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Housing Price Hike: If you are planning to buy a house for yourself, then you may have to pay a higher price. In 2022, the average prices of houses have increased by 5 percent. Not only this, further increase in property prices can be seen in the coming days. According to a report by PropTiger.com, this increase in prices has been seen due to increase in input costs and a tremendous jump in demand for housing.
House prices increased by 5-6%!
According to the Real Insight report by PropTiger, the average price in the primary market of eight major cities of the country ranges from Rs 6600 to Rs 6800 per sq ft. Whereas in the December quarter last year, the price used to be Rs 6300 to 6500 per square foot. This means that the prices have increased by an average of 5 to 6 percent, while the highest housing prices have increased in Hyderabad, Bangalore and Gurugram.
And the prices will increase!
According to PropTiger, the average price of new supply and inventory of existing homes has increased by 3 to 13 per cent in the top 8 cities between July and September of the third quarter of 2022 as compared to the same quarter of 2021. Vikas Wadhawan, CFO, PropTiger.com, said that due to the increase in the prices of cement and steel required for housing, the prices in the primary market have increased. He said that demand has picked up since the second wave of the Kovid pandemic along with rising input costs. Due to which the prices of houses have increased. Vikas Wadhawan said that despite the increase in interest rates on home loans, further increase in housing prices may be seen in the coming days.
Ready-to-Moon-In houses become costlier!
Ankita Sood, Head of Research, PropTiger, said that along with inflationary pressure, builders are now demanding a premium on ready-to-move-in residential units, due to which housing prices have also seen an increase. Quoting his insights, he said that 58 per cent home buyers are looking for ready-to-move-in properties. While there are only 21 per cent houses in the current inventory of 7.8 lakh units, which are ready or on the verge of being ready, the builders are demanding a higher price for them.
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How high are the prices!
According to reports, prices in Ahmedabad have increased by 5 per cent from Rs 3400-3600 per sq ft to Rs 3600-3800 per sq ft. In Bangalore, prices have gone up from Rs 5500-5700 to Rs 5900-6100 per sq ft, an increase of 6 per cent. In Chennai, with an increase of 2 percent, the prices have gone from Rs.5500 to Rs.5700. In Delhi NCR, with an increase of 5 per cent, the prices have increased from Rs 4400 to Rs 4600 to Rs 4700 to 4900 per sq ft. 6100 to 6300 per sq ft in Hyderabad, up by 4 per cent, Rs 4400 to 4600 per sq ft in Kolkata, up by 3 per cent, Rs 9900 to 10100 per sq ft in Mumbai, up by 3 per cent, and Rs 7 per cent in Pune. With this, the prices have reached Rs 5500 to 5700 per square foot.
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