NEW DELHI: Among India’s top cities, housing prices in Delhi-NCR witnessed the highest annual increase of 14 per cent during the July-September 2022 quarter at an average Rs 7,741 per square feet, according to a joint report by CREDAI, Colliers India and Liases Foras.
Delhi-NCR was followed by Kolkata and Ahmedahad where prices increased by double-digits. Housing prices appreciated 6% across eight cities during July-September 2022, compared with the same quarter last year on rising rates of key construction materials, the joint report noted.
Since the beginning of 2022, housing prices have been on the rise on the back of increased demand seen and a rise in raw material prices.
CREDAI National President Harsh Vardhan Patodia said, “While there has been a rise in housing prices in line with the global inflationary trends, the market can expect the prices to continue to rise owing to robust demand.”
Colliers India CEO Ramesh Nair said the rise in inflation and hike in input costs have put upward pressure on housing prices pan India.
“While residential activities continue to remain strong, recessionary pressures may have an impact on the salaried class who form a notable share in home buying in the top Indian cities,” added Nair. Coming to other cities, average housing prices in Kolkata rose 12% YoY to Rs 6,594 per square feet in the July-September period 2022.