Key Findings - MagicBricksproperty.magicbricks.com/.../images/Oct-Dec-2013/Chennai.pdfon listing of apartments and their capital and rental values on the website. Magicbricks has over

The year 2013 has been a topsy-turvy ride for the housing sector. Sentiments haveremained subdued in the recent months. However, our latest HSI report indicates earlysigns of a bump-up in the buyer sentiment. While it is still early days to conjecturewhether this will translate into a strong buying cycle, the trend will nevertheless comeas a welcome relief to the industry.

Property markets remained slow in the quarter. But we bring you PropIndex with a hostof positive findings.

Key Findings

lResidential properties worth between Rs 30-50 lakh continued to see maximumdemand.

lConsumer demand for premium villas/independent houses worth Rs 2 crore andabove topped in Bangalore and Gurgaon.

lDelay in projects has pushed demand for ready-to-move-in projects significantly. Thisis primarily due to increasing pressure of EMI plus rental values.

lResale projects have become significantly more affordable as slow transaction rate haswidened the gap between resale and new property prices.

lThere is active search indicating intense interest among buyers. As soon as sentimentschange, probably after the upcoming general elections in 2014, buyers will be readywith information and there may be quick turn around of sales.

lConsumer demand for residential plots topped in Chennai and Bangalore. Close to 50 per cent demand for residential plots was for properties worth upto Rs 30 lakh.

lIn the latest quarter, Oct-Dec 2013, the NPI showed no change in comparison to a 4 per cent rise in the Jul-Sep 2013 quarter. Cautious approach among property seekersand controlled supply by local as well as national developers has held the growth of theNational Property Index (NPI).

lThe Listed Price Monitor, which largely shows capital appreciation/drop within alocality ranged between minus 1 per cent to plus 5 per cent.

We have been publishing PropIndex for close to three years now. Over this period, we’veaccumulated a wealth of data/analytics on price/locality trends and marketperformance. We get our kicks if all of this helps you in making better informedproperty decisions. Do write in at [email protected] and share your views onthis report and how we could make PropIndex even better.

FOREWORD

Sudhir PaiBusiness Head, Magicbricks.com

Magicbricks PropIndex

Magicbricks PropIndexis a tool whichempowers propertyseekers and investorswith detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credibleproperty index can be afunction of direct valuesas the changes aregoverned by multiplefactors.

Magicbricks PropIndexhas taken this realityinto account andproduced an index basedon listing of apartmentsand their capital andrental values on thewebsite.

Magicbricks has over 600,000 active propertiesposted by more than1,50,000 active users in300 cities and 10,000localities. Our usersinclude owners, agentsand developers.

Methodology

Apartment values arebased on listings onMagicbricks. Theseinclude multistoreyapartments and singleunits on plotteddevelopments, referredto as builder floors onMagicbricks.com.

The Index is structuredin such a way thatindividual properties

are aggregated into theirrespective cities andthen to the NationalIndex. Weightages forPropIndex are based onthe supply of propertieswithin the locality/city.Based on this structure,PropIndex gives arealistic picture oftrends in price/supplyacross different propertymarkets in each city. Wehave used differentweightages for ListedPrice Monitor/RentMonitor. Therefore, readas a whole, PropIndexalong with tablesprovided for Listed PriceMonitor, Rent Monitor,Yield Monitor andCapital Values, gives anexcellent perspective ofthe property marketperformance in thequarter.

While listing and itsvalues/supply provide alevel of understandingof the market, there aremeticulous data checksto prevent aberrationscreeping in the Index.These are based onstatistical calculations,industry inputs andlogical interpretations.

The National PropertyIndex (NPI) is indicativeof the extent of activityas well as pricemovements across citiesand localities in themajor cities active onMagicbricks.com. Theindex includes the top11 cities (these have

been chosen based ontheir activity levels) andhas an individual cityreport for each of thesecities. While the NPI andits movements are ofinterest to the expertcommunity of bankers,builders and investors,the PropIndex has alsotaken care to explain thenuances of indexmovements at thelocality level that wouldhelp the huge base ofMagicbricks.comconsumers.

Insights into consumerdemand have beengathered throughanalysis of searchinformation on the site.This helps understandthe best localities bydemand, the type andconfiguration of units aswell as the budget-wisepreferences.

The PropIndex is theresult of meticulousresearch at the localitylevel and throughdetailed discussionswith experts atMagicbricks.com’soffline and onlineinitiatives.

The Indian real estatemarket is dynamic andthe PropIndex reflectsthose changes. Since it isderived from a dynamicdatabase, additions anddeletions of localitieshappen as a function ofmarket dynamics.

METHODOLOGY

There is a wealth of information within these pages. For better readability, we have presented some data as tablesand others as graphs. Between them, you will find how property markets have performed in the Oct-Dec 2013quarter from different perspectives – from that of capital appreciation, from a rental/yield realisationperspective and from a supply standpoint. Also, Demand Analysis section, explains what consumers look for.

We recommend that you evaluate the city report in its entirety and that will provide a rounded perspective of theperformance of the property market within each city. Here are the details of what you will find in each of the cityreports enclosed within:

1. City Property Index – This is a composite index which is a function of supply of properties as well as theaverage capital appreciation/drop in various localities of the city in the quarter. The city index is theweighted average of the average rate per square foot in that locality and the supply of properties from thatlocality. Premium localities (with higher average rate per square foot) as well as localities with higher supplyof properties will have a bigger impact on the Index. For example, if the supply of properties from apremium locality drops, that locality will end up having a lower weightage in the index which in turn willpush the Index downwards (and vice-versa). On the other hand, supply of properties remaining unchanged,the Index will be influenced by capital appreciation within the locality.

2. Listed Price Monitor – This metric shows the capital appreciation/drop within a locality and is calculatedon the basis of movement in the “average rate per square foot” within that locality. By and large, themovement in the “average rate per square foot” reflects capital appreciation/drop. However, in a few selectcases, we have observed that the average rate per square foot moves due to a change in the mix of apartmentswithin that locality (e.g. if the ratio of premium apartments, which command a higher per square foot rate,changes over the quarter). In these few circumstances, the Listed Price Monitor will, in turn, reflect thisinput. Such changes have been explained in the text of the City Reports.

