Delhi-NCR is now emerging as a real estate hotspot. Its property market had witnessed the highest annual increase in housing prices of 14 per cent at an average Rs 7,741 per square feet, during July to September quarter, according to a joint report published by CREDAI, Colliers India and Liases Foras. The report has mentioned that the overall housing prices in India have witnessed a 6 percent rise in Q3 2022 in eight cities, amidst a surge in demand during the festive season.
Talking about why Delhi-NCR has emerged as the most promising realty hotspot, Harsh Vardhan Patodia, CREDAI National President said, “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,” reported Indian Express. He also mentioned that the expected sales will be northbound and the number of unsold inventories to decline as well. There has been a rise in housing prices in line with global inflationary trends. The housing market can expect the prices to continue rising due to robust demand.
As per the report, Kolkata saw a rise of 12 percent year-on-year to Rs 6,594 per square feet on the average housing prices in July to September quarter. There was an 11 percent increase in average prices to Rs 6,077 per square feet in Ahmedabad, and Pune has witnessed a 9 percent rise in rates to Rs 8,013 per square feet. Meanwhile, Hyderabad has seen an 8 percent to Rs 9,266 per square feet rise in the average housing prices. The rates appreciated 6 percent in Bengaluru to Rs 8,035 per square feet.
On the other hand, in Chennai and Mumbai Metropolitan Region (MMR), the housing prices have remained stable at Rs 7,222 per square feet and Rs 19,485 per square feet.
The Pan India housing market trends as shown in the reports mentioned the city-wise percentage share of unsold inventory during Q3 in 2022. Mumbai Metropolitan Region (MMR) has the highest percentage share of unsold inventory at 37 percent, while Kolkata has the lowest at 4 percent. Meanwhile, Delhi-NCR has 13 percent share of unsold inventory.
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