Winning Bizness Desk

Mumbai. House prices in the country's eight growing cities increased by an average of 6% annually during July-September. These include Delhi-NCR, Mumbai-MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru and Ahmedabad. The maximum 14% increase in the prices of houses has been done in Delhi-NCR. This information has come out from the housing price tracker report of CREDAI-Colliers-Liases Foras, an organization of real estate companies.

What is the rate in different cities ?

There has been a jump of 12 per cent in the prices of houses in Kolkata in the July-September quarter and the average price of houses here has gone up to 6,594 per sq ft. In Gujarat's Ahmedabad too, house prices have gone up by 11 per cent during the July-September period. The average price of houses here has gone up to Rs 6,077 per sq ft. In Maharashtra's Pune, the rate of houses in the July-September quarter has increased by 9 percent to 8,013 per square feet. In Andhra Pradesh's Hyderabad too, prices have gone up due to increase in demand for houses during the July-September quarter. Here the prices of houses have increased by 8 percent. The average rate here has gone up to Rs 9,266 per sq ft. In Bangalore too, prices have gone up in this September quarter. The cost of houses here has increased by 6 per cent to Rs 8,035 per sq ft. Housing prices have remained stable in Chennai and Mumbai during the July to September period. The price in Chennai is Rs 7,222 per sq ft while in Mumbai it is Rs 19,485 per sq ft.

Prices increasing since Jan 2022

According to reports, developers have increased the launch of housing projects since the beginning of this year, despite rising interest rates and input costs. Meanwhile, the number of unsold houses increased by 3% in the September quarter. With launches increasing over the past few quarters, around 94% of unsold homes across the country are currently under construction. Unsold houses have decreased in most of the cities.

Increase in prices due to hike in input cost

The maximum number of unsold houses decreased by 14% in Bangalore. The number of unsold houses increased only in Hyderabad, MMR and Ahmedabad. MMR topped in terms of unsold houses with 37% share. NCR and Pune came second with a share of 13% each. Ramesh Nair, CEO (India) and MD (Asia), Colliers, says that stability returned in 2022 after the uncertainty of the last two years. Due to rising inflation and input cost, the prices of houses increased across the country. Despite this, the residential market of eight major cities continues to be on the rise.