason for rise inproperty values in the quarter isthe influx of students into Delhi.Increase in demand for propertieson lease mainly from collegestudents owing to start of newcollege session in July pushed upprices in areas such asSarvapriya Vihar, Malviya Nagarand Kalkaji in the quarter.

There has been a drop in rentalvalues in localities such asGulmohar Park and SafdarjungDevelopment Area owing to acorrection in values. Quotedrental values in these localitieshad been very high, says RiteshSharma of DK Associates.

Ram Kumar of Global Propertiessays the drop in rental values inAlaknanda were mainly due toincreasing traffic congestion,which has led to shift inconsumer preferences to nearbyareas such as Kalkaji andMalviya Nagar, which areaccessible by the Metro.

Vasant Vihar’s rental valuesposted a rise on the back ofpersistently increasing demand.Increasing redevelopment in thearea has led to more units beingavailable for rent where demandis perennially high.

Rental values rose in IPExtension and VasundharaEnclave. According to ChandarBhan of Chandra Prop Estate Pvt.Ltd, good connectivity,availability of local transport,affordability in comparison toneighbouring areas such as PreetVihar, Rishabh Vihar, GaganVihar and Patparganj, is another

important reason for increase indemand for properties on lease.

Proximity to Noida is the onlyreason for persistent demand forproperty on lease in VasundharaEnclave, says Naveen Sangal ofNavsan Builders and Realtors.There is also a large amount ofstock of 2 and 3 BHK unitsavailable for rent in this area.

As Vikas Gupta, Director, EarthInfrastructure Ltd says, “Themetro will provide a big boost toGreater Noida. With the sportsinitiatives, it can become the nextrecreational zone.” All these haveimpacted values across East Delhiand Vasundhara.

Besides informal, organicredevelopment in localities thatare over 40 years old such asVasant Vihar, Saket and GreaterKailash, there is a structuredredevelopment as part of thecity’s planning process. As inMumbai, industrial and milllands are being freed in city areasfor redevelopment into residentialand commercial zones. West Delhihas taken the lead in thisdirection. The first plot that wassold was in Shivaji Marg in MotiNagar, which has been developedas premium residential andcommercial property by the DLFGroup.

Currently, most developers areeyeing the former industrial beltin West Delhi. Manoj Goyal,Senior Vice-President, RahejaDevelopers, revealed that thegroup has been awarded the 13-acre Slum Redevelopment projectin Shadipur Depot in West Delhi.About 2,800 units of 30 sq m eachis being developed to house theexisting slum dwellers.

The remaining land would beavailable for redevelopment to thebuilder at a discounted price of amere Rs 600 cr. These projects areopening up locked land in WestDelhi for redevelopment. Themarginal rise in values in WestDelhi areas such as PaschimVihar and Dwarka may be theprecursor to the trend.

aNNexuRes

CAPITAL VALUES – LOCALITY WISE

Average Residential Apartment Prices

Alaknanda 12750 to 14350

Anand Niketan 29600 to 35800

Chattarpur 3250 to 3600

Chittaranjan Park 12950 to 15250

Defence Colony 24850 to 29100

Dwarka 7100 to 8250

Dwarka Sector-1 6050 to 7000







Dwarka Sector-18B 7550 to 8600











East of Kailash 13850 to 16950

Geetanjali Enclave 16700 to 19950

Greater Kailash Encl I 15550 to 18150

Greater Kailash I 16050 to 19550

Greater Kailash II 17150 to 20550

Greater Kailash III 18050 to 21300

Green Park 18700 to 21850

Hauz Khas 15700 to 18900

Indraprastha Extn 7700 to 8800

Janakpuri 11900 to 14250

Jangpura Extension 15550 to 18250

Jasola Vihar 10500 to 12600

Kailash Colony 14500 to 17100

Kalkaji 11350 to 13800

Kalkaji Extn 7800 to 9250

Kamla Nagar 5500 to 6700

Lajpat Nagar-I 9850 to 11750

Lajpat Nagar-II 11150 to 15050

Lajpat Nagar-III 15600 to 18650

Lajpat Nagar-IV 9950 to 12050

Lakshmi Nagar 5050 to 6200

Mahavir Enclave-I 3000 to 3450

Malviya Nagar 9550 to 11600

Mayur Vihar Ph-I 8500 to 10000

Mayur Vihar Ph-III 7050 to 8450

Mehrauli 3100 to 3650

Moti Nagar 10100 to 11400

New Friends Colony 15650 to 19500

Panchsheel Enclave 19250 to 22700

Paschim Vihar 10050 to 12450

Patparganj 7750 to 9150

Pitampura 13350 to 17150

Rohini Sector-13 11550 to 13700





Safdarjung Enclave 17900 to 22350

Saket 16750 to 19800

Sarita Vihar 8650 to 10300

Sarvapriya Vihar 17650 to 19950

Sarvodaya Enclave 18300 to 21100

Shakti Nagar 6300 to 7650

Shivalik 13050 to 14800

South Ext-II 14800 to 18150

Tilak Nagar 4350 to 5250

Uttam Nagar 3150 to 3750

Vasant Kunj 12400 to 14750

Vasundhara Enclave 6500 to 7400

Vikaspuri 7100 to 8100

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

DELHI

32VOL 1, ISSUE 2; JUL-SEP, FY 2011-12DELHI

D I S C L A I M E REvery effort has been made to make this Index as complete and as accurate as possible. MagicBricksaccepts no responsibility for inaccuracies in the information/data contained in this book. It shall haveneither liability nor responsibility to any person or entity with respect to any loss or damage caused, oralleged to have been caused, directly or indirectly, by the information contained in this book. Theinformation/data in this book is subject to change from time to time due to market condition.

CONTACT US

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PROPINDEX TEAM

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Puneet Kukreja, atul Gupta

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Rahul Nair

l Operations Management: Girish Bindal

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