VADODARA
FOREWORD PropIndex entered the fourth year of operations. In the first issue of the series, PropIndex reflected the cautiously positive consumer sentiment with the National Property Index rising by 1 per cent in the Apr-Jun 2014 quarter. The City Index values too, remained even across cities with a marginal increase or drop of 1 per cent, except in Delhi. Demand for property in the Upto Rs 20 lakh dropped across the country, contrary to the industry buzz that this is undersupplied and in greater demand. The 2BHK unit remained the most popular category across cities, reflecting the aspiration of urban dwellers to own a property that would match their lifestyles. The most preferred price range remained Rs 30-50 lakh, where supply was in plenty and the budget was within reach of the middle class, which remained out of the market for a few quarters. Luxury properties, though in greater demand, remained over-supplied as developers across the country chose to build in this category. As more units hit the market, consumers have started choosing locations, budgets and conveniences in this category. Luxury values across cities have been included as a separate annexure. Rental values either dropped or stabilised in the quarter. The percentage growth in rental values was arrested as consumers again started looking for the buy option. Unlike the previous quarter, where rental values rose by 5-10 per cent, in this quarter, it dropped by upto 5-6 per cent, across cities. Demand preferences remained the same as in the previous quarters but was not evenly spread across the city. Locations near economic corridors continued to post greater demand. However, unlike the previous quarter, besides IT, the manufacturing sector too, drove demand in select cities such as Chennai. In Mumbai, the commercial hubs of the Bandra-Kurla Complex and even Thane drove demand. The completion of infrastructure projects such as the Santa Cruz-Chembur Link Road and the the Metro Phase-I from Versova to Ghatkopar, which eased connectivity to the commercial hubs, also contributed to change in demand patterns. The Union Budget of 2014-15 presented recently, has addressed the housing market s concerns in many ways. It has featured budget housing, finance issues, township development road map and development of smart cities as part of the main Budget. While the outcome will take a while, the urban infrastructure and housing provisions are expected to boost sentiment. These are exciting times and change is in the air. Share your views on this report and how we could make PropIndex even better. Write in at sudhir.pai@timesgroup.com. Sudhir Pai Business Head, Magicbricks.com
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VOL 4, ISSUE 1; APR-JUN, FY 2014-15 propindex.magicbricks.com NATIONAL PROPERTY INDEX (NPI) APR-JUN 2014 APR-JUN 2014 In the Apr-Jun 2014 quarter, no major change was recorded in the respective City Indices, except Delhi, which registered a drop of 4 per cent. All other Indices exhibited minus 1 to plus 1 per cent change, indicating a slow market. No significant increase was noted in supply, showing a cautious approach. NPI is a weighted average of supply and values across 11 cities in India. Average capital values across cities showed a range bound movement. On the other hand, unlike the previous quarter, average rental values exhibited a drop. This resulted in a marginal rise or stable rental values in the last six months. Lack of policy favourable for the real estate and no reduction in the home loan interest rates after the formation of the new government also impacted sentiments, contributing to the stable City Index values. This led to a small rise of 1 per cent in the NPI. Bangalore, Chennai, Gurgaon, Kolkata and Pune noted a small rise of 1 per cent in the City Index. On the other hand, Noida, Ghaziabad, Vadodara and Mumbai City Indices remained unchanged. Ahmedabad and Hyderabad showed a small drop of 1 per cent. Of the 12 cities tracked, Pune and Ghaziabad recorded the lowest number of localities with a drop in the average capital values. The new government has laid special emphasis on the real estate sector in the Union Budget 2014-15. With the modified version of Real Estate Investment Trusts (REITs), the development of 100 Smart Cities, reducing the size and capital requirements of projects eligible for FDI, launching affordable housing schemes to proposing additional tax incentives on home loan, the n n n Of the 12 cities 9 showed minor changes in the City Indices, while rental market showed subdued trends in majority of the cities Properties worth upto Rs 30 lakh recorded a significant drop in demand, whereas, properties worth above Rs 30 lakh, across the budget categories, witnessed a rise Demand for 2BHK units rose by 1-5 per cent across the cities, except Gurgaon government has announced a slew of measures to infuse fresh life into the real estae sector. In this edition of the PropIndex, we have also included Vadodara as an independent city. The residential market of Vadodara remained stable, with maximum development in and around the growth corridors such as Old Padara Road, Sama Savli Road, Waghodia Road and Gotri Road. IN THIS REPORT: National Property Index...1 Vadodara...4 Annexures...09 Luxury...10
