Residential housing prices rise by 4 per cent YoY in Q1 2022: Report

CHENNAI: An increase in housing demand across most cities and skyrocketing prices of raw materials for almost two years, led to year on year (YoY ) increase in housing prices, surpassing pre-COVID levels across all eight metro cities (Delhi, Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad), as per the first edition of the Housing Price-Tracker report, jointly conducted by CREDAI, Colliers, and Liases Foras.

The average residential prices in India rose 4 per cent YoY during Q1 2022 after a prolonged slowdown, indicating that the residential market is on its path to recovery.

While Delhi-NCR saw the highest YoY change with a noteworthy 11.3 per cent surge in housing prices, prices in Bengaluru and MMR on the other hand remained largely stable.

However, New Mumbai and western suburbs (beyond Dahisar) saw a 9-10 per cent increase in prices on a YoY basis. Additionally, overall unsold inventory across the country declined marginally by 1 per cent as demand improved for seven consecutive quarters owing to by low loan rates and largely stable prices, even while all eight cities saw an increase in prices. Hyderabad and Ahmedabad also recorded a substantial YoY increase in prices with 9 and 8 per cent respectively.

Kolkata recorded a 6 per cent jump.