Housing Prices Update: The rise in commodity prices and the increase in home loan interest rates have not dampened the enthusiasm of the real estate sector. No effect of these things is being seen on the housing demand. Due to the huge demand for housing and the housing projects launched by the top developers of the country in the recent past, housing prices in the top 8 cities of the country have seen an increase of 8 percent in terms of real estate sector.
Sharp rise in housing prices
Looking at the price tracker report prepared by builders’ association Credai, Colliers and Liases Foras regarding the rising prices of houses, it is known that the prices of houses have increased in all these 8 cities. is not uniform. According to the report, there has been an increase of 8 percent in housing prices in Delhi NCR, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata and Mumbai Metropolitan Region. 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.
Highest price hike in Delhi-NCR
Delhi-NCR has seen an increase in the prices of houses for the last 11 quarters. Due to the opening of the Central Ferry Road and the loop to connect the Dwarka Express to NH-8, the prices of the Dwarka Express have increased by 59%. There has been a jump of 42 percent in the prices on the golf courses of Gurugram as compared to last year. In Delhi NCR, the unsold inventory has come down by 38 per cent as compared to the pre-epidemic phase, which is the lowest among the eight cities. At the same time, in the first quarter of 2023, there has been a decrease of 9 percent in unsold inventory.
The demand for houses will remain
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. Builders are continuously launching new projects in the top 8 cities of the country to capitalize on the spurt in demand. Despite the increase in home loan interest rates, there is a sharp jump in housing demand. With the brakes on the increase in the repo rate, the better outlook of the economy will act as a booster for the housing sector.
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