Every person dreams of having his own home. In such a situation, if you are also dreaming of buying a house, this news may be useful for you. Backbreaking inflation and skyrocketing house prices have put a stop to the common man’s dream of buying a house. According to media reports, the price of property has increased by about 32% in the last 1 year. Needless to say, the ongoing increase in price has shocked the common man. Let us tell you that with the increasing demand in 8 major cities of the country, the price of houses has increased at the rate of 11% every year in the July-September quarter. In this way, Delhi-NCR has seen the highest increase of 32%.
Prices are rising due to rising demand
In fact, a joint report by Credai Colliers and Liaisons Foras released on Monday said that the average residential house prices have increased for the 15th consecutive quarter since 2021. However, on the contrary, realty experts say that “this boom is being seen on the strength of investors.” End users are not able to buy houses even if they want to. In such a situation, this boom is not going to last long. How long will investors drive the market? Once again, there will be a slowdown in real estate.” According to the report, residential prices in these eight markets of India increased by an average of 11 percent every year to Rs 11,000 per square foot in the third quarter of 2024, July-September. The main reason for this is said to be increasing demand. Delhi-NCR has seen the highest annual increase of 32 percent.
Prices increased the most in Delhi-NCR
After Delhi, Bengaluru comes next. Bengaluru saw an annual increase of 24 percent. According to the data, the average prices of Delhi-NCR housing rose 32 percent to Rs 11,438 per square foot in July-September this year. Which was Rs 8,655 per square foot in the same period last year. Rates in Bengaluru increased from Rs 9,471 per square foot to Rs 11,743 per square foot on an annual basis. Apart from these cities, rates in Ahmedabad increased by 16 percent, Pune by 10 percent, Mumbai Metropolitan Region by four percent, There has been a three percent increase in Hyderabad and Kolkata and two percent in Chennai.
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Due to inflation, developers are not able to launch cheap projects even if they want to.
According to experts, there are many reasons behind the increase in property prices. In the last few years, land, labor cost, raw materials and construction cost have increased many times. This has increased the overall project cost. Apart from this, demand in the market has increased and supply has decreased. In such a situation, developers are not able to launch cheap projects even if they want to. This is the reason why property prices are continuously increasing.
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