The reports found that the prices of houses in Kolkata saw an annual increase of 15 percent.
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In the second quarter (April to June) of the financial year 2023, the houses in Delhi National Capital Region (NCR) have seen a 14 percent year-on-year increase, while the prices in Mumbai Metropolitan Region (MMR) saw a 3 percent decrease.
As per a joint report by The Confederation of Real Estate Developers’ Associations of India (CREDAI), Colliers India and Liases Foras, eight major cities in India saw a 7 percent increase year-on-year, in house prices due to more demand. The reports found that the prices of houses in Kolkata saw an annual increase of 15 percent. This is followed by Delhi NCR’s increase of 14 percent and 13 percent in Hyderabad. Of the major eight cities, only Mumbai Metropolitan Region (MMR) saw a 3 percent drop in the process of Rs 19,111 per sq foot in the second quarter.
The Managing Director of Liases Foras, Pankaj Kapoor, said in an interview that in the year 2022, a large number of new projects were introduced in the housing market.
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The rising supply to the increased demand has kept the price rise moderate. CREDAI National President, Boman Rustom Irani addressed the press and said that the nature of the sale of the houses reflects the sentiments attached to owning a house.
The Managing Director of Colliers India, Piyush Jain, claimed that the prices of houses in the last 10 quarters have witnessed an upward trend. The housing prices in Pune in the second quarter saw an 11 percent year-on-year increase, while in Ahmedabad and Bengaluru it saw a 10 percent increase; and in Chennai, it was 6 percent.
For those living in rented houses, who want to buy their own home in Delhi or for investment purposes, then there is a good opportunity available. Accommodation near the Delhi border is available at cheaper prices. As per reports, the prices of these flats are 15 percent lesser than the current market rate.
This is because of a scheme introduced by the Uttar Pradesh government. The Mandola Vihar Yojana is located just four km away from the Soniya Vihar border. There are 4,229 flats vacant there. Due to this scheme, it is available at reduced prices.
