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India's real estate market has been a subject of much intrigue and interest, especially given the recent trends that have seen residential property prices soar. As we delve into the dynamics of this surge, it's essential to understand the factors contributing to this rise and what it means for potential homeowners and investors.
The Current Landscape The All-India house price index reported a modest increase of 3.81% in Q4 2023 from the previous year. This uptick follows a consistent pattern of growth observed throughout the year, with year-on-year increases of 3.56% in Q3, 5.05% in Q2, and 4.57% in Q1. Despite these rising costs, the demand for residential properties has not waned. In fact, home sales in India's eight major markets soared by 33% to 410,791 units in 2023 compared to the previous year.
Regional Variations Cities like Chennai, Kolkata, Bangalore, and Ahmedabad have witnessed significant increases in their house price index, with Chennai leading the pack with an 8.41% year-on-year increase. These figures are a testament to the robust demand and the burgeoning purchasing power of the Indian populace.
Driving Factors Several factors contribute to the rising property prices in India. The country's population, now the world's largest at 1.43 billion, coupled with a GDP per capita that has risen sharply by 82% over the past decade, has fueled a fundamentally strong domestic demand. Additionally, residential construction activity is on the rise, with new housing units launched in the major cities increasing by 20% in 2023.
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