In 8 cities, home prices went up by up to 11% from January to March, according to CREDAI:
CREDAI, Colliers, and Liaise Foras say that housing prices in eight major cities went up by up to 11% per year between January and March of this year.
*Prices of homes have gone up from one year to the next in all eight cities. In the second half of 2021, Grade A developers started raising prices because there was strong demand, and the cost of materials increased. The biggest change from one year to the next was Delhi-NCR, where prices increased 11.3%.
*According to the report, despite some problems, residential housing prices went up by 4% year-over-year in Q1 2022. At the same time, the number of unsold homes went down slightly, which shows that demand has picked up again.
*From the second quarter of 2020 (Q2) to the fourth quarter of 2021 (Q4), unsold inventory kept going down as the market’s demand grew thanks to low loan rates and mostly stable prices. But because there were more launches and the third wave of Covid-19 in Q1 2022, the number of items that hadn’t been sold went up. So, unsold inventory went up 1 percent QoQ after going down for seven straight quarters. MMR has the most inventory that hasn’t been sold, followed by Delhi NCR and Pune.
*The prices of homes in Delhi NCR went up by 11.3% from one year to the next, higher than before COVI. Since September 2020, prices in Delhi-NCR have gone up. Compared to Q1 2021, housing prices in Delhi went up by 15.5% year over year. Since the pandemic two years ago, prices in Delhi have gone up by 43 percent, which is interesting. In Q1 2022, the region’s inventory dropped by 5% yearly. About 23% of the unsold homes in the area are in Noida extension, and most of them are priced between INR2,000 and INR5,000 per square foot.
*Prices in Chennai went up slightly for eight straight quarters, but in Q4 2021 and Q1 2022, they decreased slightly. From one quarter to the next, prices fell by 1%. The biggest drop in prices from one year to the next was about 21 percent in Central Chennai. The area with the most unsold units was Coastal Chengalpattu, followed by North Ambattur.
*Prices for homes in Hyderabad went up 9.3 percent year over year. The biggest increase was in the city’s southwest, where prices increased 12.2 percent year over year. Prices in Hyderabad central, on the other hand, went down by about 17% year over year. The cost of 2 and 3 BHK have gone up by about 11% YoY, but the prices of 1 and 4 BHK have gone down. Inventory that hadn’t been sold rose by 41% year over year. About 95% of the units that haven’t been sold yet are being built.
*Overall, prices in Kolkata went up by 6%. All places grew except for Central Kolkata. Prices went up by 14 percent from one year to the next in the southwest part of Kolkata. Inventory that hadn’t been sold fell by 15% year over year. Most things are for sale in the east of Kolkata.
Overall, home prices have stayed mostly the same. But costs went up by 9–10% from one year to the next in New Mumbai and the western suburbs (beyond Dahisar). At 32 percent, MMR has the most inventory that hasn’t been sold. In MMR, 26 percent of the unsold inventory is in the central suburb extension, and most of it is priced between INR 5,000 and INR 7,500 per square foot.
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