‘Acche Din’ are arriving in the Indian real estate sector as housing prices records surge.
After a strong wave of home-buying sentiments, the Indian real estate markets rejoice about the 7% YoY growth in Q1, 2023. Thus, it rise proves to be an energy booster for the property markets across the country.
The latest report by a leading real estate expert group shows that Bengaluru witnessed a maximum surge of 10%. Following the tech-city is Pune, Ahmedabad, and Delhi-NCR region. There is an average escalation in the values of new housing properties. Interestingly, the top Indian cities like Delhi-NCR, Bengaluru, Pune, Ahmedabad, and Kolkata observed momentous upsurge in average price per square foot.
In down south, Bengaluru, Pune, and Ahmedabad showed 8 and 7 percent growth in capital appreciation respectively.
In Q1, 2023, Ahmedabad witnessed a 7% YoY change with the average price ranging between 3700-2900 per sq. ft. Bengaluru witnessed a 10% hike with an average price between 6200-6400 per sq. ft. The next in line is Chennai with 1% YoY growth and average cost standing from 5700-5900 per sq.ft. Delhi-NCR region witnessed 6% YoY growth with the average price falling between 4700-4900 per sq. ft. Followed by Hyderabad with 4% and 6200-6700 per sq. ft. Kolkata with 6% and 4600-4800 per sq. ft.
That is why, the capital appreciation in the real estate market after long bought smiles on the faces of property investors and owners.
Out of many, the increase in raw material and labour costs are two prominent reasons behind the upsurge in housing prices. However, the Government aided schemes are also behind the upward movement of property prices in the top Indian cities. Thus, many real estate veteran feels that the market has been doing well for some time and will keep the momentum going toward greater heights. Thus, it’s a perfect time to invest instead of waiting, as the prices will keep increasing.Â
