Average Housing Prices Up 5% In Top 8 Cities: Report

New Delhi:

Average housing prices have increased by nearly 5 per cent since the beginning of this year due to a rise in input cost amid demand revival, said a report.

Average prices of residential properties in primary markets across eight cities stood at Rs 6,600-Rs 6,800 per square foot, nearly 5 per cent higher than Rs 6,300-Rs 6,500 at December end.

Prices have increased at a higher rate in key micro markets of major cities such as Hyderabad, Bengaluru, and Gurugram, it said

Pune saw 7 per cent hike at Rs 5,500-Rs 5,700 per square feet (sq. ft.) in July- September 2022 from Rs 5,100-Rs 5,300 per sq. ft. at the end of the 2021, as per Real Insight Report by PropTiger.com.

Housing prices in Chennai rose by a marginal 2 per cent to Rs 5,500-Rs 5,700 from Rs 5,400-Rs 5,600 per square foot.

In Bengaluru, prices appreciated by 6 per cent to Rs 5,900-Rs 6,100 per sq. ft.

Delhi-NCR (National Capital Region) saw a 5 per cent rise in prices to Rs 4,700-4,900 from Rs 4,400-4,600 per sq. ft..

Housing prices increased 4 per cent to Rs 6,100-Rs 6,300 per sq. ft.

Prices went up Kolkata went up by 3 per cent to Rs 4,400-Rs 4,600 per square feet.

Mumbai saw a 3 per cent increase in prices to Rs 9,900-10,100 per square feet.

Average prices for new supply and existing inventory across top eight cities appreciated by 3-13 per cent during July-August of this year as compared to the same period in the previous year, the report said.

Ankita Sood, Head of Research at PropTiger.com, Housing.com & Makaan.com, said: “Apart from inflationary pleasure, the prices have risen on account of the premium being charged for the ready-to-move-in residential units. Our insights suggest that nearly 58 per cent of the potential home buyers are looking for ready-to-move-in properties.”

In the current scenario, it is expected that property prices will grow within a close range until 2022-end before easing slightly in the coming year, she added.