Housing prices across eight major cities in India, including Mumbai, Delhi, Chennai, Kolkata and Bengaluru, rose by 3-7 per cent, an industry report showed.
In a statement, CREDAI President Harshvardhan Patodia said: 'Post the geo-political escalations, oil prices have surged, and stock markets have crashed globally'
Housing prices increased in the range of 3-7% last year across eight major cities due to rise in rates of construction raw materials like cement and steel, says property brokerage firm PropTiger.com.
The report said that sales momentum is expected to continue in 2022 as prospective homebuyers' preferences for bigger homes, better amenities, and attractive pricing will keep them interested
India ranks 54th out of 55 countries globally in the housing prices index as rates of residential properties fell marginally by 0.5 per cent year-on-year during the quarter ended June
India's rank slipped 11 places to 54th in terms of appreciation in residential prices, as housing rates fell nearly 2% during June quarter compared with the year-ago period, according to Knight Frank
According to the data, housing sales declined maximum 86 per cent 1,099 units in Hyderabad during April-June 2020, as against 8,122 units in the year-ago period
Pitching for correction in property prices, the survey said that housing prices are ruling at a high level, even as the growth in rates has been muted since 2015-16
On a year-on-year basis, a large variation was observed in HPI growth, with Kanpur recording the highest rise (18.3 per cent) and Delhi recording the maximum contraction (-2.6 per cent), said the RBI.
