India Housing Prices Update: Even though there has been a huge increase in home loan interest rates in the last one year. But despite this, no effect has been seen on the housing demand. As a result, in terms of housing sector, the top 8 cities of the country have seen a sharp jump in the prices of houses in the first quarter of 2023.
Builders’ bodies Credai, Colliers and Liases Foras have prepared a price tracker report on prices. According to this report, an 8 percent increase in housing prices in the Delhi NCR, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata and Mumbai metropolitan regions has been seen during the first quarter of 2023 from January to March. According to the report, due to the boom in housing demand and the launching of new housing projects by the builders, the prices have increased.
According to the report, the maximum house prices have increased in Delhi NCR. Delhi-NCR has witnessed a 16 per cent year-on-year jump in residential prices during this period. After this comes the place of Kolkata where the prices have increased by 15 percent. Bangalore is at the third place with an increase of 14 per cent.
It was told in the report that despite the huge increase in home loan interest rates, there has been a sharp jump in housing demand since last year. Home loan interest rates are at an all-time high and the sentiment in the housing sector is expected to be upbeat on the back of a better outlook for the economy with the repo rate hike being put on hold.
Builders are constantly launching new projects in the top 8 cities of the country to capitalize on the boom in demand. Due to which there has been an increase of 12 percent in unsold inventory. Out of which 95 per cent unsold inventory is in the under-construction stage. The highest price hike has been seen in 2 BHK and 3 BHK units during this period.
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