Highest increase in housing price is Delhi-NCR in Year 2023

Prices of residential land during the index period of July to September have witnessed the highest annual price increase of 14 per cent at an average of 7,741 per square foot. The report also highlights the different segments in Delhi-NCR, which proposed a faster pace of sale. CREDAI (The Confederation of Real Estate Developers. Associations of India) explained that up to September 2012, there were just 2,584 lots sold across flats in Delhi-NCR

The report observes that because of the positive impact of the lockdown, some are optimistic about performance. With the real estate sector in Delhi-NCR witnessing the Highest increase in housing prices in Delhi-NCR last year, some are optimistic about the market economy. Particularly those industries which were currently disrupted; for example, those in the travel and hospitality sectors. 

Since the beginning of 2023, house prices have been rising on the back of increased demand since last year, paired with rising input prices.

After Delhi's metro prices took a plunge in 2017, analysts have also predicted that the Kolkata metro will do the same. According to data, as per the recent data, the average housing prices in Kolkata rose 12 percent to 6,594 per square foot in July-September.

The Indian Mortgage & Investment Corporation, or MMR, builders' choice, with the rise in significant new launches, witnessed a rise in unsold inventories for the fifth quarter in a row. Stately Homes, a housing segment oriented towards NRIs, recorded the highest rise in prices of 10 percent, followed by Western Suburbs (beyond Dahisar) with an increase of 8 percent. The Panvel residential segment, on the contrary, recorded the lowest rise in prices of 2 percent, followed by Bandra and Powai in Mumbai with an increase of 5 percent and 4 percent, respectively, in the report.

Colliers India CEO Ramesh Nair said the rise in inflation and hike in input costs have put upward pressure on housing prices pan India.

The Confederation of Real Estate Developers & Associations of India, or CREDAI, represents over 13,000 real estate developers from across 221 cities in 21 states.