3. Rent Monitor – This reflects the rental appreciation/drop within a locality. It is calculated on the basis ofmovement in the “average rent per square foot” within that locality. By and large, the movement in the“average rent per square foot” reflects rental appreciation/drop. However, in a few select cases, we haveobserved that the average rent per square foot moves due to a change in the mix of apartments within thatlocality (e.g. if the ratio of premium apartments, which command a higher per square foot rent, changes overthe quarter). In these few circumstances, the Rent Monitor will, in turn, reflect this input. Such changes havebeen explained in the text of the City Reports.

4. Yield Meter – Yield is the annual rate of return earned on property. The Yield Meter depicts the gross yieldpercentages across various localities. Gross yield is a ratio of average annual rental value to the averagecapital value of the property.

5. Capital Value Tables (given in Annexures) – This shows the actual range of prices within which propertieswere available in each locality in the quarter. Prices are shown in Rupees per square foot basis, these are theprevailing rates for properties in each locality.

6. Demand Analysis – This analysis of consumer demand is based on searches and requirements that usershave performed on Magicbricks.com. The top localities by demand gives an insight into consumerpeferences. The demand data has been used to arrive at various aspects of consumer requirements includingBudget-wise analysis, Property type analysis and BHK configuration analysis. This section also provides acomparison between demand and supply in the Jul-Sep 2013 and Oct-Dec 2013 quarters.

7. Realty News – Property market performance is also dependent on drivers outside the purview of buyingand selling. There are broadly four key drivers that determine the prospects of real estate – infrastructuresuch as water and power, transport links creating new growth corridors, policy such as rental laws, propertytax, etc and return on investment. PropIndex also focuses on news bytes that impact future prospects of real estate in the city.

GLOSSARY & DEFINITIONS

OCT-DEC 2013

Cautious approach by propertyseekers and controlled supply bylocal and national developers heldthe growth of the NationalProperty Index (NPI). In the Oct-Dec 2013 quarter, the NPIshowed no change in comparisonto a 4 per cent rise in the Jul-Sep 2013 quarter.

NPI is a weighted average ofsupply and values across 11 citiesin India. In the last quarter, thecity index value remained intactwithin the range of minus 4 per cent to plus 5 per cent.

Of the 11 cities in the apartmentindex, five cites saw a rise of 1-5 per cent (Chennai, Mumbai,Pune, Ghaziabad and Noida), four registered a drop between 1-4 per cent (Bangalore, Delhi,Gurgaon and Ahmedabad) andtwo witnessed stable index values(Hyderabad and Kolkata).

Chennai registered the maximumrise of 5 per cent in the city index.It was followed by Mumbai, Pune

and Ghaziabad with 2 per centrise each. Noida registered thelowest rise of 1 per cent.

Bangalore registered the steepestfall of 4 per cent. This wasfollowed by Delhi and Gurgaonwith 2 per cent each. Ahmedabadregistered a drop of 1 per cent.

The Listed Price Monitor, whichlargely shows the capitalappreciation/drop within alocality, ranges between minus 1 per cent to plus 5 per cent.

Mumbai listed price monitorregistered the maximum rise with5 per cent primarily on account ofpremium localities where valuesremained steady and up. This wasfollowed by Ghaziabad and Punewith 3 and 2 per cent riserespectively.

Hyderabad and Bangalore in the South and Ahmedabad in theWest registered a small drop of 1 per cent. Delhi and Gurgaonshowed no change.

Housing value upto Rs 50 lakhcontinued to see maximum supply

in Chennai, Kolkata andHyderabad. However, lowestsupply was registered in Gurgaon,Mumbai and Delhi.

Properties worth over Rs 1.5 crorecomprises 18 per cent of totalsupply of apartments in the 11 cities.

n Slow transactions widenedthe gap between resale andnew property prices

n Delay in projects pusheddemand for ready-to-move-inprojects significantly.

n Upcoming general electionsin 2014 lowered the rate ofinflow of funds.

n Demand for premiumproperty worth Rs 2 croreand above tops in Bangaloreand Gurgaon.

IN THIS REPORT:

National Property Index...............1

Delhi.........................................4

Gurgaon...................................13

Noida & Ghaziabad................... 24

Mumbai....................................36

Pune........................................47

Ahmedabad..............................56

Kolkata...........,........................ 61

Chennai....................................70

Hyderabad................................79

Bangalore.................................89

Annexures.................................99

NATIONAL PROPERTY INDEX (NPI)

VOL 3, ISSUE 3; OCT-DEC, FY 2013-14

OCT-DEC 2013

propindex.magicbricks.com

NATIONAL PROPERTY INDEX

l Slow transaction rate haswidened the gap between resaleand new property prices.

l Weak consumer sentiments onthe back of slow economicgrowth and consistent rise ininterest rates by RBI and delayin projects pushed demand forready-to-move-in projectssignificantly.

l Residential properties worth Rs 30-50 lakh was in maximumdemand.

l Consumer demand for premiumvillas/independent housesworth Rs 2 crore and abovetopped in Bangalore andGurgaon.

l Close to 50 per cent demand forresidential plots was forproperties worth upto Rs 30 lakh

l Chennai and Bangaloreaccounted for over 55 per centdemand for residential plotsacross 11 cities.

l Upcoming general elections in2014 have lowered the rate ofreal estate investment in thecountry.

Ahmedabad City Index as well asthe listed price monitor registereda drop of 1 per cent in the

Oct-Dec 2013 quarter. This isprimarily on the back of slowtransactions and new launches in the city. A small rise of 1-4 per cent in close to 40 per centof total localities, held the free fallof the listed price monitor.

The Delhi City Index dropped by2 per cent during the Oct-Dec 2013quarter as compared to a rise of 4 per cent in the previous quarter.Slow development rate, mainly inthe redevelopment of existingproperties, coupled with a smallrise in merely 38 per cent of thelocalities led to a drop in the cityindex. Rental market tooremained subdued with over 50 per cent localities registering adrop in average rental values.

