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Property Price Hike: If you are planning to buy a house in the financial year 2023-24, then you may have to shell out more for this. According to the report of India Ratings and Research, due to the increase in demand for residential properties in the new financial year, their prices may also increase by up to 5 percent. In such a situation, if you want to buy a house or flat, then you will have to spend more money for this. Rating agency India Rating and Research has claimed that the prices of houses have increased by 8 to 10 percent in the current financial year 2022-23.
Actually, due to recession in the market and rising inflation, the prices of houses have increased. But the housing real estate sector will bear this pressure and move forward rapidly in the next financial year as well. India Ratings has changed the residential real estate sector from ‘reform’ to ‘neutral’ in its report.
Demand for houses will increase
It has also been claimed in the report that even though the prices of houses will increase in the coming times, it will not affect the demand for houses in any way. In FY24, an increase of 9 per cent year-on-year can be recorded in the sale of houses. In such a situation, rising inflation is not going to affect the demand for property much.
Why the prices of houses are increasing
Significantly, in the financial year 2022-23, year-on-year increase in the prices of houses and flats has been registered by 8 to 10 percent. At the same time, this boom will continue in FY24 as well and an increase in residential property prices can be recorded at the rate of 5 percent. According to the report of Ind-Ra, the biggest reason for the increase in the prices of houses is the rising inflation. Due to inflation, an increase has been registered in the construction cost of houses. There has been an increase of 8 to 10 percent in this. In such a situation, the companies of real estate sector are putting its burden on the customers only. Inflation is going to hit in the next financial year as well and houses will become costlier by 5 per cent by FY 24.
double whammy on customers
In the housing sector, where on one hand an increase in property prices is being recorded, on the other hand, expensive home loans have increased the burden of inflation on the people. Since May last year till now, the Reserve Bank has increased the repo rate by a total of 250 basis points. This increase has directly affected the interest rates of home loan, car loan, education loan. People have to pay more EMI for taking home loan. This has directly affected the middle class of the country, for whom the dream of a house has become more expensive.
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