propindex.magicbricks.com 02 VOL4, ISSUE 1; APR-JUN, FY 2014-15 Unlike the drop of 1 per cent in the Jan-Mar 2014 quarter, the Ghaziabad City Index also remained unchanged. The Listed Price Monitor recorded a drop of 1 per cent. Unlike other parts of the Delhi-NCR, Ghaziabad posted a rise between 1-3 per cent in capital values. Lal Kaun at 11 per cent was an exception. NATIONAL PROPERTY INDEX l Except Gurgaon, all other cities recorded growing demand of 1-5 per cent for 2BHK units l Properties worth Rs 30-50 lakh continued to top the buyer preference chart with a marginal increase of 1 per cent from the previous quarter l Demand for mid-segment properties worth Rs 50-70 lakh and premium properties worth Rs 1-2 crore rose by 6 per cent l Supply of premium properties in 8 of the 12 cities outstripped demand The Ahmedabad City Index again dropped by 1 per cent in the Apr-Jun 2014 quarter. This was primarily on account of a drop in the capital values by 1-4 per cent in large number of localities in the city. This kept the City Index value intact. On the supply side, no significant change was registered in the current quarter. South Bopal showed maximum increase in listings. The Listed Price Monitor showed a similar drop of 1 per cent. The Delhi City Index registered a maximum drop of 4 per cent during the Apr-Jun 2014 quarter. Increase in availability of properties on sale primarily in the single floor units and drop in the average capital values by 1-9 per cent contributed to the drop in the City Index. Uttam Nagar in West Delhi noted the maximum increase in supply, followed by Safdarjung Enclave in South Delhi. Over 80 per cent of total housing demand was for apartments. With nearly 45 per cent demand, 2BHK units continued to be the most preferred BHK category at the city level, followed by 3BHK units with 41 per cent demand. Similar to the previous quarter, the Gurgaon City Index rose by 1 per cent in the Apr-Jun 2014 quarter as well. The Listed Price Monitor, on the other hand, remained stable, unlike the previous quarter where it recorded a drop of 1 per cent. No major change was recorded in average capital values in the current quarter. However, the rental market showed a drop, unlike the previous quarter. Similar to the previous quarter, the Noida City Index showed no change. Increase in availability of residential apartments for sale coupled with an overall stability in the average capital values arrested the growth of the City Index. This too, kept the Listed Price Monitor unchanged in the current quarter. Over 65 per cent of residential localities tracked in the city witnessed a rise in the average capital values. This arrested the fall of the City Index inspite of slow uptake in the residential market. The Mumbai City Index remained unchanged in the Apr-Jun 2014 quarter unlike the previous quarter where it registered a rise of 1 per cent. The Listed Price Monitor also remained unaltered against the Preferred Cities - Sale Locality Rank Q1 Q4 Mumbai 1 1 Bangalore 2 2 Pune 3 3 Chennai 4 4 Gurgaon 5 8 Kolkata 6 6 New Delhi 7 7 Hyderabad 8 5 Ghaziabad 9 9 Noida 10 10 Note: Q4 Apr-Jun 2014, Q1 Jan-Mar 2014 Preferred Cities - Rent Locality Rank Q1 Q4 Mumbai 1 1 Pune 2 2 Bangalore 3 3 New Delhi 4 4 Chennai 5 5 Hyderabad 6 6 Gurgaon 7 7 Ghaziabad 8 10 Kolkata 9 8 Noida 10 9 Note: Q4 Apr-Jun 2014, Q1 Jan-Mar 2014
VOL4, ISSUE 1; APR-JUN, FY 2014-15 03 propindex.magicbricks.com National - Consumer Budget Preference 30% 25% 20% 25% 21% 17% 18% 15% 10% 5% 0% 12% 5% 1% Upto Rs 20 Lakh Rs 20-30 Lakh Rs 30-50 Lakh Rs 50-70 Lakh Rs 70-100 Lakh Rs 1-2 Crore Rs 2 Crore & Above 2 per cent rise it witnessed in the Jan-Mar 2014 quarter. East and West Pune remained the most preferred residential corridors, quarter-over-quarter. No significant change was noted in the average capital values. The increase or drop in values was registered between minus 4 to 6 per cent, with a healthy supply. This led to a 1 per cent rise in the Pune City Index. A 1 per cent increase was registered in the Kolkata City Index. Inspite of increase in the average capital values in majority of the localities tracked in the city, the Listed Price monitor remained unchanged. Statistics showed maximum residential development in South and East Kolkata, followed by North Kolkata. The city continued to yield higher rental returns of over 3 per cent, owing to lower base price of property and healthy rental values in comparison to other metropolitan cities. Similar to the previous quarter, the Chennai City Index continued to rise. It rose by 1 per cent yet again in the Apr-Jun 2014 quarter. The Listed Price Monitor reported a drop of 2 per cent in the current quarter against a rise of 4 per cent in the Jan-Mar 2014 quarter. Residential properties worth Rs 40-60 lakh remained the most preferred budget category, followed by properties in the budget range of Rs 20-40 lakh at 25 per cent. Post the peace that followed the Telangana decision, Hyderabad seemed to have stabilised. The residential property sector was relatively subdued in the Apr-Jun 2014 quarter, as compared to the Jan-Mar 2014 quarter. The Hyderabad City Index dropped by 1 per cent, primarily attributed to stable property prices and infusion of new inventories at a steady pace. This arrested the City Index growth. The Listed Price Monitor also dropped by 1 per cent as against a drop of 3 per cent in the previous quarter. Bangalore City Index rose by 1 per cent, in line with the NPI. With buyer sentiments in a waitand-watch mode post elections, the Bangalore market has been mostly passive, resulting in little change in property