New Delhi : Everyone works hardest in their life to buy a house. However, for the last few years this dream seems to be fading away. Buying a house in big cities of the country is becoming more difficult. In the top 7 cities of the country called metro cities, house prices have become expensive by more than 32 percent. However, rising land prices and ever-increasing construction costs are being held responsible for this. Let us tell you that the most expensive houses in the country are found in Hyderabad. Apart from this, house prices are increasing rapidly in Delhi NCR, Mumbai Metropolitan Region, Bengaluru, Chennai, Kolkata and Pune.
Real estate consultant Anarock has released data regarding house prices. According to Anarock, the rise in construction costs and increase in supply of luxury homes have led to the sharp rise in housing prices. According to Anarock data, the average price of residential properties in Delhi-NCR rose 29 per cent to Rs 7,200 per square foot in the July-September quarter from Rs 5,570 per square foot in the year-ago period. In Bengaluru, house prices rose 29 per cent to Rs 8,100 per square foot in the third quarter of this calendar year, from Rs 6,275 per square foot in the same period last year.
Prices increased in Hyderabad
Similarly, Hyderabad has seen the highest increase of 32 percent in prices, which increased from Rs 5,400 per square foot to Rs 7,150 per square foot. Average residential prices in the Mumbai Metropolitan Region (MMR) increased by 24 percent to Rs 16,300 per square foot from Rs 13,150. In Pune, prices rose 16 per cent to Rs 7,600 from Rs 6,550 per square foot, while in Chennai they rose 16 per cent to Rs 6,680 from Rs 5,770 per square foot.
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Rise in residential prices
Average residential prices in Kolkata have increased by 14 percent to Rs 5,700 per square foot in July-September, compared to Rs 5,000 per square foot in the same period a year ago. “Average residential property prices have been rising for the last few quarters,” said Darshan Govindaraju, director of Bengaluru-based realty firm Vaishnavi Group. This has led to increase in total production cost. This includes land acquisition cost and construction cost. Apart from this, due to increase in demand for luxury i.e. expensive houses, there has also been a rise in residential prices.
Residential property prices increased on annual basis
Anarock had said last week, “Average residential property prices in the top 7 cities have collectively increased by 23 percent annually. It has increased from Rs 6,800 per square foot in the third quarter of 2023 to Rs 8,390 per square foot in the third quarter of 2024.”
The equation of demand and supply is strong
According to data from real estate consultancy Anarock, home sales declined by 11 percent to 1,07,060 units in July-September, compared to 1,20,290 units in the same time last year. The supply of new homes in the top 7 cities has seen a decline of 19 percent. July-September, the supply of new homes stood at 93,750 units, compared to 1,16,220 units in the same period in 2023. Anarock Chairman Anuj Puri said, “Still, sales being higher than offerings shows that the demand and supply equation remains strong.”
(with agency input)
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