If you are home buyers & want to purchase a home in Delhi-NCR, you might be in for a major shock. The cost of homes in Delhi-NCR has significantly increased. The prices of homes in Delhi-NCR climbed the most by 16 percent in the current year’s first quarter due to better demand and higher construction costs. This data was presented in a report.
House prices rose in 8 cities.
The research was published on Wednesday and was created by the Association for real estate professionals, CREDAI, real estate consultant Colliers, and data analysis firm Liases Foras. This contains information on housing costs in the top eight American cities for the first quarter of 2023. The survey claims that year over year, the prices of homes in the top eight cities have climbed by 8%.
In Delhi, housing prices grew by 16%.
The Delhi-NCR housing market saw the most quarter-over-quarter increase in price, rising by 16%. Following this, for home buyers there was a surge of 15% and 14%, respectively, in Kolkata and Bengaluru.
Delhi rates have increased for the previous 11 quarters.
According to the survey, the cost of housing in Delhi-NCR has been rising steadily for the past 11 quarters. “Price increases have been particularly pronounced on the Dwarka Motorway, increasing by 59%. The opening of the Central Peripheral Road and the loop connecting the Dwarka Motorway to the National Highway-8 are the primary causes of this.
Houses in Ahmedabad also increase in price.
In a similar vein, house costs in Gurugram’s Golf Course Road have risen by 42% annually. The cost of real estate on Golf Course Road is among the highest in the NCR. Homes here are now more expensive than those in Delhi. The data shows that between January and March of this year, the cost of a home in Ahmedabad jumped by 11%, to Rs 6,324 per square foot. Homes in the Bengaluru-Hyderabad region also became more expensive, with prices in Bengaluru growing by 14% to Rs 8,748 per square foot and in Chennai by 4% to Rs 7,395 per square foot. Residential property costs in Hyderabad climbed by 13% to Rs 10,410 per square foot.
Homes in Kolkata also increased in price.
In addition, the cost of housing in Kolkata rose by 15% to Rs 7,211 per square foot. Delhi-NCR housing costs climbed by 16% to Rs 8,432 per square foot. Mumbai housing prices are decreasing. Pune’s housing costs grew by 11% to Rs 8,352 per square foot. The Mumbai Metropolitan Region (MMR) had a 2% fall in prices, to Rs 19,219 per square foot. Liaises Foras’ managing director, Pankaj Kapur, anticipates a little increase in housing costs in the near future.
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