values in the current quarter. There was no change in the Listed Price Monitor. However, the rental market was subdued in the current quarter unlike the previous quarter. The Vadodara City Index value remained unchanged during the Apr-Jun 2014 quarter. Drop in the average capital values in areas witnessing maximum development arrested the growth of the City Index. This resulted in the City Index value remaining unchanged in the current quarter. TOP YIELD GROSSERS Gross yield is a ratio of average annual rental value to the average capital value of the property. Given below are the top yield-grossing localities in each city. Locality Gross yield Bangalore, Sarjapur Road 4.97% Kolkata, Banshdroni 4.78% Hyderabad, Nallagandla 4.41% Ahmedabad, Vejalpur 4.20% Chennai, OMR 3.92% Delhi, Uttam Nagar 3.62% Noida, Sector-92 3.42% Mumbai, Parel 3.31% Pune, VL Vishrantivadi 3.18% Ghaziabad, Indirapuram 3.01% Gurgaon, Sushant Lok 2.99% CAPITAL GAINS The table given below indicates maximum increase in capital values in each city. Locality % Change Ghaziabad, Lal Kuan 11.36% Bangalore, Sahakar Nagar 10.27% Hyderabad, Begumpet 9.20% Kolkata, Narendrapur 8.46% Mumbai, Mulund West 7.66% Ahmedabad, Ghatlodia 7.46% Chennai, Anna Nagar West 6.69% Pune, Kalyani Nagar 5.85% Noida, Sector-93A 4.75% Delhi, Kalkaji 3.31% Gurgaon, Sector-67 2.08%
VADODARA propindex.magicbricks.com VOL4, ISSUE 1; APR-JUN, FY 2014-15 04 PROPINDEX - VADODARA During the Apr-Jun 2014 quarter, the Vadodara City Index remained unchanged as compared to the previous quarter. However, the Listed Price Monitor moved up by 1 per cent during the same period. The NPI also inched up by 1 per cent during the quarter. Key Takeaways l Drop in the average capital values in areas witnessing maximum development arrested the growth of the City Index. This resulted in no change in the City Index value l Gotri, Gotri Road, Alkapuri and Vasna-Bhaiyli Road offered maximum residential supply for sale in the city. In the rental market, Akota, Gotri, Vasna Road and Old Padara Road offered maximum availability of residential properties on lease l Rental market remained subdued with majority of residential pockets recording a drop in the average rental values in the Apr- Jun 2014 quarter in comparison to the previous quarter l In Vadodara city, Old Padara Road, Sama Savli Road, Waghodia Road and Gotri Road are four important residential growth corridors witnessing maximum residential development l The city witnessed maximum rise in the average capital values along the growth corridors in the range of 4-9 per cent l Vadodara residential market offered one of the highest rental returns on investment. The city had registered a gross yield ranging between 3.17-4.13 per cent l Seven out of ten residential localities in the top ten preference chart for sale and rent retained their ranking in the last six months l In the Apr-Jun 2014 quarter, properties worth Rs 20-40 lakh and Rs 40-70 lakh recorded equal demand at 39 per cent. However, supply remained short in the said category with a margin of 4-8 per cent l One tenth of demand and supply comprised of residential housing worth Rs 1 crore and Above. Vasna Road, Akota, Alkapuri and Old Padara Road offered maximum number of residential housing options in the said budget range l Demand for apartments recorded an increase in preference quarter-over-quarter. On the other hand, residential housing and plots recorded a drop E d i t o r i a l Vadodara is one of the growing real estate markets in Gujarat. The new residential developments are primarily concentrated on growth corridors such as Old Padara Road, Sama Savli Road, Waghodia Road, Gotri and Gotri Road. These corridors are witnessing development of the affordable segment but a healthy demand and supply was also recorded in the premium segment. Inspite of a nominal rise in the average property values in most of the localities, the City Index value dropped by 1 per cent. Drop in property prices in Vasna-Bhaiyli Road and Gotri, with maximum supply, has pushed down the City Index. Across all budget ranges, the demand for affordable to mid segment was highest for properties worth Rs 20-60 lakh at 78 per cent. Supply was short by 12 per cent. No significant mismatch was witnessed in any other budget range, except low budget housing worth Upto Rs 20 lakh. Demand and supply was well matched in the mid to premium segment for properties worth Rs 60 lakh and above. Housing demand across budget ranges offered good investment opportunity for investors. The city witnessed one of the highest rental returns in the country between 3.17-4.13 per cent. Property type analysis of residential housing showed apartments consistently witnessing growing demand across property buyers. Supply witnessed a drop of 5 per cent. With less than 20 per cent demand for residential plots, the category continued to outstrip supply, even after a significant drop in demand. Supply of residential housing outstripped demand by 10 per cent. BHK-wise demand and supply analysis clearly indicated a growing demand for 2BHK units across the city. However, supply remained subdued and witnessed a drop of 6 per cent. Units of 3BHK were the second most preferred configuration with over one third of total supply across the housing units. Demand for smaller size units saw matching supply at 7 per cent. On the other hand, larger housing formats (4BHK and Above) witnessed an oversupply with 18 per cent.
