Led by Bangalore and Hyderabad, the MagicBricks' 11 City PropIndex Rises 2%

Led by Bangalore and Hyderabad, the MagicBricks' 11 City PropIndex Rises 2% PR Newswire NEW DELHI, December 6, 2012 NEW DELHI, December 6, 2012 /PRNewswire/ -- The Sixth Edition of MagicBricks.com's PropIndex, the First Index of its Kind That Tracks Demand and Supply of Properties Across 11 Major Cities of India, hit the Stands Despite weak buyer sentiments, the National Property Index (NPI) went up by over 2 percent in the Jul-Sept' 2012 quarter as compared to Apr-Jun' 2012 quarter. Of the 11 cities in the apartment Index, 9 cities showed a rise in the property index values - led by the southern metros of Bangalore and Hyderabad. Based on dynamic data mined from MagicBricks.com, PropIndex focuses on the National Property Index (NPI), a weighted average of city indices. The data from India's No.1 property portal is refined with intricate algorithms to arrive at Index Values at locality, city and national levels across India. The composite index values of each of the 11 cities are drawn from the changing indices of different localities. Localities that are more active compared to others contribute more significantly to the index values of that city. This index is reflective of trends across multi-storey and single floor apartments (commonly known as builder floors). This quarter, Delhi, Gurgaon, Noida-Ghaziabad, Pune, Ahmedabad, Kolkata, Hyderabad and Bangalore - all saw a rise in their indices while Mumbai and Chennai registered stable values.