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Median house price up 5% in top 8 cities: Report


Median house price up 5% in top 8 cities: Report

Prices have increased at a higher rate in the key micromarkets of major cities. (File)

New Delhi:

A report said the average house price has increased by nearly 5% since the start of this year due to rising input costs amid recovering demand.

The median residential property price in primary markets across eight cities is at Rs 6,600-6,800 per square meter, nearly 5% higher than at Rs 6,300-6,500 at the end of December.

Prices have increased at a higher rate in key micromarkets of major cities such as Hyderabad, Bengaluru and Gurugram, it said.

Pune has seen a 7% increase at Rs 5,500 to Rs-5,700 per square foot in July-September 2022 from Rs 5,100 to Rs-5,300 per square foot by the end of 2021, according to the newspaper. True insights from PropTiger.com.

House prices in Chennai increased slightly by 2% to Rs 5,500-5,700 from Rs 5,400-5,600 per square foot.

In Bengaluru, prices increased by 6% to Rs 5,900-6,100/ft.

Delhi-NCR (National Capital Region) has a 5% increase in price to Rs 4,700-4,900 from Rs 4,400-4,600/ft.

Housing prices rose 4% to Rs 6,100-6,300 per square foot.

Kolkata prices rose 3% to Rs 4,400-4,600 per square foot.

Mumbai saw a 3% increase in prices to Rs 9,900-10,100 per square foot.

The average price for new supply and existing inventory across the top eight cities increased by 3-13% in the July-August period this year compared with the same period a year earlier, the report said.

Ankita Sood, Head of Research at PropTiger.com, Housing.com & Makaan.com, said: “Aside from inflation, prices have increased due to premiums charged to ready-to-go housing units. Our insights show that nearly 58% of potential homebuyers are looking for ready-to-move properties.”

In the current scenario, it is expected that property prices will increase in a close range until the end of 2022 before falling slightly next year, she added.

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