VOL4, ISSUE 1; APR-JUN, FY 2014-15 propindex.magicbricks.com VADODARA 05 L I S T E D P R I C E M O N I T O R R E N T M O N I T O R l Capital values in the city have displayed a positive trend in the last three months clocking a rise of 1-9 per cent during the Apr-Jun 2014 quarter l Old Padara Road, Sama Savli Road and Waghodia Road witnessed the highest rise of 8-9 per cent in capital values in the city 1% l Localities such as Gotri Road, Atladra and Alkapuri saw a rise of 2-4 per cent in capital values during the current quarter l Some localities that recorded a drop in values included Subhanpura, Akota, Vasna-Bhaiyli Road and Gotri. The highest drop of 6 per cent was seen in Subhanpura l As opposed to the capital market, the rental market witnessed a negative trend. Several localities witnessed a drop of 5-9 per cent in rental values during the Apr-Jun 2014 quarter l Vasna-Bhaiyli Road recorded the highest drop of 9 per cent in the quarter. Subhanpura followed at a close second with a drop f 8 per cent l Fateh Ganj was the only exception. Rental values in the locality shot up by 12 per cent in the Apr-Jun 2014 quarter l As compare to the previous quarter Elora Park also recorded a healthy rise of 5 per cent in values during the current quarter Y I E L D M E T E R Locality Average Rental Average Capital Gross Value (Rs/sqft/mth) Value (Rs/sqft) Yield Gotri 7.25 2,450 3.55% Akota 9.25 3,500 3.17% Old Padara Road 9.25 3,325 3.34% Vasna Road 8.50 2,900 3.52% Subhanpura 8.75 2,900 3.62% Gotri Road 7.25 2,575 3.38% Atladra 6.50 2,150 3.63% Alkapuri 11.75 3,925 3.59% Vasna-Bhaiyli Road 7.75 2,250 4.13% l The city recorded healthy rental returns across localities. The Magicbricks Yield Meter clocked returns in the range of 3.17-4.13 per cent during the Apr-Jun 2014 quarter l Vasna-Bhaiyli Road recorded the highest rental returns of 4.13 per cent despite a drop of 9 per cent in rental values l Other localities that recorded healthy rental returns included Subhanpura, Atladra, Alkapuri and Gotri. A yield of 3.55-3.63 per cent was noted in these locations l Akota recorded the lowest rental yield in the city during the Apr-Jun 2014 quarter. A yield of 3.17 was noted in the locality
VADODARA propindex.magicbricks.com VOL4, ISSUE 1; APR-JUN, FY 2014-15 06 PREFERRED LOCALITIES SALE RENT Locality Rank Capital %age Q1 Q4 Values change Gotri 1 3 2250 to 2800-2% Vasna-Bhaiyli Road 2 6 2050 to 2650-3% Ajwa Road 3 1 1800 to 2200 10% Atladra 4 7 2000 to 2450 2% Waghodia Road 5 4 2000 to 2450 9% Manjalpur 6 2 2750 to 3500-1% Vasna Road 7 8 2650 to 3350 1% Alkapuri 8 5 3650 to 4400 2% Sama Savli Road 9 9 2450 to 2950 - Akota 10-3200 to 4050-5% Note: Q1 Apr-Jun 2014, Q4 Jan-Mar 2014 Locality Rank Rental %age Q1 Q4 Values change Alkapuri 1 1 10500 to 14000-10% Vasna Road 2 2 7500 to 10000-6% Gotri 3 5 6500 to 9000-10% Manjalpur 4 3 7500 to 9000-10% Akota 5 4 8500 to 10500-10% Waghodia Road 6 10 5500 to 7000-8% Subhanpura 7 9 8000 to 10500-8% Sama 8 6 9000 to 10500-7% Vasna-Bhaiyli Road 9-7000 to 9000-9% Karelibaug 10-8500 to 9500-5% Note: Q1 Apr-Jun 2014, Q4 Jan-Mar 2014 l The list of the top ten preferred localities saw a lot of fluctuations in the last three months. Localities such as Gotri Road, Vasna-Bhaiyli Road and Atladra witnessed improved standings on the list as compared to the previous quarter l Gotri moved up two positions to gain the number one position in the current quarter l Vasna-Bhaiyli Road also jumped up four spots to settle at number two as compared to the second spot it held in the previous quarter l While Atladra moved up three spots from the seventh to the fourth position, Vasna Road jumped up a spot to settle at number seven l The highest drop in preference was noted for Manjalpur. The locality dropped from the second spot to the sixth in the current quarter l Alakapuri dropped