The residential prices in Delhi-NCR experienced the highest surge, with a 16 percent year-on-year increase, followed by Kolkata and Bengaluru with 15% and 14% increases, respectively.

Liases Foras and Colliers provided the Pan India residential prices for the first quarter of 2023 in Rupees per square foot. It is worth noting that all prices are based on the carpet area.

Despite the increasing interest rates, housing prices have continued to rise due to consistent demand observed since the previous year. The report highlights that as the interest rates are expected to have reached their peak and a pause in the rising repo rate, along with a healthy domestic economic outlook, the market sentiment is expected to remain positive.

The top eight cities have witnessed a rise in new launches as developers aim to capitalise on the growing demand. Consequently, the overall unsold inventory increased by 12 percent Y-o-Y.

With the surge in new launches, approximately 95 percent of the unsold units in the top cities are still under construction.

Hyderabad experienced the highest growth in unsold inventory levels, with a 38% year-on-year increase. On the other hand, Delhi NCR, Bengaluru, and Chennai saw a decline in unsold inventory, attributed to a significant rise in sales.

The Mumbai Metropolitan region (MMR) accounted for the largest share of unsold inventory at 37%, followed by Pune at 13%.