Owing to rising input costs and a significant recovery in demand, average house prices have increased by about 5 percent since the beginning of 2022, according to a report by PropTiger.
Pune saw the highest price increase, at about 7 percent, followed by Bengaluru at 6 percent.
The report said the average prices of residential properties in primary markets across eight cities stood at Rs 6,600 - Rs 6,800 per square feet. The prices have appreciated by nearly 5 percent from Rs 6,300 - Rs 6,500 sq ft since the end of the December quarter.
"While the weighted average prices have risen marginally (5-6 percent) across the top cities, they have risen at a higher rate in key micro markets of major cities such as Hyderabad, Bengaluru and Gurugram," the report added.
In Q3 2022, average prices for new supply and existing inventory across the top eight cities appreciated by 3 percent to 13 percent, compared to the same period in the previous year.
Ankita Sood, Head of Research at PropTiger.com, Housing.com and Makaan.com, said, “Our insights suggest that nearly 58 percent of the potential homebuyers are looking for ready-to-move-in properties. Interestingly, with only 21 percent of the current unsold inventory (7.8 lakhs) in the ready-to-move-in segment, developers are now charging a premium for this segment and properties nearing completion.”
In the current scenario, it is quite expected that property prices will grow within a close range until the end of 2022 before easing slightly in the coming year, Sood added.
As per the report, housing prices in Ahmedabad rose 5 percent to Rs 3,600 - Rs 3,800 per sq ft from Rs 3,400 - Rs 3,600 per sq ft.
In Bengaluru, residential properties appreciated by 6 percent to Rs 5,900 - Rs 6,100 sq ft from Rs 5,500- Rs 5,700 per sq ft.
Housing prices in Chennai increased by a marginal 2 percent to Rs 5,500 - Rs 5,700 sq ft from Rs 5,400 - Rs 5,600 per sq ft.
Delhi-NCR saw a 5 per cent rise in prices to Rs 4,700 - Rs 4,900 sq ft from Rs 4,400 - Rs 4,600 per sq ft. Mumbai saw a 3 percent increase in prices to Rs 9,900 - Rs 10,100 per sq ft from Rs 9,700 - Rs 9,900 per sq ft.
In Hyderabad, housing prices increased 4 percent to Rs 6,100 - Rs 6,300 per sq ft from Rs 5,900 - Rs 6,100 per sq ft.
Housing prices in Kolkata went up by 3 percent to Rs 4,400 - Rs 4,600 per sq ft from Rs 4,300 - Rs 4,500 per sq ft.
In Pune, prices rose 7 percent to Rs 5,500 - Rs 5,700 per sq ft in July-September 2022 from Rs 5,100 - Rs 5,300 per sq ft at the end of 2021.
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