three spots to settle at the eighth position. Akota was a new entrant on the list at number ten l The top two spots on the list of the most preferred localities for rent remained unchanged in the last six months. Alkapuri retained its top position followed by Vasna Road l Gotri improved its preference on the rental list as well. It moved up two spots to settle at number three l Waghodia Road jumped up four positions to settle at number six as compared to the tenth spot it held in the previous quarter l Subhanpura also moved up two spots from the ninth position to settle at number seven in the current quarter l Sama and Akota witnessed a drop in preference since the last quarter. While Sama dropped from the sixth spot to settle at the eighth position, Akota moved down from the fourth to the fifth position l There were two new entrants on the list this quarter. These included Vasna-Bhaiyli Road and Kareli Bagh which settled at number nine and ten respectively Home in your Budget Upto Rs 20 Lakh Gorwa, Ajwa Road, Waghodia Road, Bhayli, Subhanpura l Affordable properties below Rs 20 lakh were available in Gorwa, Ajwa Road, Waghodia Road and Subhanpura Rs 20-40 Lakh Rs 40-70 Lakh Rs 70-100 Lakh Rs 1 Crore & Above Gotri, Waghodia Road, Atladra, Vasna-Bhayli Road Gotri, Vasna-Bhaiyli Road, Atladra, Alkapuri, Manjalpur Akota, Old Padara Road, Ajwa Road, Race Course Circle Vasna Road, Alkapuri, Akota, Old Padara Road l Gotri, Atladra and Vasna- Bhayli Road recorded the maximum supply of properties in the Rs 20-70 lakh range l Vasna Road, Alkapuri, Akota, Old Padara Road and Vasna- Bhayli Road recorded the maximum supply of high-end properties priced above a crore
VOL4, ISSUE 1; APR-JUN, FY 2014-15 propindex.magicbricks.com VADODARA 07 Broker Abhijeet Bhagwat Sunfin Reality Consultant Sanjeev Pancholi, Associate Owner BSRL R E A L T Y N E W S The real estate sector in Vadodara, one of the fastest growing Tier-II cities of India, has touched new heights. Today, it is among the most preferred destinations for real estate investment in Gujarat. Not only affordable, but demand and supply in the luxury segment is also increasing in the key areas. Affordable Vadodara gets a taste of luxury housing Largely dominated by affordable housing, Vadodara is now offering a chance to live a luxurious life to those who can afford it. Several residential properties that were tagged at Rs 1 crore and above are being made available in localities such as Alkapuri, Vasna Road, Old Padra Road and Gotri, according to the Magicbricks data. One can find 3 and 4BHK multi-storey apartments, villas and independent houses in the price range of Rs 1-3 crore in these localities. n Magicbricks.com Bureau Gotri: A fast developing realty market in Vadodara If you are looking to buy a home in Vadodara but are confused as to which locality you must choose, Gotri is an area to consider. It is not only developing fast in terms of social and physical infrastructure, but is also seeing a significant growth in the residential sector as well. The locality, situated 4-km west of Vadodara city, was once considered a small village situated in the outskirts of the city, is now being considered a developing counterpart of Alkapuri. n Magicbricks.com Bureau E X P E R T S P E A K Improved economy, growing employment and new town planning schemes of VUDA and VMC will change Vadodara real estate market. Good infrastructure, availability of land and well-organized engineering hub are some of the factors which are already driving the real estate here. Next 6-10 months will be crucial for the town s realty as some of the new initiatives will get materialize and will impact sentiments of the buyers positively. The budget for luxury properties is between Rs 1-4 crore. Only 10 per cent buyers are buying this property type. The supply of these