Key Findings - MagicBricksproperty.magicbricks.com/microsite/buy/propindex/images/Oct-Dec-2… ·...

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 - KOLKATAApartment values exhibitted stableprice trends in the city in the Oct-Dec 2013 quarter due to a drop inthe transaction rate and drying up ofdemand from investors. New ITamendments too, had an adverseeffect, especially where the registryvalue of apartments was more thanthe actual transaction value. This wasprimarily attributed to the high tax tobe paid by the homebuyers anddevelopers alike.

New IT amendments, weak consumersentiments and the upcoming generalelections have slowed the demandand supply in the city. It has forceddevelopers to negotiate between 5-10 per cent on the asking values.This has resulted in showing signs ofimprovement in demand primarilyfrom end-users for the ready-to-move-in properties.

The majority of demand was in areasin and around the commercial centersof the city such as Salt Lake, Rajarhatand the new developing destinationsin the affordable category in SouthKolkata. This evaded any significantdrop in values.

Properties in the budget range of Rs 20-40 lakh continued to findmaximum number of takers. Rajarhat,New Town, Garia, Behala andSantoshpur were the most preferredamong property seekers in the saidbudget range.

These areas also witnessed themaximum number of new projects inthe city with over 85 per cent of thetotal supply in the multi-storeyapartment category.

BT Road, Barasat, Jessore Road andUttarpara in North Kolkata witnessednew residential development with over90 per cent of supply again, in themulti-storey apartment category.

With over 50 per cent of totaldemand, 2BHK units continued to bethe most preferred configuration, whilesupply was a little short. The oppositewas seen for the 3BHK units in thecurrent Oct-Dec 2013 quarter.

The demand and supply scenario inthe city is expected to remain subduedtill the general elections and theformation of a stable centralgovernment. This has given anopportunity for genuine propertybuyers to negotiate and grab a gooddeal in the market.

City Index of Kolkata remained unchanged in the Oct-Dec 2013quarter as opposed to the significant 9 per cent rise that wasnoticed in the previous Jul-Sep 2013 quarter. Price Monitorinched up by 1 per cent during the same period. The NationalProperty Index (NPI) remained unchanged.

l The realty market in the citywas largely stable in the last fewmonth of the year 2013. Buyersentiments were low whichresulted in lower transactions.Market experts feel that buyersare holding purchases till thegeneral elections.

l Further, the amendment in theIncome Tax Act which maderegistering of residentialproperties more expensive thanthe property value, also had anegative impact on the market.

l Inspite of low sentiments,capital values across most of thelocalities in the city were eitherstable or saw a rise.

l Localities in the East such asRajarhat and New Town weresignificantly hit due to theregistration of properties beinghigher in these localities thanseveral other locations.

l These locations are also reelingunder over-supply. To beginwith, in order to promote IT, thecommercial set-ups were given aFAR of 5. Anticipating fastpaced IT growth, multipleresidential projects have come

up. However, the IT sector hasbeen slow in the last few monthswith IT professionals moving toother IT destinations.

l This has had a negative impacton the rental market of the cityas well. Most of the localities inthe East such as Rajarhat, NewTown, New Town Action Area Iand II have witnessed fallingrental values.

l Rental demand shifted largelytowards localities in the Southsuch as Garia and Narendrapur.This was owing to lower valuesand easy connectivity to the IThub in the East.

l New Alipore emerged as apreferred locality registering arise of almost 15 per cent incapital values in the last sixmonths. Proximity to Alipore, ahigh end location and re-development, has bumped up thedemand in the locality.

lMaximum demand and supplywas noted in the budget range ofRs 20-40 lakh. A demand supplymismatch was for propertiesworth above Rs 1 crore. Supplyexceeded demand by 6 per cent.

