Housing costs rise by 7% across all major cities

According to a survey by PropTiger.com, the average price increase across all the main real estate markets in India increased by close to 7% Y-o-Y during the first quarter of 2023.

The average price of new homes increased across all the markets included in the survey, according to the report.

The survey notes that Bengaluru, which is the market with the greatest upswing in property values, saw an average rate of 10% appreciation in the past year.

Pune and Ahmedabad, which both saw increases in average property prices of 8% and 7%, respectively, lagged this southern market in terms of price growth.

Given that prices are anticipated to rise, now might be a good moment for people who have been on the fence to step in and purchase their dream home. Over the long run, real estate has consistently been one of the best-performing asset classes.

According to the report, the cost of purchasing a home in India is rising due to a number of factors, including the ongoing increase in the cost of labour and raw materials, the rising demand for homes following COVID, and the end of government-funded subsidy programmes in March of this year.

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