Housing prices rose 10 per cent year-on-year on average across the country's top eight cities in the first quarter of 2024, according to a recent report from Credai, Colliers, and Liases Foras. country's top eight cities in the first quarter of 2024, according to a recent report from Credai, Colliers, and Liases Foras. While cities like Bengaluru, Delhi National Capital Region (NCR), Ahmedabad, and Pune registered double-digit growth, the price growth was in single digit in Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Chennai. Experts say buyers who procrastinate amid this steady rise in prices may be compelled to buy at higher prices later.
Strong demand
The current rise in prices may be attributed to overall rise in demand and an increase in the prices of construction raw materials, according to Anuj Puri, chairman, Anarock Group.
The real estate market is witnessing a cyclical uptick. "From 2015 to 2022 property prices saw a time correction. During Covid, there was also a price correction. Meanwhile incomes continued to grow, resulting in improved affordability and a turnaround," says Pankaj Kapoor, founder and managing director, Liases Foras.
Home loan rates have remained steady between 8 and 9 per cent for the past several quarters as the Reserve Bank of India (RBI) has left the repo rate unchanged. "The stability in home loan rates means buyers have reasonable visibility regarding their EMIS," says Vimal Nadar, senior director and head of research, Colliers India.
Infrastructure growth (like highways, roads, and metro rail) is supporting the housing market with many previously far-flung areas turning into viable destinations.
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