Key Takeaways

E d i t o r i a l

propindex.magicbricks.comVOL3, ISSUE 3; OCT-DEC, FY 2013-1461 KOLKATA

l More than 62 per cent of the localities trackedrecorded a rise of 1-9 per cent in capital values.

l Significant upward movement was noted in NewAlipore, Santoshpur and Garia.

l Increased supply of high end projects in NewAlipore has pushed up the average capital values inthe locality. It witnessed a 9 per cent rise in capitalvalues during the Oct-Dec 2013.

l Santoshpur has also witnessed a sudden spurt inresidential values as the metro construction isnearing completion. The locality registered a rise ofnearly 7 per cent in capital values in the Oct-Dec 2013 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

Rajarhat 12.75 3,425 4.47%

EM Bypass 17.75 4,850 4.39%

Garia 11.50 3,500 3.94%

Behala 11.75 3,675 3.84%

Narendrapur 12.25 3,150 4.67%

New Town 13.00 4,650 3.35%

Dum Dum 10.50 3,300 3.82%

Jadavpur 12.00 4,500 3.20%

New Alipore 19.00 6,875 3.32%

Jodhpur Park 19.50 7,500 3.12%

Y I E L D M E T E R

l Localities in Kolkata clocked rental returns in therange of 3.12-4.67 per cent as compared to 3-4.13per cent recorded in the previous quarter

l Narendrapur recorded the highest yield duringthe Oct-Dec 2013 quarter. A rise of 11 per cent inrental values with almost stable capital valuespushed up the yield here.

l Rajarhat, the highest grosser last quarter, clockeda yield of 4.47 per cent followed by EM Bypasswhich registered a yield of 4.39 per cent.

l During the last two quarters of 2013, Rajarhatovertook EM Bypass as the higher grosser due tothe steady rise of capital values and relatively lowmovement of the rental values on EM Bypass.

RENT MON I TOR

l The rental market witnessed a slump towards theend of the year with nearly 60 per cent of thelocalities tracked recording a drop in values.

l The impact was largely seen in localities driven bythe IT sector such as Rajarhat, New Town, NewTown Action Area I and II, Dum Dum etc. Theserecorded a drop of 4-5 per cent largely due to over-supply of residential units.

l People prefer to reside in Garia and Narendrapurdue to lower values and improved connectivity viathe metro rail.

l Both locations have witnessed constant rise sincethe last two years clocking a rise of 20-30 per cent.

1%

propindex.magicbricks.com VOL3, ISSUE 3; OCT-DEC, FY 2013-1462KOLKATA

Growth Number of Localities with Most ActiveCorridor Projects Maximum Property

Residential Projects Typology(Multi-storey)*

South 54 Behala, Garia, Narendra Pur, 87%Sonarpur

East 46 Rajarhat, EM Bye Pass, 91%New Town

North 24 BT Road, Barasat, Jessore Road, 93%Uttarpara

*Percentage of total supply

RENT

Locality Rental RankValues Q3 Q2

Salt Lake 14000 to 18000 1 1

New Town 12000 to 15000 2 2

Kestopur 10000 to 11500 3 3

New Town Action Area 1 13000 to 16000 4 -

Dum Dum 10000 to 12000 5 4

Rajarhat 11500 to 15000 6 5

Tolly Gunje 14000 to 19000 7 -

Garia 10500 to 13500 8 7

Jadavpur 11000 to 14000 9 9

Behala 10500 to 14000 10 8


Locality Capital RankValues Q3 Q2

Rajarhat 3100 to 4000 1 1

New Town 4250 to 5350 2 2

Garia 3200 to 4100 3 5

Behala 3350 to 4250 4 4

Salt Lake 4850 to 6550 5 6

New Town Action Area 1 4750 to 5850 6 7

Dum Dum 3050 to 3750 7 8

Kestopur 2850 to 3350 8 9

Jadavpur 4050 to 5350 9 -

Tollygunge 3800 to 5050 10 -

SALE


PREFERRED LOCALITIES

l Both East and South Kolkata were equally preferredfor buying property in the Oct-Dec 2013 quarter.

l As opposed to the last quarter, when 50 per cent ofpreference was for eastern localities, southernlocations such as Garia, Jadavpur and Tollygungegained due to lower values and easy connectivity.

l Further, the higher registration value in locationssuch as Rajarhat and New Town has resulted in thisshift of demand.

l Garia moved up two positions on the back of thisdemand to settle at the third position.

l However, Rajarhat and New Town continued to bethe most preferred locations for buying property inthe city in the current quarter.

l Behala continued to remain on the preferred list ofnon-IT buyers due to its proximity to the CBD areaof Dalhousie. Moreover, the locality has one of thelargest supply of residential properties in thebudget range of Rs 20-40 lakh, second only to Garia.

