A study of the property prices in Mumbai and Pune by Sulekha.com, an online market portal, shows prices have increased by an average of 15 per cent in Mumbai and 10 per cent in Pune over the one year up to June 2012.
The study reveals that in Mumbai over 40 per cent of the properties available are in the Rs 40 lakh-one crore price band while in Pune, nearly half the properties available are in this price range.
This study was based on an analysis of over 65,052 residential property listings on Sulekha.com, and covered apartments, flats, individual houses, plots, villas, row houses, beach houses, farm houses. The study included advertisements posted by builders, individuals and brokers for residential properties and compares properties for sale in Mumbai and Pune.
There has been a sharp increase of 22 per cent in the cost of 2BHK (Bedroom, Hall and Kitchen) apartments and houses in Mumbai. In Pune, 1BHK houses have witnessed the maximum price increase at 11 per cent.
In both cities, 2BHK houses account for about 40 per cent and constitute the largest share of available properties.
Mumbai has a high availability of 1BHK properties about 35 per cent, while Pune has a high availability of 3BHK houses – 25 per cent.
Over the last two years, property prices have gone up by 41 per cent in Mumbai and 30 per cent in Pune.
The study suggests the ideal locations for specific budgets.
Places to look for property in the range of Rs. 10-40 lakh: Virar East and Badlapur East in Mumbai; Chakan and Talegaon in Pune with a budget of Rs 10-15 lakh.
Mira Road and Dombivali East in Mumbai; Hadapsar and Wagholi in Pune for Rs 15-25 lakh.
Mira Road and Kharghar in Mumbai; Hadapsar and Kharadi in Pune for houses in the Rs 25-40 lakh range.
Satya Prabhakar, CEO of Sulekha.com, said in a press release, “The Pune-Mumbai study has interestingly revealed that there is a steep increase in the prices of 2BHK apartments.”
The study suggests that the time is opportune to buy residential apartments in both Pune and Mumbai. Considering an annual increase of 10-15 per cent in property prices, delaying purchases will only adversely affect buyers.
In the months ahead, Sulekha.com will release similar reports pertaining to Chennai, Hyderabad, Bangalore and Kolkata markets.
Sulekha.com started with blogging in early 2000 and today has a diverse set of offerings – Classifieds, Yellow Pages, Local Search, E-commerce, Blogging and much more. As per the latest comScore ranking, Sulekha.com is the fifth largest Indian Internet site (in terms of visitors).
Sulekha has 14 offices across India (including Delhi, Mumbai, Pune, Ahmedabad, Hyderabad, Bengaluru, Kolkata and Chennai) and 3 offices in New York, Toronto and Austin. The corporate office is in Chennai and the company has more than 1,300 employees across India. Sulekha has over 75,000 businesses listed and offers services across more than50 cities.
2BHK apartments in Mumbai have seen prices rise 22 per cent. In Pune, 1BHK houses have witnessed the maximum price increase at 11 per cent