New Delhi: The real estate industry, which has recovered from Covid, is showing recovery again. Residential houses, commercial shops, apartments etc. have seen a huge increase in rental and purchase rates for the last three to four months. People are getting interested in buying their own house instead of shifting to rented houses. As a result of all this, there has been a new development in the real estate business of major cities of the country including Bangalore.
CREDAI, Colliers India and Liases Foras joint organizations have issued this report on November 16. According to this report, the real estate industry in Bengaluru has seen an average growth of 6% in the purchase and sale of properties.
Bengaluru is a sprawling city and even though land is priced differently in different parts of the city, the average land price in the city is Rs 8,035 per square feet. This is stated in the survey report prepared by Credai and Collier India and Liasis Forum. This has boosted the morale of those involved in the real estate industry here.
Reports from different cities of the country:
1.Similarly, housing prices in Delhi-NCR saw an annual increase of 14 per cent at an average of Rs 7,741 per sq ft during the July-September period
“Housing prices in Delhi-NCR have seen an increase since September 2020. Delhi NCR is the highest in housing prices across India. has seen an increase of 14 per cent. Golf Course Road saw the highest price increase of 21 percent, followed by Ghaziabad. In the third quarter of 2022, unsold inventory in the city was down 11 percent year-on-year.
CREDAI is the apex body for real estate developers in India. But Colliers India is a real estate consultancy and Liasus Forum is a data research firm.According to the data, after Delhi, the average housing prices in Kolkata during July-September this year was Rs 6,594 per sq ft. There has been an increase of 12 percent. Gujarat’s Ahmedabad city saw an 11 per cent increase in average prices to Rs 6,077 per sq ft. is 8,013 per square foot in Pune. There has been an increase of 9 percent.
According to the report, the volume of unsold properties in the Mumbai metro politan area also saw significant growth for the fifth consecutive quarter. “Unsold properties in the region have risen by 21 per cent year-on-year. But housing prices fell marginally by 1 percent on a quarterly basis. However, the western suburbs (beyond Dahisar) saw the highest rise in prices at 10 percent year-on-year, the report said.
Importance of owning a house:
Credai National President Harshvardhan Patodia said, “The real estate market across the country is witnessing a K-shaped recovery in terms of prices. “The pandemic has increased the importance among consumers of owning a home instead of renting,” he said.
On residential demand, Pankaj Kapoor, Managing Director, Liasus Forum, said that the total sales for the third quarter of this calendar year were 16 percent higher than the previous year.