l As in the previous quarter, Salt Lake continued to bethe most preferred location for rentalaccommodation due to the aspiration value. Peopleprefer to rent rather than buy because of the highprices. Thus, rental demand is robust.

l New town is a close second being nearest to SaltLake. It garners rental demand from those lookingfor property within Rs 12,500-15,000 per month.

l Rajarhat and Dum Dum dropped one position eachon the preferred list of localities for rent.

l Over-supply of residential units on rent along withreduced demand has resulted in this drop.

l Movement of residential demand towards the Southhas brought Tollygunge and Jadavpur on thepreference list.

l Garia also dropped one position on the list ofpreferred rental locations. This may be attributed tothe fact that people now largely prefer to buy ahouse here rather than rent it.

Above 40% 30-40% 20-30% 10-20% Less than 10%


Kolkata, a metropolitan city of India, has been seeing a spurt in the demand andsupply of affordable housing. Areas such as Kestopur, Garia and Dum DumCantonment are providing properties under Rs 30 lakh. Narendrapur’stransformation into a growing investment destination is also a good sign.

Spurt in affordable housing Kolkata is seeing several real estate developments since the last few years. Newlocalities and projects came up in the city in the last six months. However, propertyprices have not appreciated much lately. The end users have lot of options in the budgetsof Rs 10-20 lakh and 30-50 lakh. While areas, such as Kestopur, Garia and Dum DumCantonment offer properties under Rs 20 lakh, in Narendrapur the prices may go up toRs 50 lakh due to the area’s smooth connectivity.

n Magicbricks.com Bureau

Narendrapur: From sleepy suburb to sought-after destination The metamorphosis of Narendrapur from a sleepy suburb to a sought-after propertydestination is outstanding. The driving factors are affordable values and connectivitywith the central areas. “With the under-construction metro rail and the extension of theEastern Metropolitan Bypass Road to Baruipur, Narendrapur has got another feather toits cap,” informs Samir Das of Sansonz Solutions Pvt Ltd, a local realtor. In addition,this is already working as a catalyst in attracting investors and end users alike.

n Magicbricks.com Bureau

Which residential pockets will havemaximum developments in 2014?

Rajarhat, Narendrapur-Sonarpur,Madhyamgram-Sodepur, Behala-Joka, EM Bypass.Reason: Availability of large parcels ofland and ongoing physical and socialdevelopments.

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

Around 12,500 units.

What will be the impact of thegeneral elections on development?

Post the elections, the economy isexpected to improve with theimplementation of necessary policyinitiatives. Demand for office spaceswill increase as companies expandtheir operations. This would revive thedemand for residential properties.

How has the financial crunch of2013 impacted development?

The demand for residential propertieshad slowed and was subdued,especially during H2 2013. Theimpact was felt across the mid andhigh-end segments as both end-usersand investors preferred to postponetheir buying decisions.

Will commercial stage a comeback?

Yes, demand for commercial officespace is expected to increase. Thestate government is exploringpossibilities of amendments in theUrban Land Ceiling Act, including aproposal to keep the IT industryoutside the purview of the Act.

Which category do you expectmaximum buyer attraction in 2014?

Multi-storey apartments.

Abhijit DasOffice Director- East,Cushman & Wakefield

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

“The market was slow during the last quarterof the year, a trend witnessed throughout theyear. Transactions dropped. We usually sellmore than 20 units in a month. However,during the entire Oct-Dec 2013 quarter wedid not manage to reach that number. Luxurysegment was badly hit. Only those in direneed of housing went for the actual purchase.These transactions were largely limited to thebudget range of Rs 25-35 lakh.”

Vikash AggarwalDirectorRijwada Group

E X P E R T S P E A KDeveloper

“Residential demand was limited to projectsthat were complete or nearing completion asinvestors have stayed away and only endusers are transacting. In fact, investors wereexiting the market in large numbers duringthe last quarter of the year, resulting in aninventory pile up. We expect prices to firm inthe beginning of 2014. Demand is expectedto grow as the market is bottoming out andpotential buyers might decide to buy.”

