City housing prices at pre-pandemic levels, says CREDAI report

NT Correspondent

Bengaluru

Housing prices in Bengaluru have returned to its pre-pandemic levels and the unsold inventory is also down substantially, thereby indicating a rise in demand during the April-June quarter, says a report compiled by Confederation of Real Estate Developers’ Associations of India (CREDAI), Colliers India and Liases Foras.

The report titled “Housing Price Tracker 2022” analyses the real estate market trends in eight major cities including Bengaluru, Delhi National Capital Region, Mumbai Metropolitan Region, Chennai, Kolkata, Hyderabad, Pune, and Ahmedabad.

 It also said that Bengaluru’s housing prices have risen 4 per cent, and the unsold inventory showed the sharp decline of 21 per cent among the eight cities surveyed. Housing rates in Hyderabad and Kolkata were up 8 per cent from the year-ago period, while Delhi registered the steepest hike of 10 percent. The country’s costliest real estate market, Mumbai, saw a mere 1 per cent increase. Pune and Chennai registered an increase of 5 per cent and 1 per cent respectively.

 Credai National President Harsh Vardhan Patodia attributed the rise in housing prices to a hike in rates of key building materials as well as labour wages, besides some strong fundamentals. Colliers India Chief Executive Officer Ramesh Nair said the upcoming festive season is likely to keep the market sentiment high, resulting in higher sales despite the hike in interest rates.