Homes became costlier by 7 percent in the year 2022, property prices increased the most in Gurugram, Delhi-Noida also not far behind
Sales have increased due to release of demand stuck for two years.
Despite the increase in prices, the sale of houses has not come down.
The rise in house prices is expected to continue in the future as well.
New Delhi. After the passing of the Corona period, property prices in the country are increasing rapidly. Due to increase in demand and increase in the prices of building materials, the price of houses in the largest 8 cities of the country has increased by an average of 7 percent in the year 2022. Before this, in the first 5 years i.e. from 2016 to 2021, the prices of houses did not increase much and the prices remained almost constant. Compared to the 2021 calendar year, the prices of houses in eight major cities of the country increased from Rs 6,700 to Rs 6,900 per sq ft on an average.
According to a report by PropTiger.com, the prices of houses in Haryana’s Gurugram have increased the most in the country. Here in the year 2022, there has been an increase of 13 percent in the property prices. There has been an average increase of 9 percent in Bangalore and Delhi NCR. Home prices in Noida saw a jump of 7 per cent last year. In Mumbai, the prices of houses increased by 5 percent, while in Kolkata the rate increased by 7 percent. House prices in Chennai rose by 5 per cent and in Pune by 8 per cent. Home prices in Hyderabad increased by 10 per cent.
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Home sales have not come down despite a rise in prices of residential properties due to the release of pent-up demand for the last two years due to Covid-19. Vikas Wadhawan, Group CFO, PropTiger.com and Housing.com, says that under Prices went up by an average of 7 per cent due to increase in demand for under-construction and ready-to-move homes.
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Why the price hike?
Due to increase in demand and increase in the rates of building materials due to Russia-Ukraine war, the prices of houses increased continuously. One of the reasons for the increase in prices is the increase in the number of home buyers. Due to the increase in the demand for houses and the high cost of making it, the builders increased the prices of the houses. Experts say that there is hope of a boom in the property market in the future as well. In this hope, investors will invest more in the property market to earn more. Due to this, the prices will continue to rise.
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Tags: business news in hindi, Home, inflation, real estate
FIRST PUBLISHED : February 08, 2023, 19:26 IST