The market performance was slowin the Oct-Dec 2013 quarter, withbuyers skeptical about investingbefore the general elections 2014.While the number of enquiresremained stable, actualtransactions went down. Thispushed the Gurgaon City Indexdownwards by 2 per cent. Over 60 per cent of localities registeredeither a drop or remainedunchanged, keeping the listedprice monitor stable.

Noida City Index and the listedprice monitor moved up by 1 per cent during the Oct-Dec 2013quarter. Project delays and

negative consumer sentiments hitthe Noida realty market towardsthe middle of the year. Thissituation improved slightly as theyear drew to a close. Newdeveloping Sectors 74-78 have beentrading well in terms ofresidential demand and capitalappreciation. This kept the indexvalue intact primarily due toproximity to developed Sectors 50and 51 and comparativelyaffordable values.

The residential market inGhaziabad witnessed a rise of 2 per cent in the City Index and 3 per cent in the listed pricemonitor. Rise in average capitalvalues in over 80 per cent of thelocalities tracked in the city, keptthe values positive. Propertiesboth in the affordable range of

Locality RankQ2 Q1

Mumbai 1 1

Bangalore 2 2

Pune 3 3

New Delhi 4 4

Chennai 5 6

Hyderabad 6 8

Kolkata 7 5

Gurgaon 8 7

Noida 9 9

Ghaziabad 10 10

Preferred Localities - Sale

Note: Q3 Oct-Dec 2013, Q2 Jul-Sep 2013

Preferred Localities - Rent

Locality RankQ2 Q1

Mumbai 1 1

Bangalore 2 2

Pune 3 4

New Delhi 4 3

Chennai 5 5

Gurgaon 6 6

Hyderabad 7 7

Kolkata 8 8

Noida 9 9

Ahmedabad 10 10Note: Q3 Oct-Dec 2013, Q2 Jul-Sep 2013

propindex.magicbricks.com VOL3, ISSUE 3; OCT-DEC, FY 2013-1402

Rs 20-40 lakh and Rs 40-70 lakhremained high. Demand remainedstrong, over 70 per cent, for multi-storey apartments.

Underlying demand for residentialproperties remained robust eventhough actual transactions were atan all-time low. Thus, there was noprice correction inspite of unsoldinventory. This resulted in a rise of2 per cent in Mumbai City Index.With rise in 53 per cent of the totallocalities and no new launches, the listed price monitor rose by 5 per cent.

The Pune residential marketconsistently performed quarter-over-quarter. In the Oct-Dec 2013quarter, the City Index as well asthe listed price monitor rose by 2 per cent. This was due to robustdemand for properties along the ITcorridor in areas such as Wakadand Baner in the West andKharadi, Viman Nagar andMagarpatta in East Pune.

The new amendment in theIncome Tax Act adversely affectedthe market, especially where theregistry value of the flats wasmore than the actual transactionvalue. This resulted in a drop inthe number of transactions inthese locations and resulted in nochange in the Kolkata City Indexvalue in the Oct-Dec 2013 quarter.

The Chennai City Index rose by 5 per cent in the Oct-Dec 2013

quarter. With a few notableexceptions, 70 per cent of themicro markets reported amarginal change in propertyvalues. This impacted the overallListed Price Monitor, recording arise of just 1 per cent. In the rentalmarket, an equal number of micromarkets registered a rise and dropin average prices.

With the unresolved Teleganaagitation, prices in Hyderabadhave not grown significantly. Thiskept the city index as well as thelisted price monitor intact. In theOct-Dec 2013 quarter, theHyderabad City Index remainedunchanged and the Listed Pricemonitor moved up by 1 per cent.

Unlike the previous quarter, theBangalore City Index dropped by4 per cent in the Oct-Dec 2013quarter. With a major portion oflocalities reporting a steadymarket with little change inproperty values, the overall ListedPrice Monitor for Bangaloreregistered a drop of 1 per cent.

Slow economic growth, risinginterest rates by the RBI, coupledwith delay in projects hasincreased the burden on propertybuyers. They also have to bear theexpenses of increased EMI as wellas rental values. This has pushedthe demand for ready-to-move-inapartments over under-construction property in thecurrent Oct-Dec 2013 quarter.

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

National - Consumer Budget Preference

30%

25%

20%

15%

10%

5%

0%

15% 15%

23%

14% 13% 12%8%

TOP Y IELD GROSSERS

Gross yield is a ratio of average annualrental value to the average capital valueof the property. Given below are the topyield-grossing localities in each city.

Locality Gross yield

Bangalore, Marathahalli 5.11%

Kolkata, Narendrapur 4.67%

Hyderabad, Nizampet 4.48%

Chennai, OMR 3.81%

Ahmedabad, Vejalpur 3.78%

Mumbai, Parel 3.45%

Noida, Sector-92 3.28%

Pune, Viman Nagar 3.07%

Ghaziabad, Indirapuram 2.93%

Delhi, Malviya Nagar 2.56%

Gurgaon, Sushant Lok-I 2.49%

CAPITAL GAINS

The table given below indicatesmaximum increase in capital values ineach city.

Locality % Change

Chennai, Thiruvanmiyur 12.14%

Hyderabad, Dilsukhnagar 9.80%

Kolkata, New Alipore 9.13%

Pune, Sopan Baug 8.81%

Bangalore, Varthur 7.33%

Mumbai, Andheri West 6.66%

Delhi, Hauz Khas 5.73%

Ghaziabad, Lal Kuan 5.56%

Ahmedabad, Vaishnu Devi 5.08%

Gurgaon, Sector-82 5.00%

Noida, Sector-82 4.56%

propindex.magicbricks.comVOL3, ISSUE 3; OCT-DEC, FY 2013-1403

PROPINDEX - CHENNAIIn Chennai the micro markets in andaround the IT corridor continued tolead in demand for properties in thecity. With 50 per cent of localitieswitnessing a rise in the averagecapital values, the listed price monitorclosed on a positive note.

