The common worth per sq. foot in cities reminiscent of Ahmedabad, Bengaluru, Delhi-NCR, Kolkata, and Pune has witnessed a major enhance. (Representative picture)
Housing Prices In India: The highest enhance of 10 per cent in residential property costs was recorded in Bengaluru, adopted by Pune and Ahmedabad, says a report
Housing costs in India surged sharply throughout January-March 2023, with the common worth rise throughout all the key realty markets within the nation being practically 7 per cent as in comparison with final 12 months, in accordance with a report by PropTiger.com. The highest enhance of 10 per cent in residential property costs was recorded in Bengaluru, adopted by Pune, Ahmedabad and Delhi-NCR.
According to the report, all main actual property markets in India confirmed an upward motion in common charges of latest houses. The common worth per sq. foot in cities reminiscent of Ahmedabad, Bengaluru, Delhi-NCR, Kolkata, and Pune has witnessed a major enhance.
The common charge of properties in Bengaluru noticed a ten per cent appreciation previously one 12 months, making it the market with the sharpest uptrend in property costs. Pune and Ahmedabad have been shut behind this southern market by way of worth enhance, with these markets witnessing an 8 per cent and seven per cent rise of their common property charges, respectively.
Housing costs have elevated as a consequence of a number of elements together with the continual rise in the price of uncooked supplies and labour, the rising demand for houses post-COVID, and the cessation of government-funded subsidy schemes in March this 12 months, in accordance with the report.
Vikas Wadhawan, group CFO of PropTiger.com, Housing.com & Makaan.com, mentioned, “Real property has persistently been one of many best-performing asset courses in the long run, and with costs anticipated to go up additional, it could be an excellent time for fence-sitters to take the leap and purchase their dream residence.”
He also said one needs to keep in mind that buying a home is the most expensive purchase decision a family typically makes. So, it is important to weigh all the pros and cons carefully before making a final decision.
Ankita Sood, head (research) at PropTiger.com, Housing.com & Makaan.com, said, “Property prices in Indian cities have been growing at a fast pace of 6-7 per cent since the past year with a renewed thrust on homeownership. Apart from a rise in input costs, limited supply of the right product and ready-to-move-in projects for the end-user have led to an upward push in prices.”
Sood added that whereas the weighted common costs have grown by 6 per cent YoY, within the March 2023 quarter, key micro-markets in Gurugram, adopted by Bengaluru, have seen YoY progress of 13 per cent and 10 per cent, respectively.
“Given the present market developments of demand-supply mismatch, we anticipate property costs to proceed to rise albeit inside a detailed vary, the place the standard ready-to-move-in section will commerce at a premium,” she mentioned.
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