Delhi-NCR witnesses highest annual increase in housing prices: Report

Delhi-NCR’s property market witnessed the highest annual price increase of 14 percent during July-September among nine cities, including Mumbai, Kolkata, and Hyderabad among others. The housing prices grew at an average of Rs 7,741 per square feet, according to a joint report by CREDAI, Colliers India and Liases Foras released on November 16.

CREDAI is the apex body for real estate developers in India, Colliers India is a real estate consultant and Liases Foras is a data research firm.

Housing prices in Delhi-NCR witnessed an increase since September 2020. Among the areas with the highest increase is Golf Course Road with the highest price rise of 21 percent, followed by Ghaziabad, the report said. However, with demand recouping, the unsold inventory dropped by 11 percent YoY during Q3 of 2022.

Housing prices appreciated by 6 per cent across eight cities during July-September 2022, compared with the same quarter last year primarily due to the rising cost of key construction materials.

For other cities, like Kolkata, the average housing prices in rose by 12 percent YoY to Rs 6,594 per square feet in the July-September period.

Gujarat’s Ahmedabad saw an 11 percent increase in average housing prices which stood at Rs 6,077 per square feet, while Pune witnessed a 9 percent rise in rates to Rs 8,013 per square feet.

The average housing prices in Hyderabad jumped by 8 percent to Rs 9,266 per square feet. The rates increased by 6 percent in Bengaluru to Rs 8,035 per square feet.

On the other hand, housing prices remained stable in Chennai and the Mumbai Metropolitan Region (MMR) at Rs 7,222 per square feet and Rs 19,485 per square feet, respectively.

The report also mentioned that MMR witnessed a rise in unsold inventory for the fifth quarter in a row due to a rise in significant new launches.

As per the report, unsold inventory rose 21 percent YoY in the region, while housing prices remained stable with a slight dip of 1 percent on a quarterly basis. However, the Western Suburbs of the region (beyond Dahisar) saw the highest increase in housing prices at 10 percent YoY followed by Panvel with an 8 percent increase YoY.