Inspite of the enforcement of anadditional 2 per cent increase inregistration charges, with theannouncement of additional 1 per cent on stamp duty and 1 per cent on the registration fees on the cost of construction, the end-users did not stop buying.

South Chennai remained the mostdesired residential destination with nochange in the preference chart of thetop five localities in both rental as wellas for outright purchase. Thisindicates the robust demand forproperties in and around the IT hubsand the transport corridors such asOld Mahabalipuram Road (OMR) andthe Grand Southern Trunk Road (GST).

New Project supply continued to topthe chart in South Chennai withmaximum supply in areas such asKelambakkam, Tambaram, East CoastRoad (ECR), Pallikarnai andThiruvanmiyur.

The city registered close to 60 per centdemand for properties worth Rs 20-60 Lakh. The maximumdemand was recorded for propertiesbetween Rs 20-40 lakh with amarginal deficit in supply. The multi-storey apartments and single floorunits continued to see a mismatchbetween demand and supply.

Property buyers continued to givepreference to the multi-storeyapartments over single floor units.This gave an opportunity to bothprivate as well as the governmentbuilders to fill in the gap.

Unlike other cities, the Chennai marketregistered very small deviations in thedemand and supply across the BHKconfigurations. A marginal increase indemand was noted for 1 and 3BHKunits in the current quarter.

The rental market showed someinteresting trends, with an equalnumber of localities exhibitingvariations in the average rental valuesin the last three months. The averagerental values in the majority of areasin Central Chennai exhibitted positivetrends with one or two exceptions.

The Chennai City Index rose by 5 per cent in the Oct-Dec 2013quarter, as compared to the Jul-Sep 2013 quarter which reporteda 3 per cent rise. This impacted the List Price Monitor of Chennai, recording a rise of 1 per cent for the said quarter, unlike the previous quarter. The NPI remained unchanged.

l Areas like Thiruvanmiyur,Nungambakkam and Kolathurrecorded significant increase inproperty values (12, 10 and 7%respectively).

l Micromarkets like Nolambur,Kelambakkam, Korattur,Thoraipakkam , Poonamalleereported a marked drop invalues in the current quarter.

l While Kelambakkam, Koratturand Thoraipakkam dropped by 6 per cent, in Poonamallee thevalues fell by 5 per cent in theOct-Dec 2013 quarter.

l Property values in Nolambur,dropped by 7 per cent.

l Even though the market wassluggish, transactions have beensteadily growing, especially ascompared to the Mumbai andthe Delhi-NCR markets.

l The residential real estatemarket – both in terms ofoutright purchase or rental –seems to have been steady in theOct-Dec 2013 quarter.

l Suburbs in South Chennai,which were reporting robustgrowth, have managed to

maintain their value, evengrowing marginally in thecurrent quarter.

l Micromarkets likeMedavakkam, OMR (OldMahabalipuram Road),Madipakkam, ChromepetTownship and Hasthinapuramhave either grown by 1-2 per centin the Oct-Dec 2013 quarter ormarginally dropped by just 1 per cent.

l No sign of price correction waswitnessed in the residentialmarket in the last three months,despite slow transaction rate.

l Prime areas within Chennai likeThiruvanmiyur andNungambakkam proved to bethe most preferred residentiallocation this quarter.

l With a few notable exceptions,50 per cent of the micromarketsreported a marginal rise in theproperty values.

l Localities in the Southern andCentral part of Chennaicontinued to generate grossreturn on investment between2.3-3.8 per cent per annum.

Key Takeaways

E d i t o r i a l

propindex.magicbricks.com VOL3, ISSUE 3; OCT-DEC, FY 2013-1470CHENNAI

l Areas like Korattur, Thoraipakkam, Kelambakkamand Nolambur recorded a marked drop in capitalvalues, resulting in an increased Listed PriceMonitor of just 1 per cent.

l Suburbs in the South such as Medavakkam grew byjust 1 per cent. While the OMR, Madipakkam andIyyappanthangal recorded a 2 per cent increase inthe said period.

l Similarly in the North, West and East places likeMogappair and Siruseri reported an increase of 1 per cent, while Ambattur, saw a 1 per cent drop.

l Of the tracked localities in the city, 50 per cent ofthem showed a rise in the current quarter.

L I S T ED PR I CE MON I TOR

Locality Average Rental Average Capital Gross

Value (Rs/sqft/mth) Value (Rs/sqft) Yield

Nungambakkam 26.50 12,400 2.56%

Velachery 16.50 6,375 3.11%

Thiruvanmiyur 20.75 10,625 2.34%

Perungudi 14.25 5,725 2.99%

OMR 13.25 4,175 3.81%

Porur 12.75 5,075 3.01%

Alwarpet 30.50 15,650 2.34%

Anna Nagar 22.75 10,100 2.70%

Anna Nagar West 18.75 8,525 2.64%

Kelambakkam 10.00 3,425 3.50%

Y I E L D M E T E R

l During the Oct-Dec 2013 quarter, the Magicbricksyield meter ranged from 2.28-3.81 per cent.

l OMR regained its top slot, recording the highestgross rental yield, displacing Urapakkam whichhad recorded 4.21 per cent in the Jul-Sep 2013quarter, owing to its proximity to several IT Parks.

l Kelambakkam, which recorded 3.50 per cent grossyield, is in the second spot, after OMR.

l Alwarpet and Thiruvanmiyur reported the lowestincrease in gross rental value for the said quarter.Saturated land pockets and up-market luxuryareas are two reasons attributed to the mutedincrease in rental values in these areas.

RENT MON I TOR

l Nearly 43 per cent of the localities tracked, recordeda rise in rental values during the Oct-Dec 2013quarter reflecting a robust rental market.

l Vadapalani recorded a healthy rise of almost 7 per cent in rental values during the quarter. Thelocation is in demand as it is in the heart of the cityand is highly populated.

l RA Puram also recorded a healthy rise of more than8 per cent in rental values. Its strategic location,close to Alwarpet and Kapaleshwarar temple,comparatively lower rental values and the presenceof several educational institutions in the area hasgiven an impetus to the rental demand from studentsat these institutions.

