delhi-ncr became property prices increased by 59 percent in some areas in a year

A rise in commodity prices and a hike 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 in the recent past and housing projects launched by top developers of the country, the housing prices in the top 8 cities of the country have witnessed an increase of 8 percent in terms of real estate sector.
Sharp rise in housing prices
Looking at the price tracker report prepared by the builders’ association CREDAI, Colliers and Leases Forum on the rising prices of houses, it is found that the prices of houses have increased in all these 8 cities. is not uniform. According to the report, housing prices have increased by 8 per cent in Delhi NCR, Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata and Mumbai Metropolitan Region. According to the report, the prices of houses have increased the most in Delhi NCR. Residential prices in Delhi-NCR have increased by 16 per cent year-on-year during this period. It is followed by Kolkata where the prices have increased by 15 per cent. Bengaluru is at number three with a growth of 14 per cent.
Highest increase in prices in Delhi-NCR
Delhi-NCR has seen an increase in home prices for the last 11 quarters. With the opening of Central Ferry Road and Loop to connect Dwarka Express with NH-8, the prices of Dwarka Express have increased by 59 percent. There has been a 42 per cent jump in prices on Gurugram’s golf courses as compared to last year. In Delhi NCR, the unsold inventory has come down by 38 per cent as compared to the pre-pandemic 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.
demand for houses will remain
According to the report, the rise in housing demand and the launch of new housing projects by the builders has led to the increase in prices. To capitalize on the spurt in demand, builders are continuously launching new projects in the top 8 cities of the country. Despite the increase in home loan interest rates, there has been a sharp jump in housing demand. With the brakes on the repo rate hike, the improved outlook of the economy will act as a booster for the housing sector.