Indian housing prices jump 7%, Kolkata leads with 15%

11 Aug 2023 CW Team

Driven by strong demand and favourable interest rates, residential property prices in India's top eight cities saw a notable 7% year-on-year increase. According to a report by CREDAI, Colliers, and Liases Foras, Kolkata led the surge with a substantial 15% YoY increase in residential prices. Delhi NCR and Hyderabad followed, with increases of 14% and 13% YoY, respectively.

CREDAI's President, Boman Irani, highlighted positive sales momentum nationwide, reflecting encouraging buyer sentiment. Despite price rises, stability in repo rates and lending environments is expected to sustain the trend throughout the fiscal year, with the upcoming festive season providing further sales impetus.

Unsold inventory across India increased by 13% YoY due to heightened project launches. Delhi was the only market with decreased unsold inventory.

Colliers India's Peush Jain emphasised consistent upward housing price trends over ten quarters. With a stable 6.5% repo rate since February 2023, positive buyer sentiment has risen, aided by clearer monthly EMI visibility.

Demand for spacious residences and upscale projects raised under-construction housing prices, particularly in Kolkata, Hyderabad, Delhi NCR, and Bengaluru. 3 BHK and 4 BHK home prices increased by 2% to 20% in major cities during Q2.

Liases Foras' Managing Director, Pankaj Kapoor, noted disciplined market behaviour due to significant new launches, which moderated price growth, attracting end-users and investors alike. Kapoor anticipates sustained sales growth, driven by affordability and price balance.

Supported by steady interest rates and increasing disposable incomes, the Indian housing market is poised for continued growth. Q2 saw 81,883 units sold, a 6% YoY rise. New launches contributed 15% to total Q2 2023 sales, driven by well-priced products and strategic locations."

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