2014 first-quarter witnesses 2-16% increase in residential property rentals
The residential property rentals market has been witnessing a lot of activity of late, along with an increase in demand. The spiked demand in the residential rental market has continued despite the uncertainty due to the recently-concluded elections which kept the buyers away from making investments in residential property.
With buyers shunning the residential property market, the consumer sentiment has been rather weak. Going by the data released in the Magicbricks PropIndex for 2014 January-March quarter, there was a marginal increase of 1 percent in the National Property Index during the three-month reporting period.
Going by the figures, the Hyderabad and Pune city indices saw a 3 percent increase, with was notably more than the increase recorded in the remaining parts of the country. However, weak consumer sentiment was evident for cities like Ahmedabad and Ghaziabad, which witnessed a 1 percent plunge in index values.
The figures also show that while capital values remained stable across all cities, rentals recorded an increase of between 2 percent and 16 percent during the 2014 first-quarter. Pune was probably the only city which saw only a marginal rise in rentals.
Noting that buyers seemingly followed a ‘wait-and-watch’ approach at the beginning of the year, Magicbricks.com’s business head Sudhir Pai said: “With election results now behind us, a firmer trend to buyer sentiments is expected to form in coming quarter.”
Source: The Times of India
2014 first-quarter, Increase in property prices, increase in residential property rentals, Residential property, residential property demand, Residential property market, Residential property prices, residential property rentals market, Residential property sector
