Buying a home? Delhi-NCR sees highest price increase at 10% in last one year, Golf Course Road up 21% on year

NEW DELHI: Resurgent housing demand has driven prices in the top 8 cities up 5% year-on-year (Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru and Ahmedabad) in Q2 2022 although home loans became lower this year. Delhi-NCR saw the highest housing price increase at 10% YoY with an average carpet price of Rs 7,434 per square foot in Q2 2022, followed by Ahmedabad and Hyderabad with an increase of 9 respectively. % and 8% YoY, according to CREDAI – Colliers – Liases Foras | Housing price tracking report 2022.
At NCR, the golf course in Gurgaon saw the highest price increase of 21% year-on-year, followed by the Noida Expressway. Regional inventories fell 10% year-on-year in the second quarter of 2022, as developers focused on selling off old projects. While total unsold inventory was the lowest in three years, the bulk of unsold inventory was concentrated in the Noida and Greater Noida extension, followed by Ghaziabad.
Housing prices, which have surpassed pre-pandemic levels, are trending up due to increased demand amid rising construction material prices.

The sales momentum that began late last year also continued into Q2 2022 due to pent-up demand. As a result, although prices have increased and new sales have increased over the past few quarters, unsold inventory has decreased in most cities.
Bengaluru saw the steepest drop of 21% year-on-year due to increased inventory, led by higher sales.
Only Hyderabad, MMR and Ahmedabad saw an increase in unsold inventory, led by significant new launches. MMR still accounts for the highest proportion of unsold inventory at 36%, followed by 14% in Delhi-NCR and 13% in Pune.
“Central banks continue to raise repo rates to offset the impact of inflation, and banks are expected to raise lending rates including home loans. thHE housing prices have increased by 2-5% across cities, as raw material and labor prices continue to remain high. We could see a slight drop in demand due to rising interest rates, but I am confident that sales will continue to grow across segments from September, as we enter the festive season,” said Harsh Vardhan Patodia, President. CREDAI National said.
The majority of cities saw unsold stock levels drop, with the exception of Hyderabad and Ahmedabad. Bengaluru had the highest drop of 21% year-on-year. About 93% of the total unsold inventory across all 8 cities in India is due to construction units.
Unsold inventory in Metro Mumbai increased 14% year-on-year, while prices remained limited
MMR, which accounts for the highest proportion of unsold inventory with a 36% market share, has seen its unsold inventory grow 14% last year. Unsold inventory increased due to significant new sales in the city. Housing prices have largely remained within a range, with a slight increase of 1% year-on-year. However, the western suburbs (apart from Dahisar) had the highest price increase at 12% YoY. Unsold inventory in the Central suburban expansion accounted for 26%, accounting for most of the INR 7,500-10,000 price range per square foot. Bengaluru saw the biggest drop in unsold inventory at 21% YoY.
“Price will remain range bound. With discount EMI programs, we see early signs of developers absorbing the impact of rate hikes. Sales volume is likely to improve as we see new supply increasing with festive offers, said Pankaj Kapoor, CEO, Liases Foras.

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