House prices in eight major cities of the country have increased by 11 percent during the January-March quarter this year. The rise in demand for residential properties and increase in construction costs has driven the prices up. During this period, the prices of houses in Delhi-NCR have increased the most by 11 percent.
Prices of residential properties here have increased to Rs 7,363 per sq ft as compared to the same period a year ago. The first-ever joint report released by CREDAI, Colliers, and LiaiseForce said that the demand for houses has picked up in eight major cities namely Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Kolkata, Pune, Bangalore, and Chennai. Besides, the prices of construction materials have skyrocketed in the last two years. As a result, house prices in these cities have surpassed pre-epidemic levels every year.
Prices increased in these cities too
city price up
Hyderabad 9,232 9 percent
Ahmedabad 5,721 7 percent
Kolkata 6,245 6 percent
Pune 7,485 3 percent
Bengaluru 7,595 1%
Chennai 7,107 1 per cent
Mumbai 19,557 1%
(price in rupees per sq. ft.)
Industry on the path of improvement, prices will increase further
The report said that after a prolonged slowdown, average housing prices in India during the January-March quarter increased by 4 percent from a year ago. This shows that the residential market is now on the path to recovery. Ramesh Nair, the CEO, of Colliers India, said housing prices may increase by 5-10 percent in the next two-three quarters. Those who buy houses for their use have confidence in the market. Leaning towards credible developers could lead to higher sales this year.
Sales pick up despite interest rate hike
Pankaj Kapur, MD, LiaseForce, said that during the fourth quarter of 2021-22, i.e. January-March, the opening of new housing projects reached pre-pandemic levels. Despite the recent hike in interest rates, sales will remain bullish. At the same time, CREDAI President Harsh Vardhan Patodia expressed hope that the reduction in construction costs due to the restrictions imposed by the government on steel raw materials will also benefit those buying houses for their use.
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