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Property Research Made Easier : Price Index for Buying

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Property Research Made Easier : Price Index for Buying

Last updated: August 10 2017
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  • Property Research Made Easier : Price Index for Buying

    Hello Chennai,

    You now have at your disposal a comprehensive rate chart of every locality in Chennai. Yes, IREF Research team has been working on collecting and validating data for every location - per sq.ft. wise. You can now view the maximum rate, the minimum rate and the average price that a property in any location commands. Not just this, we have information on the rentals in every area as well!

    Don't go running around, frantically trying to ascertain if you're paying the right price - Just look at the Price table.

    We're forever trying to make your lives easier and empower you with knowledge - this is just the beginning!

    *Above are researched Buy rates for properties in different localities of Chennai over the last 3 months
    **All the rates are in Rupees / sq. feet

    Cheers to making an informed decision,
    TiWi
    Last edited June 11 2017, 10:20 AM.
  • #2

    #2

    Re : Property Research Made Easier : Price Index for Buying

    Great to see this for Chennai as well. Thanks & Appreciate the effort !

    Noticed a couple of places missing - Thiruvanmiyur, Thoraipakkam, Pallikaranai.
    Could you please add them to the list .
    Last edited July 27 2015, 06:02 PM.

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    • #3

      #3

      Re : Property Research Made Easier : Price Index for Buying

      Originally posted by eshwaran View Post
      Great to see this for Chennai as well. Thanks & Appreciate the effort !

      Noticed a couple of places missing - Thiruvanmiyur, Thoraipakkam, Pallikaranai.
      Could you please add them to the list .
      eshwaran, We will try to add remaining localities in our next update.

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      • #4

        #4

        Re : Property Research Made Easier : Price Index for Buying

        TiWi:
        Good effort. However, I am trying to grapple with how one can make use of it. Usefulness of the data comes from interpretation - if it is hard to interpret and derive meaning, no matter how accurate the data collection is, it will fall flat. Just saying the way I see it - hope you take it as a constructive suggestion.

        Don't go running around, frantically trying to ascertain if you're paying the right price - Just look at the Price table.
        For instance, I am looking to buy (hypothetical!) a property in Nungambakkam. Nungambakkam data shows as below - min, max, average. As you know the price varies vastly with age of the apartment and also the level of luxury. How can one use the below data in a meaningful way to know if I am paying the right price?

        Nungambakkam 3585 22022 12134

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        • #5

          #5

          Re : Property Research Made Easier : Price Index for Buying

          How about Transaction volume in each segment? One property may have sold for the maximum rate due to luxury, location or other factors (could be one odd Annamalai transaction)! Same applicable for minimum as well due to political or other pressure! Without the data on volume, these numbers can be interpreted anyway you want from both sides (buyer or seller).

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          • #6

            #6

            Re : Property Research Made Easier : Price Index for Buying

            It is a good start. Other portals also have similar trending and if IREF differentiate from them with uniqueness that would be great.
            Last edited July 28 2015, 07:00 AM.

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            • #7

              #7

              Re : Property Research Made Easier : Price Index for Buying

              Many of the competing portals do this and it has no use for the end-user. NHB Residex Data is a laughing stock.

              Housing.com is building a different portal way ahead of competitors with a vision which is grand and with a 10 year view.

              More than differentiation, they have to see what they provide is useful. Housing.com which owns IREF has a huge user base for innovative experiments. IREF is uniquely positioned to do things which others cannot.

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              • #8

                #8

                Re : Property Research Made Easier : Price Index for Buying

                What are these prices? Actual Transaction price? Or listing price? If listing price, they don't mean anything.

                To be meaningful, the reference index has to be along the lines of Case-Shiller index (Repeat-sales of same house). To get to that level, transaction prices should be made available in public domain. Without satisfying that precondition, it would be difficult to validate the numbers and can be dismissed an anecdotal by anyone based on the orientation of their bias (buyer vs seller).

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                • #9

                  #9

                  Re : Property Research Made Easier : Price Index for Buying

                  A median would help more than an average. That could be a good start.

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                  • #10

                    #10

                    Re : Property Research Made Easier : Price Index for Buying

                    Originally posted by sunr2i View Post
                    It is a good start. Other portals also have similar trending and if IREF differentiate from them with uniqueness that would be great.
                    Originally posted by kamskans View Post
                    A median would help more than an average. That could be a good start.
                    Median and other detailed analysis can be done in next few updates :-)

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