Vivek SharmaOwnerPinata Consultants

Broker


50

40

30

20

10

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

above

24

Fig

ures

in p

erce

ntag

e(%

)

Figures in Rs lakh

24

42 40

18 1711 11

5 8

(Jul-Sep 2013)

(Oct-Dec 2013)

Budget wise Analysis - City Level

DEMAND

50

40

30

20

10

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

above

11

Fig

ures

in p

erce

ntag

e(%

)

Figures in Rs lakh

10

37 38

21 21

16 1715 14

(Jul-Sep 2013)

(Oct-Dec 2013)

SUPPLY

Budget wise Analysis

l The maximum demand and supplyof 40 per cent was witnessed in theRs 20-40 lakh category. This wasfollowed by demand of 24 per centin the Upto Rs 20 lakh category anda supply of 21 per cent in the Rs 40-60 lakh category.

l Whereas, the supply in the Upto Rs 20 lakh category was only 10 per cent, the demand in theRs 40-60 lakh was 17 per cent.These trends were consistent withthe previous quarter.

DEMAND - S UPP LY ANALYS I SThe Rs 20-40 lakh category was the most significant by demand and supply. The Rs 40-60 lakhcategory was the next most in demand. Demand exceeded supply in the Upto Rs 20 lakh segmentwhile supply exceeded demand in the Rs 60-100 lakh category. There was almost double supplythan demand in the Rs 1 crore and above category.

Multi-storey apartments have cornered 84 per cent demand and similar supply in Kolkata. Thereis a small demand for residential houses and smaller supply. Over 50 per cent demand was for 2BHK units while supply was a little short. However, there was marginally more 3BHK units thandemand in the current quarter.

Property wise Analysis

l The demand and supply ofapproximately 85 per cent wasrecorded for the multi-storeyapartment category, similar to theprevious Jul-Sep 2013 quarter.

l Of the remaining 15 per cent, therewas a significant demand of 8 per cent in the residential housecategory where the supply was halfat 4 per cent. In the builder floorcategory the demand was anegligible 2 per cent while thesupply was double at 4 per cent.

BHK wise Analysis - City Level

l Though the maximum demand(53%) was registered in the 2BHKcategory, dropping by 4 per cent,the supply was at 42 per cent.

l Whereas, the maximum supply(47%) was in the 3BHK category,the supply was less at 35 per cent,though noting an increase of 4 per cent. Significant demand(8%) was seen in the 1BHKcategory, while a similar supplywas observed in the 4BHK andabove category.

Property wise Analysis - City Level

100

80

60

40

20

0

84 84

2 27 7 7 6

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

Multistorey Single Residential Residentialapartment floor house plot

DEMAND SUPPLY

100

80

60

40

20

0

8387

6 4 3 4 8 5

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

Multistorey Single Residential Residentialapartment floor house plot

BHK Configuration - City Level

60

50

40

30

20

10

0

9 8

5753

3135

3 4

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

1BHK 2BHK 3BHK 4BHK &above

DEMAND SUPPLY

60

50

40

30

20

10

03 3

40 4247 47

108

(Jul-Sep 2013)

(Oct-Dec 2013)

Fig

ures

in p

erce

ntag

e(%

)

1BHK 2BHK 3BHK 4BHK &above


Maximum demand and most of the supply in South Kolkata was in the Rs 20-40 lakhbudget. There was significant demand in the Upto Rs 20 lakh category but supply was just9 per cent. The Rs 1 crore and above category was significantly oversupplied.

Multi-storey apartments was the most significant category by demand and supply. Units of2 and 3BHK were most in demand and supply in South Kolkata. However, there was asupply and demand mismatch in both categories. There was a small demand for 1BHKunits and smaller supply. There was more supply than demand in the 4BHK category.

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

DEMAND SUPPLY

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

DEMAND SUPPLY


94


l The maximum demand (40%) and supply (37%) was witnessed in theRs 20-40 lakh category. This was followed by the Rs 40-60 lakhcategory, which recorded a demand of 17 per cent and a supply of 23 per cent in the current quarter.

l A substantial mismatch was noted in the Upto Rs 20 lakh category,where the demand was a robust 23 per cent and the supply was only9 per cent.

l An opposite but similar trend was observed in the Rs 1 crore andabove category, where the demand was only 9 per cent while thesupply was a healthy 18 per cent.