properties is 40 per cent more than demand. For premium property buyers these are second homes. They sell their smaller flats to buy luxurious property. Buyers are mostly from the corporate sector aged around 40 years. Areas to see launches of luxurious property are Gotri, Vasna Road and Sevasi. To read full story and more news go to www.content.magicbricks.com Q&A Dhrumil Patel Partner Nilamber Group How has the city performed in the last quarter with respect to capital values in different areas? Why? In the Apr-Jun 2014 quarter, there was a lot of euphoria in the real estate market but there was no result on the ground. Stable capital values may be a restraint for investors but this is a right time for long term end-users/investors, who want to rent out their property for shorter duration. Which budget ranges have done well in the last quarter and why? Residentia housing in the budegt of Rs 15-25 lakh and Rs 60 lakh to over Rs 1 crore budgets have done well. There is no demand noted from the middle class and no supply was recorded during the said period. What type of property is in demand? Apartments are in demand. The city is going vertical. Penthouses are also being preferred. Which areas or corridors have seen the maximum launches in the last quarter? Which areas are expected to see new launches/possession in the coming months? Maximum launches in the city have taken place in the residential areas along the Vasana-Bhayli Road, Sun Pharma Road and the Waghodia-Dabhoi Ring Road. In the coming months, new launches are expected to witness along the areas such as Bil Road and New Alkapuri. Any new infrastructure project that had an impact on the real estate market in the last few months or is expected to impact the market in the coming months? There was a huge impact on the real estate market after the opening of flyovers on the Vasana-Bhayli Road. The Outer Ring Road (ORR) in the city has also made a huge impact. Few upcoming flyovers will open up new corridors within a year.
VADODARA propindex.magicbricks.com VOL4, ISSUE 1; APR-JUN, FY 2014-15 08 D E M A N D - S U P P LY A N A LY S I S Buyers in Vadodara continued to favour apartments in the Apr-Jun 2014 quarter, which led to a significant increase of 8 per cent in its demand. Supply of residential houses led its demand by 10 per cent. High demand for the 2 and 3BHK categories was registered in the city, in the current quarter, which was more or less met by its supply. The city registered an equal demand for properties in the Rs 20-40 lakh and Rs 40-70 lakh categories, though their supply remained low. An oversupply was witnessed in the Upto Rs 20 lakh category. Demand and supply was synonymous for properties worth Rs 70 lakh and Above in the current quarter. Figures in percentage(%) Figures in percentage(%) Figures in percentage(%) 80 60 40 20 50 40 30 20 10 0 0 60 50 40 30 20 10 0 33 DEMAND 39 44 39 13 (Jan-Mar 2014) (Apr-Jun 2014) 11 11 8 2 1 <20 20-40 40-70 60-100 100 & above 56 64 10 7 DEMAND 53 48 29 26 DEMAND 34 33 Budget wise Analysis - City Level Figures in Rs lakh Figures in percentage(%) 50 40 30 20 10 0 12 11 BHK Configuration - City Level (Jan-Mar 2014) (Apr-Jun 2014) 8 7 1BHK 2BHK 3BHK 4BHK & above 60 50 40 30 20 10 0 35 35 Property wise Analysis - City Level (Jan-Mar 2014) (Apr-Jun 2014) 15 10 Apartment Residential House Residential Plot Figures in percentage(%) Figures in percentage(%) 80 60 40 20 0 33 31 (Jan-Mar 2014) (Apr-Jun 2014) 10 11 10 12 <20 20-40 40-70 60-100 100 & above 62 57 11 7 44 38 31 36 34 37 Figures in Rs lakh (Jan-Mar 2014) (Apr-Jun 2014) 7 7 Apartment Residential House Residential Plot (Jan-Mar 2014) (Apr-Jun 2014) 11 18 1BHK 2BHK 3BHK 4BHK & above Budget wise Analysis l Equal demand of 39 per cent was registered for the Rs 20-40 lakh and Rs 40-70 lakh categories, with both categories noting