Housing prices increased by up to 11% across eight major cities during the January-March period of this year. According to a report by CREDAI, Colliers, and Liases Foras, the spike in property rates is because of an increase in the cost of construction material.
“A pick-up in housing demand across most cities and skyrocketing prices of raw materials for almost two years, led to YoY increase in housing prices, surpassing pre-COVID levels across all eight metro cities,” according to Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras.
The average residential prices in India rose by 4% YoY (year-on-year) from January-March 2022 after a prolonged slowdown.
Among the eight Indian cities, the national capital Delhi has recorded the highest rise in housing prices by 11% to ₹7,363 per sq ft during January-March 2022 as compared to the year-ago period, the report claimed.
Hyderabad witnessed a 9% increase in housing prices to ₹9,232 per square foot, while Ahmedabad saw an 8% appreciation to ₹5,721 per square foot and Kolkata 6% to ₹6,245 per square foot.
In Pune, prices of residential properties went up by 3% to ₹7,485 per square foot whereas in Bengaluru, Chennai, and Mumbai Metropolitan Region (MMR) the property prices were appreciated by 1% each at ₹7,595, ₹7,107, and ₹19,557 per square feet, respectively.
Colliers India CEO Ramesh Nair expects a further increase of 5-10 % in housing prices over the next 6-9 months.
Pankaj Kapoor, Managing Director, Liases Foras, said, “January-March quarter 2022 witnessed the new launches back to the pre-COVID level. The coming quarters see an increasing flow of new launches. The fresh supply will induce an improvement in volumes. Thus, the sales will continue to grow despite the recent increase in the interest rates”.
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