Housing prices have increased by around five per cent in eight major cities of the country during January-September this year due to increase in input costs and firm demand. This information has been received from a report by property brokerage company PropTiger.com.
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In eight major cities of the country, during January-September this year, the cost increased and demand Due to the strength in housing prices, there has been an increase of about five percent. This information has been received from a report by property brokerage company PropTiger.com. The brokerage company has said in a statement that at the end of the September quarter this year, the primary markets of eight cities Residential Property The average price was Rs 6,600-6,800 per sq ft, while it was Rs 6,300-6,500 per sq ft at the end of the December quarter of 2021.
Big impact due to increase in cement, steel prices
Vikas Wadhawan, group chief financial officer (CFO) of PropTiger.com, Housing.com and Makaan.com, said there has been a marginal increase in prices in the primary residential market. He said that this increase is due to increase in the prices of major raw materials like cement and steel.
Wadhawan said that despite a nearly two per cent increase in interest rates on home loans since May, house prices are likely to rise further in the coming quarter on strong demand. At the same time, the prices of major construction materials have come down but it is still higher than last year.
How much did the prices increase in which city?
According to the report, housing prices in Ahmedabad increased by five per cent to Rs 3,600-3,800 per sq ft in the July-September period. It was Rs 3,400-3,600 per sq ft at the end of the 2021 calendar year. During this period, residential property prices in Bengaluru have increased by six per cent from Rs 5,500-5,700 per sq ft to Rs 5,900-6,100. At the same time, in Chennai it has increased to Rs 5,500-5,700 with a slight increase of two per cent. While in Delhi-NCR the prices increased by five per cent and it has become Rs 4,700-4,900.
Similarly, home prices in Hyderabad rose by 4 per cent to Rs 6,100-6,300 per sq ft and in Kolkata by three per cent to Rs 4,400-4,600 per sq ft during July-September. In Mumbai and Pune, the top two markets of Maharashtra, prices have increased by three and seven per cent respectively during July-September, 2022 as compared to December, 2021. And it has reached Rs 9,900-10,100 and Rs 5,500-5,700 per sq ft.