Everyone wants to purchase a house. Everyone aspires to possess their own home. On the other hand, bear one thing in mind if you want to purchase a home right away. In reality, property prices have been falling for a while, but it is currently predicted that they will rise. In the current fiscal year, house prices have risen by 8–10%, and they may rise by another 5% in 2023–2024.
India Ratings & Research has evaluated the cost of homes.
The rating agency changed the outlook for residential real estate from “improvement” to “neutral” for 2023–2024. According to a statement, the residential real estate market will continue to flourish in 2022–23 (on an annual basis for the top eight real estate sectors), despite high building costs, rising home loan rates, and a downturn in the domestic and global levels.
The need for housing
It stated that although the market is anticipated to survive the pressure, demand may be somewhat impacted in the near future as a result of the recession and inflationary pressures. There might also be a rise in demand. According to India Ratings and Research, property prices may rise another 5% in 2023–2024 after rising by 8–10% annually in 2022–2023.
According to reports,
the low prices of homes in 2021–22 were a major factor in their high number of sales. Nonetheless, the demand for homes in the inexpensive category in 2022–2023 has been negatively impacted by growing inflation and rising repo rates.
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