Rise in housing prices unabated at 7% YoY in Q2 2023
In terms of highest increase in residential prices, Hyderabad occupied the third position with a 13 per cent YoY increase.
Hyderabad: Amid robust housing demand backed by continued positive homebuyer sentiment and stable interest rates, the housing prices across the top eight cities in the country, including Hyderabad, have increased 7 per cent year-on-year (YoY).
In terms of highest increase in residential prices, Hyderabad occupied the third position with a 13 per cent YoY increase. Kolkata recorded the highest increase in residential prices at 15 per cent YoY followed by Delhi NCR with 14 per cent, according to Housing Price- Tracker Report Q2 2023 released by Credai-Colliers-Liases Foras, here on Wednesday.
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Fuelled by a continued desire for home ownership and stable interest rates, coupled with growth in disposable incomes, housing demand is poised for steady growth even amid unprecedented global economic headwinds, the report observed.
In tandem with sales, top markets have also seen heightened activity in new launches in the past few quarters resulting in unsold inventory expanding. With increased demand for spacious dwellings, developers continue to launch high-end projects, which has pushed housing prices for under construction units northwards in markets like Hyderabad, Kolkata, Delhi NCR and Bengaluru.
Boman Irani, President of CREDAI National said, “the ongoing momentum in quantum of sales across the country is a clear reflection of positive homebuyer sentiments and validates the conducive nature of the market.”
Peush Jain, Managing Director, Occupier Services, Colliers India, pointed out, “housing demand is likely to further accelerate in the next few quarters led by the upcoming festive season and continued preference for home ownership.”
