26 May 2022

Housing prices spike in 8 cities Delhi NCR tops list

The Housing Price Tracker 2022 report indicated that buyers preferred ready-to-move-in projects as compared to those under construction, particularly in all micro-markets in Gurugram.

Delhi and the National Capital Region (NCR) saw the highest year-on-year surge in housing prices among eight Indian metro cities in 2021-22, as prices in Bengaluru and the Mumbai Metropolitan Region (MMR) largely remained stable, showed a report released by industry body Credai on Tuesday.

According to the study, average housing prices across the country rose 4%, while the number in Delhi-NCR was nearly triple, at 11.3%. Prices in Bengaluru and MMR increased only 1%.

The Housing Price Tracker 2022 report indicated that buyers preferred ready-to-move-in projects as compared to those under construction, particularly in all micro-markets in Gurugram. Developers and real estate dealers in the city also said the market had recovered after the bruising impact of the pandemic, largely due to end-users buying ready-to-move-in projects.

To be sure, housing prices have surged globally due to general price inflation as well as the ongoing Russia-Ukraine war.

Credai conducted its study in Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru and Ahmedabad.

The report showed that despite a rise in the prices of raw materials, there has been a pickup in housing demand, which has led to an increase in housing prices in 2021-22.

Source: https://www.hindustantimes.com/cities/gurugram-news/housing-prices-spike-in-8-cities-delhi-ncr-tops-list-101653503016027.html