Residential prices rise by 5%, says report

According to a joint report by the real estate association CREDAI and industry experts Colliers and Liases Foras, a rebound in residential real estate demand has resulted in an average 5% increase in prices across the top eight cities — Delhi-NCR, Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad — while registering a marginal decline in unsold stocks during Q2 of 2022 (April-June). Residential property prices have been on the rise, surpassing pre-pandemic levels as a result of increased demand and rising construction material costs. Due to pent-up demand and competitive pricing, the sales momentum that began in the latter half of last year maintained in Q2 2022 as well. The RBI has thus far increased the key repo rates, which represent the rate at which a nation's central bank loans money to commercial banks, by 140 basis points. This move is consistent with the worldwide trend of tightening monetary policy to combat inflation. Also Read: Cement demand rises but utilisation to remain moderate, ICRA reportCCI approves merging HDFC, HDFC Bank, HDFC Investments and HDFC Holdings