1%

propindex.magicbricks.comVOL3, ISSUE 3; OCT-DEC, FY 2013-1471 CHENNAI

RENT

Locality Rental RankValues Q3 Q2

Velachery 15000 to 19000 1 1

Adyar 20000 to 26000 2 2

Thiruvanmiyur 18500 to 25000 3 3

Sholinganallur 13000 to 17500 4 4

Medavakkam 10000 to 13000 5 5

Nungambakkam 24000 to 31000 6 7

Mylapore 23500 to 30500 7 6

Porur 11500 to 15000 8 9

OMR 12000 to 15500 9 -

Perungudi 13000 to 16000 10 10


Locality Capital RankValues Q3 Q2

OMR 3800 to 4800 1 1

Velachery 5900 to 7200 2 2

Medavakkam 4150 to 4950 3 3

Guduvancheri 3000 to 3500 4 5

Porur 4650 to 5850 5 4

Pallikaranai 4150 to 4850 6 6

Adyar 11850 to 15700 7 8

Madipakkam 4500 to 5450 8 7

Kolathur 4350 to 5650 9 10

Tambaram 3700 to 4200 10 -

SALE


PREFERRED LOCALITIES

l South Chennai seems to be the most preferredresidential zone in the city, with eight out of the topten preferred localities falling in this zone.

l OMR, Velachery and Medavakkam retained their top three positions as the preferred residentiallocalities. While OMR is in demand due toavailability of ready-to-move-in properties,proximity to OMR makes Velachery andMedavakkam attractive for IT professionals.

l Guduvancheri gained prominence as a preferredlocation, by moving up one position on the list ofpreferred localities for sale, displacing Porur.

l Despite connectivity to the IT hubs of Guindy andeasy accessibility to both South and East Chennai,Porur dropped by one spot on the list.

l Pallikaranai and Medavakkam have been in demanddue to accessibility and connectivity. Infrastructuredevelopment, extension of MRTS, enhancement ofroad connectivity to GST and the proposed monorailproject, are boosting the realty market here.

l Velachery, Adyar and Thiruvanmiyur retained theirtop slots as the most preferred rental destinations inthe Oct-Dec 2013 quarter. Well planned residentiallayouts, wide roads, presence of prominent schoolsand colleges and medical facilities continue torender these locations as preferred for rentals.

l Proximity to the IT zones such as the TIDEL Parknear Adyar ensures continued rental demand fromIT professionals who prefer to stay here.

l Strategic location, easy access to the city centre andto the upcoming areas ensured their popularity.Thiruvanmiyur, for instance, is connected to theOMR on one end and to the ECR at the other.

l Lower rental values and easy accessibility to the IT hubs augers well for the rental markets ofSholinganallur and Medavakkam.

l Inspite of high rental values, proximity to largeoffice and commercial establishments drive therental demand in locations such as Mylapore andNungambakkam.


Growth Number of Localities with Most ActiveCorridor Projects Maximum Property

Residential Projects Typology(Multi-storey)*

South 115 Kelambakkam, Tambaram, OMR, 77%ECR, Pallikarnai, Thiruvanmiyur

North 18 Poonamallee`, Oragadam, Padi, 84%Kolathur, Avadi

Central 24 Porur, KK Nagar, Katupakkam, 88%Koyambedu, Maduravoil

*Percentage of total supplyAbove 50% 25-50% 15-25% 5-15% Less than 5%

Chennai saw few key policy and infrastructure announcements that impactedthe real estate market in the city. Buyers have to pay an additional 1 per centstamp duty and registration fees each on the cost of construction. The expansionof the Chennai Municipal Corporation limits, pushed up values.

Key policy announcements impacted Chennai’s realty in 2013Chennai’s real estate market is facing a wait-and-watch situation till the generalelections 2014.The passing year 2013, brought in specific policy announcements andinfrastructure developments that impacted the real estate market both positively andnegatively. As per the new rules that came into effect in October 2013, the state has maderegistration of construction agreements mandatory. Thus, people buying apartments inChennai will have to pay 2 per cent additional registration charges.

n Magicbricks.com Bureau

Chennai: Residential locations off the OMR gain popularity Localities situated around 6-10 km from the OMR such as Velachery, Madipakkam andMedavakkam are increasingly becoming preferred residential locations. The OMR hasremained one of the most preferred residential locations in South Chennai, particularlyfor IT professionals. As opposed to localities on the OMR, residential locations situatedwithin a radius of 6-10 km from the OMR are more preferred.

nMagicbricks.com Bureau

Which residential pockets will havemaximum developments in 2014?

Sriperumbudur, East Coast Road,Chromepet, Perumbakkam,Kelambakkam, are some localitieswhich could have maximumdevelopment in 2014 due toavailability of large land parcels andwith mid to affordable segmentproperty prices.

How many units are expected tocome at possession stage in 2014?

About 45,000 to 48,000 units arelikely to get completed and givepossession in 2014 .

What will be the impact of thegeneral elections on development?

The elections may not impact the realestate market in Chennai. However, itwill be dependent on the overalleconomic growth and stability in thecountry after the elections.

How has the financial crunch of2013 impacted development?

There was about 18 per cent drop indemand whereas, new supply wasapproximately 30 per cent lower in2013 as compared to 2012.

Will commercial stage a comeback?

The vacancy levels in Chennai arecurrently the lowest since 2010. Thetake-up recorded at the end of 2013was 5 per cent higher Y-o-Y. Withsteady demand and low vacancylevels, the commercial segment isexpected to perform better in 2014.

Which category do you expectmaximum buyer attraction in 2014?

Multi-storey apartments.

Rohit KumarHead of ResearchDTZ India

Q&A

R E A L T Y N E W S

To read full story and more news go to www.content.magicbricks.com

“Overall the builders have witnessed acontinued slow and steady market in Chennaiin the said quarter. Expectations were high insome segments in the last few months, but ithas not materialized as the target segment isstill playing the watch-and-wait game. Thedifference today as compared to earlier is thatthe consumer attitude is `let us watch andwait and get the best price and then we willbuy or invest in the market’.

