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New Delhi: A resurgence in demand for residential real estate has led to an increase in prices across the top eight cities. Prices in Delhi, NCR rose 10% - the highest amongst Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad, during Q2 of 2022 (April-June), a joint report by real estate association CREDAI and domain experts Colliers and Liases Foras said.

Golf course road saw the highest price rise of 21%YoY followed by Noida Expressway in Delhi-NCR.

  • During Q2 2022, housing prices rose by 5% YoY across the top 8 cities, led by robust demand.
  • Prices in Delhi, NCR rose 10% - the highest amongst the top eight cities. Golf course road saw the highest price rise of 21%YoY followed by Noida Expressway.
  • While overall unsold inventory is the lowest in three years, Noida has the maximum unsold inventory (Noida Extension, Greater Noida), followed by Ghaziabad.
  • About 48% of the unsold inventory fall in the price range of 2,500-5,000 per sq ft, of which majority are in Noida Extension.

Prices for residential properties, which have surpassed pre-pandemic levels, have been seeing an upward trend led by rising demand amidst rising prices of construction materials.

The sales momentum that started in the latter part of last year continued in Q2 2022 as well, led by pent-up demand and attractive pricing, a statement said on Tuesday.

The monetary policy committee of the Reserve Bank of India (RBI) had unanimously decided to raise the repo rate by 50 basis points to 5.40 per cent in order to contain the persistently high inflation. The latest hike takes the repo rate above pre-pandemic levels of 5.15 per cent. Close on the heels of RBI's rate hike, many banks and housing finance companies too have followed suit and raised lending rates. This is expected to raise EMIs for loan takers.

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