This year across the country, an increase in the house prices have been recorded. Eight major metros recorded an average increase of 7 percent in house prices between January and March. The highest increase of 10 percent has occurred in Bangalore city, followed by 8 percent increase in Pune.
A report on the property sector in the major metros of the country has been released by 'proptiger.com'. According to this, the average price of new houses increased from January to March 2023. This growth in Bangalore is 10 percent compared to the first quarter of last year. Among the major metros in the country, Bangalore has seen the highest increase in house prices. Below that, the growth is 8 percent in Pune and 7 percent in Ahmedabad.
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Inflation is the main cause of increase in house prices. Housing prices in the country have been rising for some time now. This is mainly due to increased cost of raw material and labour. Along with this, the demand for houses has increased after the corona crisis has subsided. Also, the government has also stopped the housing subsidy from March. As a result, house prices have become expensive, the report states.
At present, the Reserve Bank has adopted the usual policy regarding interest rate hike. If the rate of inflation increases, there is a possibility that the Reserve Bank will increase the interest rate again. The report also explains that this will make home loans more expensive and a burden on consumers.
Increase in price per sq. ft in percent
| City | Price Per Sq Ft | Percent |
|---|---|---|
| Mumbai | 10200-10400 | 5 |
| Pune | 5800-6000 | 8 |
| Bangalore | 6200-6400 | 10 |
| Ahmedabad | 3700-3900 | 7 |
| Delhi | 4700-4900 | 6 |
| Hyderabad | 6200-6400 | 4 |
| Kolkata | 4600-4800 | 6 |
| Chennai | 5700-5900 | 1 |
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