an undersupply. While supply for the Rs 20-40 lakh was 35 per cent, it was 31 per cent for the Rs 40-70 lakh category l Negligible demand was noted for Upto Rs 20 lakh category, while supply was at 11 per cent. Demand and supply for the Rs 70-100 lakh and Rs 1 crore and Above categories was synonymous Property wise Analysis l Demand for apartments in Vadodara saw an 8 per cent rise in the Apr-Jun 2014 quarter and stood at 64 per cent. Supply for the same registered a drop of 5 per cent to remain at 57 per cent l Residential houses recorded 26 per cent demand, a drop of 3 per cent. Supply for the same led demand by 10 per cent and stood at 36 per cent. Demand for plots was 10 per cent and supply at 7 per cent BHK wise Analysis - City Level l The 2 and 3BHK categories continued to remain the most demanded and supplied BHK configurations in Vadodara. Together they noted 86 per cent demand and 75 per cent supply l Demand and supply for 1BHK units remained matching at 7 per. The 4BHK and Above category witnessed an oversupply with 18 per cent availability while the demand was merely 7 per cent, a mismatch of 11 per cent
VOL4, ISSUE 1; APR-JUN, FY 2014-15 propindex.magicbricks.com VADODARA 09 CAPITAL VALUES LOCALITY WISE Average Listed Residential Apartment Prices VADODARA Locality Capital Values (Rs/Sq feet) Locality Capital Values (Rs/Sq feet) Ajwa Road 1800 to 2200 Akota 3200 to 4050 Alkapuri 3650 to 4400 Atladra 2000 to 2450 Bhayli 2000 to 2450 Elora Park 2950 to 3500 Gorwa 2450 to 2900 Gotri 2250 to 2800 Gotri Road 2400 to 2900 Kalali 2100 to 2650 Karelibaug 3050 to 3650 Manjalpur 2750 to 3500 New Alkapuri 2300 to 2800 Nizampura 2650 to 3550 Old Padara Road 3000 to 3900 Race Course circle 3450 to 4450 Sama 2700 to 3450 Sama Road 2800 to 3400 Sama Savli Road 2450 to 2950 Sevasi 2300 to 2650 Subhanpura 2700 to 3250 Vasna Road 2650 to 3350 Vasna-Bhaiyli Road 2050 to 2650 Waghodia Road 2000 to 2450
propindex.magicbricks.com 10 VOL4, ISSUE 1; APR-JUN, FY 2014-15 Luxury takes centre stage in Indian cities Across India, luxury properties have seen a rising demand. However, with developers in most cities choosing to build heavily in this segment, the luxury market continued to be over-supplied. In smaller cities such as Vadodara, local demand from industrialists, in the 40-year age group seeking to upgrade lifestyle, drove demand in DELHI DEMAND 2-2.3 cr 2.3-3 cr 3-4 cr 4-5 cr 5 & Above East 33% 22% 27% 6% 12% North 28% 21% 26% 9% 16% South 11% 19% 30% 11% 29% West 39% 21% 19% 6% 15% City 20% 20% 27% 9% 24% East 25% 31% 15% 9% 20% North 14% 18% 26% 14% 28% South 4% 9% 17% 15% 55% West 34% 29% 16% 7% 14% City 8% 12% 17% 14% 49% GURGAON DEMAND 2-2.3 cr 2.3-3 cr 3-4 cr 4-5 cr 5 cr & Above Dwarka Expressway 30% 29% 29% 1% 11% Golf course Extn Rd 26% 16% 25% 11% 22% New Developing Sectors 48% 22% 26% 3% 1% New Gurgaon 24% 25% 25% 10% 16% Old Gurgaon 27% 20% 24% 9% 20% Sohna Road 42% 24% 23% 5% 6% City 27% 23% 24% 10% 16% Dwarka Expressway 26% 30% 15% 8% 21% Golf course Extn Rd 14% 22% 27% 11% 26% New Developing Sectors 64% 26% 2% 1% 7% New Gurgaon 16% 23% 22% 13% 26% Old Gurgaon 15% 35% 25% 9% 16% Sohna Road 37% 34% 13% 9% 7% City 18% 24% 22% 11% 25% the category. In most big cities, luxury demand came from IT and Manufacturing professionals looking for premium lifestyles near their place of work. It came packaged with premium asset quality, safe gated communities, lifestyle features such as jogging tracks, swimming pools, sports facilities and well planned landscaping. A key component of NOIDA DEMAND 1-1.4 cr 1.4-2 cr 2-3 cr 3-5 cr 5 cr & Above New developing sectors 60% 20% 9% 9% 3% Noida Gr Noida Expway 36% 33% 18% 10% 3% Old Noida 38% 24% 15% 16% 7% City 42% 28% 15% 11% 4% New Developing Sectors 62% 14% 13% 6% 5% Noida Gr Noida Expway 38% 24% 18% 11% 9% Old Noida 22% 17% 18% 23% 20% City 36% 21% 18% 13% 12% MUMBAI DEMAND 2-2.3 cr 2.3-3 cr 3-4 cr 4-5 cr 5 cr & Above Central Line 31% 24% 19% 11% 15% Central Mumbai 14% 17% 32% 14% 23% Harbour Line 19% 22% 22% 9% 28% Navi Mumbai 39% 16% 27% 8% 10% South Mumbai 7% 7% 17% 11% 58% Thane 41% 21% 29% 4% 5% Western Suburbs 24% 26% 23% 9% 18% City 24% 24% 22% 9% 21% Central Line 25% 33% 19% 5% 18% Central Mumbai 8% 21% 20% 11% 40% Harbour Line 17% 30% 26% 10% 17% Navi Mumbai 25% 27% 24% 7% 17% South Mumbai 3% 6% 9% 7% 75% Thane 28% 36% 19% 5% 12% Western Suburbs 19% 25% 18% 13% 25% City 16% 24% 18% 10% 32%