Nawaz HussainDirectorSouth India Shelters Pvt. Ltd

E X P E R T S P E A KDeveloper

People in Chennai typically do not get carriedaway by amenities like swimming poolsalone, especially if they are too much in theoutskirts. Also, they do not mind paying apremium for property in the main city. Therental values for residences in prime areasmay grow only over a year. This is due to thefact that most people there are either ownersor have rented it out to commercialestablishments.

P ParthibanTreasurer & DirectorDurga Foundation

Broker


Budget wise Analysis

l The demand and supply inChennai remained more or lessconstant in the current quarterover the previous quarter. Thougha mismatch between demand andsupply was observed in somebudget categories.

l While the demand in the Upto Rs 20 lakh was 15 per cent, thesupply was 20 per cent. On theother hand, the demand in the Rs 20-40 lakh was 35 per cent butthe supply was only 30 per cent.

DEMAND - S UPP LY ANALYS I SChennai’s developers need to concentrate a little better on the Upto Rs 20 lakh and Rs 20-40 lakhcategories, where demand exceeds supply by 5 per cent and the Rs 20-40 lakh category wheresupply falls short by 5 per cent. Otherwise, the Chennai demand and supply profiles are fairlyevenly matched in the quarter.

The mismatch comes when majority of demand was for apartments while a large volume ofsupply was in single floors that are falling in demand. The demand for Independent housesexceeded supply. The only mismatch was in the 4BHK and above category where supply exceededdemand. In other categories the supply-demand profile was fairly evenly matched.

Property wise Analysis

l The maximum supply of 38 per cent was noted for SingleFloor units, which also showed anincrease of 8 per cent over theprevious quarter. But the demandin this category was only 10 per cent.

l This mismatch was also observedin the multi-storey apartments andresidential house categories. Thedemand was 41 and 17 per centrespectively, while the supply was23 and 8 per cent only.

BHK wise Analysis - City Level

l The maximum demand was seen inthe 2BHK (60%) configuration,followed by 3BHK (28%) units. Thiscorresponded with supply of 59 and 28 per cent respectively, inboth the categories.

l The 4BHK and above category hada marginal demand of 3 per centwhile the supply was double at 6 per cent. The 1BHK categoryshowed a difference of 2 per cent inthe demand (9%) and supply (7%)in the current quarter.

40

30

20

10

0<20 20-40 40-60 60-100 100 &

above

14

Fig

ures

in p

erce

ntag

e(%

)

Figures in Rs lakh

15

34 35

23 22

16 1612 12

(Jul-Sep 2013)

(Oct-Dec 2013)

Budget wise Analysis - City Level

DEMAND

40

30

20

10

0<20 20-40 40-60 60-100 100 &

above

22

Fig

ures

in p

erce

ntag

e(%

)

Figures in Rs lakh

20

30 30

21 22

13 14 14 14

(Jul-Sep 2013)

(Oct-Dec 2013)

SUPPLY

Property wise Analysis - City Level

50

40

30

20

10

0

40 41

910

18 17

28 28

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

Multistorey Single Residential Residential Villaapartment floor house plot

DEMAND

5 4

50

40

30

20

10

0

2623

30

38

98

3128

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

Multistorey Single Residential Residential Villaapartment floor house plot

SUPPLY

4 3

BHK Configuration - City Level

80

60

40

20

0

9 9

62 60

27 28

2 3

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

1BHK 2BHK 3BHK 4BHK &above

DEMAND SUPPLY

80

60

40

20

0

6 7

59 59

28 28

7 6

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

1BHK 2BHK 3BHK 4BHK &above


BHK wise Analysis


Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

Rs <20 lakh

Rs 20-40 lakh

Rs 40-60 lakh

Rs 60 lakh-1 crore

Rs1 crore and above

DEMAND SUPPLY


l A slight variation in the demand and supply was seen acrosscategories in the current quarter, though the same trend wasobserved in the previous Jul-Sep 2013 quarter as well.

l The demand in the Rs 20-40 lakh was 37 per cent while the supplywas limited at 33 per cent. Similarly, the Rs 60-100 lakh categoryshowed a demand of 16 per cent while the supply was 14 per cent.

l The Upto Rs 20 lakh, Rs 40-60 lakh and Rs 100 lakh and abovecategories showed a difference of 2 per cent with supply more thandemand in the current quarter. This trend was almost similar to thetrend in the previous quarter.

DEMAND SUPPLY

DEMAND & SUPPLY - South Chennai

In South Chennai, there were more units in the Upto Rs 20 lakh category than demand.However, the demand for the Rs 20-40 lakh units exceeded supply by about 4 per cent.

The biggest mismatch was in the type of formats that consumers looked for. Consumersclearly want more apartments with demand exceeding supply by 14 per cent. Single floorsconstituted 42 per cent of supply while there was just a 10 per cent demand. Just a third ofthe demand for houses was met with supply. In BHK units, supply matched demand exceptin the 4BHK and above where there was more supply than demand.


l The multi-storey apartment category witnessed a demand of 39 per cent, while the supply was substantially less at 25 per cent,though registering an increase of 5 per cent over the previous Jul-Sep 2013 quarter.

l Similarly, the demand for residential plots (31%) and residentialhouses (15%) was more, with supply at 23 and 6 per cent only, sameas in the previous quarter.

l On the other hand, while the demand for the Single Floor categorywas only 10 per cent the supply was significant at 42 per cent in thecurrent Oct-Dec 2013 quarter.

BHK wise Analysis

l South Chennai witnessed maximum demand and supply of 61 per cent in the 2BHK category, almost similar to the previous Jul-Sep 2013 quarter.

l The same trend was also observed in the 3BHK category withmatching demand (28%) and supply (27%) in the current Oct-Dec 2013 quarter.

l The 1BHK configuration also saw a healthy demand of 9 per centwith an almost matching supply at 7 per cent, in the current quarterwhich was similar to the trend observed in the previous Jul-Sep 2013 quarter.

