Home prices increased by 7% on average in 8 largest cities, highest increase of 13% in Gurugram

In the last year 2022, in view of the increase in the cost of sale and construction of houses in the top 8 big cities, the prices of houses (Housing prices rise) have seen an average jump of 7%. According to PropTiger.com data, compared to the year 2021, housing prices in eight major cities have increased by 7% from last year to Rs 6,700 - 6,900 per sq. ft. It has been told in the report that despite the decrease in demand during the Corona epidemic, there has been no decrease in the sale of houses in the last 2 years.

Vikas Wadhawan, Group CFO, Housing and Makaan.com, PropTiger, said, “Housing prices remained largely stable during the period 2016-21. This has led to an increase in the prices of several construction materials. There has also been a spurt in demand for both under-construction and ready-to-move units, due to which builders have had to increase apartment prices."

According to the report, Bengaluru and Delhi-NCR have seen an average 9% increase in home prices in the last year, with prices ranging from Rs 4,800 to Rs 5,000 per sq ft. While in Noida, the prices have increased by 7% to reach 5,400-5,600 per sq ft. With this, rates in Bengaluru have increased by over 9% with home prices in the range of 6,000-6,200 per sq ft. While the highest increase of 13% during this period has been seen in Gurugram, where the prices have gone up to Rs 7,000-7,200 per sq ft.

Housing prices in Mumbai have increased by 5% to Rs 10,100-10,300 per sq ft. In Kolkata, home prices have increased by 7% to 4,600-4,800 per sq ft, while in Chennai, they have increased by about 5% to 5,600-5,800 per sq ft. With this, Hyderabad has witnessed double-digit growth in the last few years. In addition, housing prices in Pune have increased by 8% to Rs 5,500-5,700 per sq ft.

Vikas Wadhawan said that “We believe that housing prices will continue to grow in single digits during 2023 as demand remains strong. Input costs especially steel prices have eased slightly, but rates for other materials are still high. A marginal increase in prices is also healthy for the market as it will encourage investors to return to the housing market. In the last 6-7 years the residential market has been largely dominated by end users, but now we expect That will increase the interest of investors.