According to a joint report by CREDAI, Colliers and Liases Foras, housing prices increased by up to 11 percent annually across eight major cities during the January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials.
Housing prices increased highest in Delhi-NCR going up by 11 percent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras.
Hyderabad witnessed a 9 percent increase in housing prices to Rs 9,232 per square foot, while Ahmedabad saw an 8 percent appreciation of Rs 5,721 per square foot and Kolkata 6 percent to Rs 6,245 per square foot.
Interestingly, the study reveals that the housing prices in Bengaluru, Chennai, and Mumbai Metropolitan Region (MMR) rose by just 1 percent each at Rs 7,595, Rs 7,107, and Rs 19,557 per square foot, respectively. On the other hand, in Pune, prices of residential properties went up by 3 percent to Rs 7,485 per square foot during the first quarter of this calendar year.
”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,” says the report.
The average residential prices in India rose by 4 percent YoY (year-on-year) from January-March 2022 after a prolonged slowdown, indicating that the residential market is on its path to recovery.