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

1 BHK

2 BHK

3 BHK

4 BHK & above

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

Multistorey apartment

Single floor

Residential house

Residential plot

Villa

DEMAND SUPPLY


94

Q2 Q3

37

13

24

16 16

23

10

14

37

10

Q2 Q3

3332

13

14

27

12

14

25

1416

Q2 Q3

39

9

15

31

39

10

15

31

Q2 Q3

30

367

22

25

42

6

23

Q2 Q3

6163

9 9

26 28

Q2 Q3

6160

27 276

7 7


BHK wise Analysis


Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

Rs <20 lakh

Rs 20-40 lakh

Rs 40-60 lakh

Rs 60 lakh-1 crore

Rs1 crore and above

DEMAND SUPPLY


l The maximum demand of 35 per cent was registered for the Rs 20-40 lakh category, while the supply in the same was 29 per centin the current quarter.

l A similar supply of 30 per cent was noticed in the Upto Rs 20 lakhcategory, while the demand was only 21 per cent. The Upto Rs 20 lakh category also witnessed a drop of 4 per cent over theprevious Jul-Sep 2013 quarter.

l The demand in the Rs 40-60 lakh category was 17 per cent, while thesupply was 14 per cent, also registering an increase of 3 per centover the previous quarter.

DEMAND SUPPLY

DEMAND & SUPPLY - North Chennai

In North Chennai there was more supply than demand for property in the Upto Rs 20 lakhbudget. There was more demand than supply in the Rs 20-40 lakh budget. Other categorieswere fairly evenly matched.

While consumers were seeking apartments and houses, the market was providing singlefloor units and plots. Most of the demand and supply was in the 2 and 3BHK units. NorthChennai’s buyers are migrating from plotted development to apartments. The single floorunits, however, are still easier to build than to sell.


l The multi-storey apartment category was most demanded at 41 per cent but had a supply of only 17 per cent, showing a mismatchbetween the two.

l Similarly, the residential house category had a demand of 23 per cent, whereas, the supply was limited at 10 per cent, dropping by 4 per cent over the previous quarter.

l While the demand for the single floor units was only 8 per cent, thesupply was robust at 30 per cent, also registering an increase of 8 per cent. The residential plot category had a demand of 26 per centwhile the supply was almost 40 per cent.

BHK wise Analysis

l As seen across the city, the most demanded and supplied categorieswere 2 and 3BHK units. The 1BHK and the 4BHK and above cateredto less than 15 per cent demand and supply.

l The 2BHK category registered a demand of 58 per cent, matchingthe supply at 59 per cent, with the demand dropping by 3 per centand supply almost constant in the current quarter.

l The 3BHK category recorded a demand of 29 per cent, with analmost matching supply at 27 per cent. Both demand and supplywitnessed an increase of 2 per cent over the previous quarter.

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

1 BHK

2 BHK

3 BHK

4 BHK & above

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)


Single floor

Residential house

Residential plot

Villa

DEMAND SUPPLY


94

Q2 Q3

3535

15

19

19 21

17

14

1312

Q2 Q3

28

30

29

34

13

11

14 13

14

14

37

7

26

41

8

23

26

Q2 Q3

28

20

22

14

42

17

30

10

39

Q2 Q3

Q2 Q3

61 58

9

27 29

10

Q2 Q3

60 59

25

8

27

67

8


BHK wise Analysis


Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

Rs <20 lakh

Rs 20-40 lakh

Rs 40-60 lakh

Rs 60 lakh-1 crore

Rs1 crore and above

DEMAND SUPPLY


l The Rs 20-40 lakh and Rs 40-60 lakh categories witnessed a similardemand of 26 per cent, while the supply was 18 and 20 per centrespectively, in the current quarter.

l This was followed by the demand at Rs 100 lakh and above categoryat 23 per cent, with the supply in this category a robust 33 per cent,similar to the previous quarter.

l Only the Rs 60-100 lakh category saw a matching demand (22%) andsupply (23%). The Upto Rs 20 lakh category had a negligible demandat 3 per cent, with the supply, though constant, was double ofdemand in the Oct-Dec 2013 quarter.

DEMAND SUPPLY

DEMAND & SUPPLY - Central Chennai

There is more supply than demand in Central Chennai for units of Rs 1 crore and above.On the other hand, there is at least 8 per cent more demand than supply of units worth Rs 20-40 lakh each. Other categories are fairly evenly matched.

However, in property types, the supply and demand do not match. Consumers look forapartments which are in short supply while the market offers single floors. Residentialhouses have a good demand but supply is coming down. Similarly, there are more 3 and4BHK units than demand but 2BHK units are in demand but short on supply.


l The multi-storey apartment category witnessed more than 50 per cent demand (56%), increasing by 3 per cent. The supply inthe same was only 30 per cent, dropping by 4 per cent over theprevious quarter.

l The maximum supply of 43 per cent was seen in the single floorunits whereas, the demand was only 10 per cent. The supply alsosaw an increase of 10 per cent in the same category.

l The residential house category noted a demand of 20 per cent, withthe supply at only 13 per cent, dropping by 4 per cent in the currentOct-Dec 2013 quarter.

BHK wise Analysis

l The 2BHK category witnessed the maximum demand of 57 per centwhile the supply was 49 per cent, registering a mismatch of 8 per cent in the current quarter.

l The second most popular category was the 3BHK, noting a demandof 30 per cent and supply of 35 per cent, again showing a mismatch.

l Though the 1BHK category noted a demand of 10 per cent, thesupply was at 7 per cent. While the 4BHK and above category saw ademand of only 3 per cent, the supply was a healthy 9 per cent,dropping by 2 per cent in the current quarter, but similar to thetrend observed in the previous quarter.

