New Delhi: In the last April-June quarter, the average price of houses has increased by 5 percent, according to a study. It is also reported that only 1 percent has increased in Chennai.
Real estate associations’ confederation GRADAI, real estate consultancy firm ‘Colliers India’ and data analytics firm ‘Lyasus Porus’ have released a report. The report, which analyzed eight major cities, said: The recovery in demand for housing and the increase in construction costs have led to the increase in house prices. In the last June quarter, house prices increased by an average of 5 percent.
It is in the Delhi Capital Region that prices have gone up the most by 10 per cent. House prices in these eight cities have increased now compared to the pre-corona period. Cities like Ahmedabad and Bengaluru have increased by 9 and 4 percent respectively. However, it is worth noting that in case of Chennai, it has increased by only 1 percent. Here, a square foot has risen to Rs 7,129.
In central Chennai, prices have fallen by 13 percent. Whereas, in Poovindavalli West, it has increased by up to 13 percent, which is unprecedented. As interest rates on home loans have been increased, the effects will be marginal on home sales. There have been no major changes in housing prices over the last 10 years. Now that the cost of building materials has gone up, construction companies have no choice but to increase their prices. This is stated in the report.
Source: Dinamalar