In the last one year, the average real estate prices went up in double digits across the cities of India except for Mumbai, where a reverse was observed with 2% fall.
Report on property prices in eight metro cities
On Wednesday, CREDAI – Colliers – Liases Foras released a report on the property prices in eight cities of Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune.
Year-on-Year (YoY) the highest change was witnessed in NCR with 16% hike followed by Kolkata property market with 15% appreciation. MMR is at the bottom of the chart with an average real estate price actually decreasing by 2%. In Chennai, the average hike was nominal at 4%.
Average hike of 8% across eight cities
Housing prices in MMR largely remained stable, during Q1 2023. At the same time peripheral micro markets like Panvel witnessed a 9% increase on YoY basis, followed by western suburbs at 6.4%. Moreover, the region continued to account for the highest share in unsold units amongst the major cities in India. Unsold inventory has been consistently rising in the region for the last few quarters, led by new project launches in the city.
“Financial Year 2023 witnessed the highest-ever new launches and sales across major Indian cities in India. The trends will likely continue, the sale and supply will likely grow, and the price rise will be moderate,” said Pankaj Kapoor, Managing Director, Liases Foras.
On an average, across the eight cities, the average price hike works out to be 8%.
“Given the positive market fundamentals, both end-users and investors can find their sweet spot in this sturdy market. Amidst this upswing, housing prices in India witnessed an 8% YoY rise during the first quarter of 2023,” said Peush Jain, Managing Director (Occupier Services) Colliers India.
Pan India residential prices Q1 2023 (in INR/sq ft):
Source: Liases Foras, Colliers |
