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Residential Home Prices Are Expected To Remain Stable Till Year End

By Rishabh Chamoli | 2022-11-02

Though there have been several factors driving price hikes in metros, industry experts believe that its still a good time to buy a house

The price hike in the real estate sector, which started around late 2021 and continued till the first few months of 2022, ranged between three and nine per cent. Experts state that this is the peak and prices would be stable till the end of the year.

Mumbai
Harrish Kumar Jain, vice president, Brihanmumbai Developers Association (BDA), says, Mumbai has not witnessed a steep increase in realty prices (besides an average rise of one two per cent), and the prices are expected to remain stable. Mumbai has thus seen a rise in sales, especially during the festive season. This is bound to induce positive sentiment in the sector.

Ahmedabad
Asset advisor Dhiren P Doshi says, Ahmedabad is one of the most vibrant markets in the country today. With the Mumbai Ahmedabad Bullet Train project back on track, the belt is seeing an incredible response and we are seeing an upward increase in prices. I think it is a sound investment for people to make, no matter where they live in the country. For Ahmedabad, the city has already been a business hub and now with connectivity getting a boost, it is a viable residential option for many. In fact, CREDAI Colliers Liases Foras Housing Price Tracker Report 2022 states that the city has seen the second highest jump in prices than any other metros with the YoY increase in price coming in at a whopping nine per cent.

Pune
The citys quaint yet modern infrastructure has led to a price rise of about five per cent in 2022, revealed a CREDAI Colliers Liases Foras report.
Aniket Sawant (35), an asset advisor in the city mentions, Pune is relatively doing better than most cities as there are pockets in the city where the prices have gone up by about five per cent. We have seen incredible growth in the city as it is still an IT city, a sector which like Bengaluru, has seen salaries go up. The report further states that the prices of two BHK properties have shown healthy demand. Suburbs such as Kothrud and Baner, which occupy the IT crowd saw the maximum YoY surge in housing prices at around nine to 10 per cent.

Delhi
Delhi has seen a 10 per cent hike, highest YoY jump among metros. Areas such as Golf Course Road saw the highest price rise at around 21 per cent YoY, followed by Noida Expressway, stated the report. While overall unsold inventory is the lowest in three years, Noida has the maximum unsold inventory (Noida Extension, Greater Noida), followed by Ghaziabad. So, know the exact market price of your area and find out what suits your pocket the best.

National average of price rise
While each state and state capital have had different price increases, many who are in the business of selling say that the rise on the ground has been on the higher end, pan India. Niranjan Hiranandani, national vice chairman, NAREDCO says, The Indian property market saw a 10 per cent YoY growth across key markets according to the Housing Price Index of RBI. The sustainable home demand from first time homebuyers is gaining traction in the affordable housing segment, while HNI and NRI homebuyers are driving the luxury real estate market. The rise in disposable income, job stability, fresh hiring, improved home affordability, availability of home loans for longer tenure and nearly 80 per cent of the mortgage value, and currency depreciation have favoured NRI and HNI fence sitters to take the plunge.