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Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers

Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers
  • Across seven cities, Delhi NCR saw the highest increase in residential prices at 14% year-on-year (YoY).
  • Golf Course Road saw the highest price rise of 21%, followed by Ghaziabad, as per the Housing Price-Tracker Report 2022.
  • Overall, housing prices across the eight cities continue to head northwards at 6% YoY.
Property prices grew by 6% y-o-y across the top eight cities in the September ending quarter thanks to robust demand, says a report by CREDAI – Colliers - Liases Foras. The eighth cities it included are Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad.

Delhi NCR saw the highest increase in residential prices at 14% in the third quarter as compared to the same quarter last year, the report said. Amongst micro markets, Golf Course Road in Delhi saw the highest price rise of 21%, followed by Ghaziabad, as per the Housing Price-Tracker Report 2022.

A similar trend was seen in Kolkata and Ahmedabad with 12% and 11% y-o-y increase, respectively. The housing prices in Mumbai and Chennai however remained unchanged in the last one year.

“The real estate market across the country has witnessed a K-shaped recovery in terms of prices, the consumer sentiment has continued to stay robust as the pandemic reshaped the importance of owning a home rather than renting one,” said Harsh Vardhan Patodia, president of CREDAI National.

City

Average Price Q3 2022/sq feet

QoQ Change

YoY Change

Ahmedabad

6,077

3%

11%

Bengaluru

8,035

2%

6%

Chennai

7,222

0%

0%

Hyderabad

9,266

-1%

8%

Kolkata

6,594

3%

12%

MMR

19,485

-1%

0%

NCR

7,741

2%

14%

Pune

8,013

4%

9%

Source: Liases Foras, Colliers report

Overall, housing prices across the eight cities continue to head northwards amidst robust housing demand and quality launches by top developers, the report said.

“With the festive period expected to continue till the end of this year, we can expect sales to be northbound and the number of unsold inventories to decline as well. While there has been a rise in housing prices in line with the global inflationary trends, the market can expect the prices to continue to rise owing to the robust demand,” Patodia added.

Unsold inventory rises in MMR but declines in Bengaluru

MMR witnessed a rise in unsold inventory by 21% y-o-y. An Anarock report suggested that MMR saw the most new launches in the Q3, among the top seven cities and accounted for 39% of the share of new launches.

In Bengaluru, the unsold inventory witnessed a sharp decline during the third quarter by 14%, as compared to the same quarter last year. This is in spite of the fact that housing prices in Bengaluru increased 6% in Q3, after remaining range bound for the last two years.

“The rise in inflation and hike in input costs have put upward pressure on housing prices in India. Several developers have launched projects and offered rebates during the festive period. While residential activities continue to remain strong, recessionary pressures may have an impact on the salaried class, who form a notable share in home buying in the top Indian cities,” said Ramesh Nair, chief executive officer, India & managing director, market development, Asia, Colliers.

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