VOL4, ISSUE 1; APR-JUN, FY 2014-15 11 propindex.magicbricks.com luxury development has been efficient concierge services, premium brand tie-ups and predictive facilitations. Luxury in the suburbs has been around for a while. But in the past six months luxury demand has re-entered CBD (Central Business District) areas which are under re-development. A clear case is Bangalore and Chennai where traditional downtown premium areas such as MG Road and Adyar are posting both supply and robust demand for extremely high-priced modern units which are built on re-developed old plotted layouts. The buyers are the traditional wealthy citizens of the city who are upgrading to modern apartment living within localities in their comfort zone. The quality of assets supercedes the packaged lifestyle features in these areas. Location contributes to a large part of the values of these properties. As users go online to seek luxury property, PropIndex acknowledges this as a significant segment. PUNE DEMAND 1-1.2 cr 1.2-1.6 cr 1.6-2.0 2-4 cr 4 cr & cr Above Central 10% 27% 16% 21% 26% East 31% 35% 11% 17% 6% North 38% 28% 7% 19% 8% South 31% 35% 11% 19% 4% West 31% 37% 10% 17% 5% City 31% 36% 11% 16% 6% Central 4% 13% 12% 41% 30% East 27% 31% 11% 19% 12% North 21% 33% 10% 26% 10% South 25% 24% 19% 22% 10% West 27% 26% 14% 23% 10% City 26% 27% 13% 22% 12% CHENNAI DEMAND 1-1.4 cr 1.4-2 cr 2-3 cr 3-5 cr 5 cr & Above Central 33% 24% 17% 15% 11% North 37% 37% 13% 7% 6% South 41% 24% 15% 9% 11% City 38% 27% 15% 10% 10% Central 20% 23% 20% 14% 23% North 25% 27% 18% 13% 17% South 28% 21% 17% 17% 17% City 25% 23% 18% 15% 19% HYDERABAD DEMAND 1-1.4 cr 1.4-2 cr 2-3 cr 3-5 cr 5 cr & Above East 48% 20% 19% 5% 8% North 57% 28% 11% 2% 2% South 51% 24% 11% 8% 6% West 37% 25% 12% 13% 13% City 40% 25% 12% 12% 11% East 53% 22% 7% 13% 5% North 29% 33% 24% 11% 3% South 16% 18% 25% 28% 13% West 26% 20% 25% 15% 14% City 27% 21% 23% 17% 12% BANGALORE DEMAND 1-1.4 cr 1.4-2 cr 2-3 cr 3-5 cr 5 cr & Above Central 29% 30% 17% 15% 9% East 43% 31% 14% 7% 5% North 38% 29% 18% 10% 5% South 44% 26% 15% 8% 7% West 40% 27% 17% 9% 7% City 42% 29% 14% 9% 6% Central 16% 20% 19% 17% 28% East 34% 24% 20% 12% 10% North 34% 28% 21% 11% 6% South 30% 27% 21% 14% 8% West 35% 30% 20% 11% 4% City 32% 26% 21% 12% 9%
propindex.magicbricks.com VOL4, ISSUE 1; APR-JUN, FY 2014-15 CONTACT US l Post your feedback to - propindex @timesgroup.com l Join our discussion forum at - openhouse.magicbricks.com l For business enquiries - sales@magicbricks.com PROPINDEX TEAM l Content & Research: E Jayashree Kurup, Dipti Tandon, Subodh Kumar, Rishab Jain, Kanchana Dwarkanath, Sruthi Kailas, Bhawna Mongia, Ankit Sharma, Renu Arya, Aradhana Mozumdar, Girish Bindal, Neha Nagpal, Surbhi Gupta, Neha Singh Verma, Puneet Kukreja & Bikash Kumar l Layout Design: Harsha Khattar l Cover Page Design: Raghav Krishnan & Rahul Nair D I S C L A I M E R Every effort has been made to make this Index as complete and as accurate as possible. MagicBricks accepts no responsibility for inaccuracies in the information/data contained in this book. It shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information contained in this book. The information/data in this book is subject to change from time to time due to market condition.