Housing Sentiment Index

Know what buyers & sellers expect from the property market!


Key Takeaways
- Post Budget 2015 sentiment fell by 29% to settle at an HSI of 84 compared to the post-election survey of May 2014. Sentiments have been falling steadily post elections
- 9 out of the 10 cities surveyed posted over 20% drop in sentiment with Ahmedabad witnessing a 14% correction
- A majority of those who expect prices to increase expect only a 0-5% increase
- Majority of those who expect a price correction expect a 10%-15% correction in home prices
- Seller sentiment is still in the positive range with HSI at 146 (9% reduction since elections)

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Executive Summary

Post Budget 2015, sentiment has plunged further in continuation with the trend witnessed over the last few quarters. Compared to post- election survey in May 2014, sentiment has dropped by 29% post Budget as a higher percentage of consumers expect a drop in prices.

Seller Survey

Seller sentiment is still in the positive territory with HSI at 146 (9% reduction since elections). An HSI of 100 suggests that respondents expect prices to remain at current levels, while values lower (greater) than 100 suggest that buyers expect prices to fall (rise).

HSI and other Indices

This section compares the HSI with the two most prominent property indices in the market today - PropIndex by Magicbricks and Residex by the National Housing Bank (NHB).

 

Micro Market Summary

All 10 surveyed cities witnessed a drop in sentiment, with Delhi and Ahmedabad posting a drop of over 30%. Almost all metro cities in India have huge inventory levels and consumers are unwilling to commit due to anticipated drop in real estate prices and expected interest rate cut.

Macro Market Summary

The highlight of the quarter was the Union Budget presented by the NDA government. While the budget has its own shares of positives, it hardly impacted the real state sector; barring Real Estate Investment Trusts and the Benami Bill.

About Housing Sentiment Index


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The Housing Sentiment Index (HSI) is jointly developed by IIM-Bangalore and Magicbricks. The index is based on an online survey of prospective home buyers after careful screening by MB and IIMB. The seller survey tracks the seller preferences and sentiments from the previous quarter. Every quarter, survey responses are closely monitored to ensure data credibility is high.

The value of HSI can range from 0 to 200. A score of 100 represents neutrality, meaning people do not expect house prices to either increase or decrease. A score of 200 indicates that all respondents expect house prices to increase. A score of 0 indicates that all respondents expect house prices to decrease.

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