DEMAND & SUPPLY - South Kolkata


l The maximum and approximate 85 per cent demand and supply wasrecorded in the multi-storey apartment segment, with the supplyincreasing by 5 per cent in the current Oct-Dec 2013 quarter.

l The demand in the residential house category was at 9 per cent,while the supply was a marginal 4 per cent, similar to the previousJul-Sep 2013 quarter.

l The demand and supply in the builder floor and residential plotcategories was matching. But the supply in both these categorieswitnessed a drop of 3 per cent in the current quarter, over theprevious quarter.

BHK wise Analysis

l Both 2 and 3BHK categories witnessed a consolidated demand andsupply of 88 per cent, but individually registered a significantmismatch in the current Oct-Dec 2013 quarter.

l While the demand in the 2BHK category was 54 per cent, the supplyin the same was at 42 per cent. Similarly, while the demand in the3BHK category was limited at 34 per cent the supply was asubstantial 46 per cent.

l Again, while the demand in the 1BHK category was 8 per cent, the4BHK and above category showed a supply of approximately thesame at 9 per cent.

Q2 Q3

4042

22

19 17

10 11

7 9

23

Q2 Q3

3735

10

23 23

14 13

18 18

9

Q2 Q3

83 83

9 9

Q2 Q3

81 86

8

8

Q2 Q3

5455

33

9 8

34

Q2 Q3

4647

10 9

40 42


5

5

Maximum demand and supply was in the Upto Rs 40 lakh category. The Rs 40-60 lakhcategory was marginally oversupplied while the Rs 60-100 lakh category too, wasoversupplied by a larger margin.

Over 85 per cent of demand and 90 per cent of supply was in the multi-storey apartmentscategory. More demand than supply was for residential houses. The 2BHK categorydominated both demand and supply. Units of 3BHK were also in demand but supply wasmore. About 6 per cent supply was for 4BHK and above but demand was half the supply.

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

DEMAND SUPPLY

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

DEMAND SUPPLY


94


l The Upto Rs 20 lakh and the Rs 20-40 lakh categories witnessed analmost similar demand of 42 and 43 per cent, respectively. But wherethe supply in the latter was a substantial 54 per cent, it was only 17 per cent in the former.

l The Rs 40-60 lakh category also recorded a mismatch, with demandof only 10 per cent and the supply again at 17 per cent, similar to theprevious Jul-Sep 2013 quarter.

l The Rs 60-100 lakh category saw a supply of 9 per cent, while thedemand was a meager 4 per cent in the current Oct-Dec 2013 quarter,as was seen in the previous quarter.

DEMAND & SUPPLY - North Kolkata


l Maximum demand of 85 per cent was observed in the multi-storeyapartment category, increasing by 3 per cent. The supply in the samewas also maximum but at 90 per cent, again increasing by 4 per centin the Oct-Dec 2013 quarter.

l The residential house category saw a demand of 8 per cent,dropping by 3 per cent. Whereas, the supply was an insignificant 3 per cent in the current quarter.

l The builder floor apartment again, noted an insignificant demand of2 per cent while the supply was double at 4 per cent, dropping by 3 per cent over the previous Jul-Sep 2013 quarter.

BHK wise Analysis

l The 2BHK category witnessed a demand of 62 per cent, while thesupply was at 53 per cent, showing a mismatch of almost 10 per cent,though similar to the previous Jul-Sep 2013 quarter.

l This was followed by the 3BHK category which recorded a demandof 24 per cent while the supply was a robust 38 per cent, registeringa mismatch of 14 per cent but again, as seen in the previous quarter.

l This mismatch was also observed in the 1BHK category, where thedemand was a significant 11 per cent, while the supply was only 5 per cent in the current Oct-Dec 2013 quarter.

Q2 Q3

41 42

44 43

11 10

Q2 Q3

19

52 54

16 17

9 9

17

Q2 Q3

8582

11 8

Q2 Q3

9086

7

Q2 Q3

63 62

24 24

1112

Q2 Q3

51 53

39

438

6


There was equal demand for houses of Upto Rs 20 lakh and Rs 20-40 lakh. However, thesupply in the Upto Rs 20 lakh category is rapidly falling. There was a moderate demandfor the Rs 40-60 lakh category but supply was limited.

Multi-storey apartments constituted over 50 per cent of demand and 40 per cent of supply.Residential plots and houses were significant categories but demand for plots was equal tosupply but demand for houses was falling. Units of 2 and 3BHK dominated the demandand supply index.