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

1 BHK

2 BHK

3 BHK

4 BHK & above

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)


Single floor

Residential house

Residential plot

Villa

DEMAND SUPPLY


94

Q2 Q3

23 26

26

23

23 23

22

26

Q2 Q3

16 18

34

22

22 20

23

33

6 6

53

10

22

12

56

10

20

12

Q2 Q3

34

33

17

12

30

43

13

11

Q2 Q3

57

30

10

Q2 Q3

58

9

31

Q2 Q3

50 49

11

33

7

35

9

6


BHK wise Analysis


Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

Rs <20 lakh

Rs 20-40 lakh

Rs 40-60 lakh

Rs 60 lakh-1 crore

Rs1 crore and above

DEMAND SUPPLY


l In West Chennai, the Upto Rs 20 lakh category witnessed themaximum supply and demand. But where the supply wassubstantial at 60 per cent the demand was also substantial but onlyat 44 per cent, increasing by almost 10 per cent.

l The demand in the Rs 20-40 lakh category was 24 per cent, droppingby almost 10 per cent over the previous quarter. But the supply inthe same was limited at 19 per cent.

l The Rs 40-60 lakh category also witnessed a healthy demand at 16 per cent while the supply was only 10 per cent, similar to theprevious quarter.

DEMAND SUPPLY

DEMAND & SUPPLY - West Chennai

In West Chennai supply of units of Upto Rs 20 lakh have hit the markets while demand ispeaking for the Rs 20-40 lakh category. There is also a greater demand for Rs 100 lakh andabove property with supply falling short. In the Rs 40-60 lakh, demand leads supply byapproximately 6 per cent.

There is significantly more demand than supply for independent houses and a largersupply of plots than there is demand. A greater demand is seen for plots than there issupply. There was an almost matching demand and supply in the BHK configurations.


l West Chennai witnessed a substantial demand of over 50 per cent inthe residential plot category, whereas, the supply in this categorywas a robust 67 per cent, registering a mismatch.

l The category of single floor units witnessed a demand of 19 per cent, dropping by 10 per cent over the previous quarter. Thishad a matching supply of 17 per cent in the current quarter.

l The residential house category witnessed a healthy demand of 18 per cent but the supply was only 7 per cent, showing a significantmismatch. The multi-storey apartment category had a limiteddemand and supply of less than 10 per cent.

BHK wise Analysis

l Approximately 90 per cent of the demand and supply was witnessedin the 2 and 3BHK categories. The 2BHK category saw a demand of63 per cent with a matching supply of 65 per cent, increasing by 7 per cent over the previous quarter.

l This was followed by the demand of 25 per cent in the 3BHKcategory and again a matching supply of 23 per cent in the currentOct-Dec 2013 quarter.

l The 1BHK category noted a demand of 9 per cent and a supply of 8 per cent, both observing a drop of 3 per cent over the previous Jul-Sep 2013 quarter.

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)

1 BHK

2 BHK

3 BHK

4 BHK & above

Q2 (Jul-Sep 2013)

Q3 (Oct-Dec 2013)


Single floor

Residential house

Residential plot

Villa

DEMAND SUPPLY


94

Q2 Q3

44

35

9

16

24

10

33

17

7

Q2 Q3

6058

19

109

9 7

20

24

17

47

19

18

51

Q2 Q3

7 9

7

69

8

17

7

67

Q2 Q3

17

Q2 Q3

62 63

24

12 9

25

Q2 Q3

58 65

25 23

811

6


ANNExUrES

Adambakkam 5150 to 6200

Adyar 11850 to 15700

Ambattur 3700 to 4500

Anakaputhur 3300 to 3750

Anna Nagar 9000 to 12100

Anna Nagar West 7750 to 9950

Arumbakkam 7450 to 9100

Avadi 3100 to 3950

Besant Nagar 13750 to 17250

Chromepet 4200 to 5300

Guduvanchery 3000 to 3500

Iyyappanthangal 3700 to 4150

Kattupakkam 3750 to 4300

Kelambakkam 3200 to 3850

Kilkattalai 4350 to 5200

Kilpauk 10400 to 13350

KK Nagar 5700 to 7600

Kodambakkam 6800 to 9050

Kolathur 4350 to 5650

Korattur 5000 to 6400

Kovilambakkam 3900 to 4600

Koyambedu 5600 to 7150

Kundrathur 3450 to 3950

Madambakkam 3600 to 4200

Madipakkam 4500 to 5450

Medavakkam 4150 to 4950

Mogappair 5900 to 6950

Mugalivakkam 4700 to 5700

Mylapore 11500 to 15950

Nanganallur 5300 to 6550

Nanmangalam 3700 to 4300

Navalur 3950 to 4600

Nungambakkam 11300 to 14400

Old Mahabalipuram Road 3750 to 4850

Oragadam 2850 to 3400

Padur 3650 to 4350

Pallavaram 4050 to 4900

Pallikaranai 4150 to 4850

Pammal 3750 to 4600

Perambur 4950 to 6050

Perumbakkam 3850 to 4550

Perungalathur 3650 to 4250

Perungudi 5400 to 6300

Poonamallee 3650 to 4350

Porur 4650 to 5850

RA Puram 14350 to 19750

Ramapuram 5600 to 6650

Saligramam 6450 to 8150

Selaiyur 3800 to 4600

Sembakkam 3850 to 4750

Sholinganallur 4400 to 5500

Siruseri 3350 to 3750

Sithalapakkam 3450 to 3800

Sriperumbudur 2700 to 3300

T Nagar 9900 to 13750

Tambaram 3700 to 4200

Tambaram East 3800 to 4350

Tambaram West 3550 to 4350

Thirumullaivoyal 3300 to 3900

Thiruvanmiyur 9600 to 12500

Thoraipakkam 4950 to 5800

Urappakkam 3150 to 3750

Vadapalani 6400 to 8200

Valasaravakkam 5600 to 6750

Vandalur 3550 to 4300

Velachery 5900 to 7200

Vengaivasal 3600 to 4050

Villivakkam 4900 to 6050

West Mambalam 7950 to 10900

CAPITAL VALUES – LOCALITY WISE

Average Listed Residential Apartment Prices

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

CHENNAI

propindex.magicbricks.comVOL3, ISSUE 3; OCT-DEC, FY 2013-14 CHENNAI107

VOL3, ISSUE 3; OCT-DEC, FY 2013-14

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.

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Documents

Key Findings - MagicBricksproperty.magicbricks.com/.../images/Oct-Dec-2013/Chennai.pdfon listing of apartments and their capital and rental values on the website. Magicbricks has over