Delhi-NCR has the biggest real estate price growth among the top 8 cities, according to a report

 

Prices have risen in each of the top eight cities as a result of a rebound in demand for residential real estate. According to a joint report by the real estate group CREDAI and industry specialists Colliers and Liases Foras, prices in Delhi, NCR increased 10% during Q2 of 2022 (April-June), the most among Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad. 

In Delhi-NCR, Golf Course Road experienced the biggest price growth of 21% YoY, followed by Noida Expressway.

• Housing prices increased by 5% YoY in the top 8 cities during Q2 2022, driven by strong demand.
• The biggest price increase of the top eight cities was experienced in Delhi, NCR, at 10%. The Noida Expressway was followed by Golf Course Road as the areas with the largest price increases, at 21% YoY.
• The amount of unsold inventory overall is at its lowest point in three years, although Noida (Noida Extension, Greater Noida) and Ghaziabad have the highest levels, respectively.
• The majority of the unsold inventory, or 48%, is located in Noida Extension and is priced between 2,500 and 5,000 rupees per square foot..

Residential property prices have been on the rise, surpassing pre-pandemic levels as a result of increased demand and rising construction material costs. 

According to a statement released on Tuesday, pent-up demand and competitive pricing drove the sales momentum that began in the latter half of last year and continued in Q2 2022. 

In order to control the continuously high inflation, the Reserve Bank of India's (RBI) monetary policy committee unanimously decided to raise the repo rate by 50 basis points to 5.40 percent. The most recent increase raises the repo rate over the 5.15 percent pre-pandemic level. Following the RBI's rate increase, numerous banks and housing financing businesses also did the same and increased lending rates. This is expected to raise EMIs for loan takers.

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