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

DEMAND SUPPLY

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

DEMAND SUPPLY


94


l The Upto Rs 20 lakh category registered a demand of 42 per cent inthe current quarter, while the supply showed a mismatch at 32 per cent. The supply also witnessed a significant drop of 30 per cent over the previous quarter.

l Similarly, the Rs 40-60 lakh category saw a demand of 14 per cent,while the supply was a significant 20 per cent. The supply alsowitnessed an increase of over 10 per cent in the current quarter.

l The Rs 20-40 lakh category observed a matching demand and supply,though the demand noted a drop of 5 per cent and the supply saw anincrease of over 15 per cent.

DEMAND & SUPPLY - West Kolkata


l In West Kolkata, the multi-storey apartment category witnessedover 50 per cent demand while the supply was 40 per cent, thoughhaving doubled over the previous quarter.

l The residential plots category saw a matching demand (33%) andsupply (34%) but the supply registered a drop of almost 45 per centin the current quarter.

l The demand in the residential house category was at 12 per cent,increasing by 7 per cent, whereas, the supply was a substantial 25 per cent, increasing by almost the same amount as had a supplyof only 1 per cent in the previous quarter.

BHK wise Analysis

l The 2BHK category witnessed a demand of 45 per cent and a supplyof 49 per cent, registering a mismatch of only 4 per cent. But whilethe demand dropped by almost 20 per cent, the supply increased byapproximately 10 per cent.

l The 3BHK category noted an increase of 6 per cent at 31 per cent,while the supply was at 40 per cent, consistent with the previous Jul-Sep 2013 quarter.

l The 1BHK category recorded a demand of 18 per cent, increasing by7 per cent, and a supply of 7 per cent, dropping by 3 per cent in thecurrent quarter.

Q2 Q3

4242

4338

10 14

Q2 Q3

62

48

2128

9 15

Q2 Q3

56 53

38 33

12

Q2 Q3

20 24

78 60

15

Q2 Q3

45

2531

62

11 18

6

Q2 Q3

3849

13

3940

10


7

The Rs 20-100 lakh categories dominated the demand and supply profiles. The Rs 20-40lakh segment was undersupplied while the Rs 60-100 lakh categories were oversupplied.The Rs 1 crore and above category had 14 per cent supply to match just 8 per cent demand.Both, demand and supply have remained stable compared to the previous quarter.

Apartments dominated demand and supply and accounted for over 85 per cent. Maximumdemand was for 2BHK while maximum supply was of 3BHK units. The 4BHK and abovecategory was small yet oversupplied. The demand for 2BHK has grown in the quarter.

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

DEMAND SUPPLY

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

DEMAND SUPPLY


94


l The Rs 20-40 lakh category witnessed a demand of 39 per cent, whilethe supply was at 31 per cent, registering a mismatch, thoughsimilar to the previous quarter.

l This was followed by demand of 24 per cent in the Rs 40-60 lakhcategory and supply of 27 per cent in the Rs 60-100 lakh category.The supply in the former was matching at 22 per cent, but thedemand in the latter noted a difference of 10 per cent at 17 per cent.

l The demand in the Rs 1 crore and above was limited at 8 per centwhereas, the supply was a significant 14 per cent in the current Oct-Dec 2013 quarter.

DEMAND & SUPPLY - East Kolkata


l The maximum demand of 86 per cent was in the multi-storeyapartment category, with a matching supply of 88 per cent in thesame category, consistent with the previous Jul-Sep 2013 quarter.

l Second to multi-storey apartment segment was the residential plotcategory, showing a matching demand of 8 per cent and supply of 6 per cent, dropping by 2 per cent in the current Oct-Dec 2013quarter, again similar to the previous quarter.

l The builder floor apartment and the residential house categoryregistered a marginal but consistent demand and supply in thecurrent quarter.

BHK wise Analysis

l The demand in the 2BHK category was 45 per cent, dropping by 10 per cent, while the supply in this segment was at 34 per cent,consistent to the previous quarter.

l The 3BHK category also recorded a mismatch with the demand at 43 per cent, increasing by approximately 10 per cent, and the supplyat a substantial 53 per cent, similar to the previous quarter.

l Where the remaining demand was almost equally distributedbetween the 1BHK (7%) and 4BHK and above (5%) categories, thesupply was more in the latter at 10 per cent. The former saw amarginal supply of only 3 per cent.

