Home prices in India rose by 8% in Q1 2023

A look at home prices in India

Published by: Anand Singha

Delhi-National Capital Region (NCR) witnessed the steepest hike at 16%.

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Robust housing demand and quality launches fueled the price surge.

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Kolkata and Bengaluru saw increases of 15% and 14% respectively.

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Despite rising interest rates, housing prices continued to rise due to consistent demand.

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A pause in rising repo rates and a positive economic outlook will maintain this market sentiment.

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Homebuyers' sentiment remained positive, especially in tier 1 cities.

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Developers in the top eight cities launched new projects, resulting in a 12% rise in unsold inventory.

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Hyderabad experienced the highest surge in unsold inventory at 38%.

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Delhi-NCR, Bengaluru, and Chennai saw a decline in unsold inventory due to increased sales.

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Mumbai Metropolitan Region accounted for the largest share of unsold inventory at 37%

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The residential real estate market rebounded after the pandemic, driven by ownership preference and affordability.

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Despite a 250-basis point increase in the repo rate by the RBI, the sector remained resilient.

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Delhi-NCR witnessed steady price growth over the past eleven quarters.

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The housing market in Mumbai Metropolitan Region remained stable in Q1 2023.

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Continued sales and supply growth projected for major Indian cities in FY 2023.

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This data is sourced from a price tracker report jointly prepared by Credai, Colliers, and Liases Foras.

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