Q2 Q3

41 39

24

12 12

24

17 17

86

Q2 Q3

3130

6

22

26

22

6

27

16 14

Q2 Q3

87 86

8 8

Q2 Q3

8688

68

2

Q2 Q3

5545

6

35 43

7

Q2 Q3

53 53

33 34

12 10


ANNExUrES

Airport 2700 to 3400

Alipore 11850 to 15400

BT Road 3300 to 4050

Baghajatin 3100 to 3950

Baguiati 2900 to 3550

Ballygunge 10650 to 13350

Ballygunge Circular Area 10100 to 13600

Bangur 4300 to 5500

Bansdroni 2850 to 3650

Baranagar 2850 to 3600

Barasat 2150 to 2650

Behala 3350 to 4250

Belghoria 2450 to 3050

Bhawanipur 8500 to 10800

Birati 2700 to 3300

Chinar Park Bus Stop 3600 to 4450

City Centre Newtown 3800 to 4700

Deshapriya Park 8850 to 10650

Diamond Harbour Road 3150 to 4250

Dum Dum 3050 to 3750

Dum Dum Cantonment 2300 to 2800

EM Bypass 4250 to 5900

EM Bypass South East 3500 to 4550

Ganguli Bagan 3350 to 4050

Garia 3200 to 4100

Garia Boral Road 2550 to 3000

Gariahat 8750 to 11750

Hazra 7950 to 10050

Howrah 2750 to 3650

Jadavpur 4050 to 5350

Jessore Road 3150 to 4250

Jodhpur Park 7000 to 8400

Kaikhali 2900 to 3600

Kalikapur 3800 to 4700

Kamalgazi 3250 to 4000

Kasba -East 4250 to 5450

Kasba -North 4000 to 4850

Keshtopur 3000 to 3450

Lake Gardens 5050 to 6500

Lake Town 4450 to 5600

Madhyamgram 2400 to 2950

Madurdaha 3850 to 4500

Mukundpur 2950 to 3550

Nager Bazar 3000 to 3650

Naktala 3400 to 4300

Narendrapur 2850 to 3650

Nayabad 2950 to 3350

Netaji Nagar 3500 to 4750

New Alipore 6200 to 8100

New Town 4250 to 5350

New Town Action Area 1 4750 to 5850



Patuli 3600 to 4450

Picnic Garden 3750 to 4650

Prince Anwar Shah Road 10200 to 13300

Prince Anwar Shah Road Connector 4150 to 5050

Rajarhat 3100 to 4000

Rajarhat Chowmatha 2600 to 3100

Rajarhat Main Road 3300 to 4250

Salt lake 4850 to 6550

Santoshpur 3750 to 4650

Sinthi 3050 to 3700

Sodepur 2750 to 3800

Sonarpur 2450 to 2950

Southern Avenue 8900 to 11450

Teghoria 3250 to 4100

Thakurpukur 2750 to 3600

Tolly Gunje 3800 to 5050

VIP Road 3350 to 4500

CAPITAL VALUES – LOCALITY WISE

Average Listed Residential Apartment Prices

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

KOLKATA

propindex.magicbricks.com VOL3, ISSUE 3; OCT-DEC, FY 2013-14KOLKATA 106

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.

CONTACT US

l Post your feedback to -

propindex @timesgroup.com

l Join our discussion forum at -

openhouse.magicbricks.com

l For business enquiries -

[email protected]

PROPINDEX TEAM

l Content & research: E Jayashree Kurup,

Dipti Tandon, Subodh Kumar, Kanchana

Dwarkanath, rishab Jain, Sruthi Kailas,

Shradha Goyal, Neha Nagpal, Bhawna Mongia,

renu Arya, Aradhana Mozumdar, Girish Bindal,

Puneet Kukreja & Bikash Kumar.

l Layout Design: Harsha Khattar

l Cover Page Design: raghav Krishnan &

rahul Nair

propindex.magicbricks.com

Key Findings - MagicBricksproperty.magicbricks.com/microsite/buy/propindex/images/Oct-Dec-2… ·...

Documents

Transcript of Key Findings - MagicBricksproperty.magicbricks.com/microsite/buy/propindex/images/Oct-Dec-2… ·...