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The housing prices in Ahmedabad highest in 3 years with a 9 percent increase in prices year-on-year (y-o-y), according to a report.

As per a joint report by real estate association CREDAI and domain experts Colliers and Liases Foras, housing prices in Ahmedabad rose 9 per cent YoY to 5,927 per square foot during the April-June quarter of this calendar year.

As per the Housing Price-Tracker Report 2022 report, Gandhinagar saw the highest YoY increase at 13 percent.

As per configuration, prices for 3 BHK increased the most at 7 percent YoY, the report shows.

Apart from this, Ahmedabad also saw an increase in unsold inventory, which was led by significant new launches.

Unsold inventory in the city rose 36 percent YoY with maximum number of unsold units in Eastern Suburb, the report showed.

Also Read: Housing prices in Pune continue to head upwards in Q2 2022: Report

As per the report, the upcoming integrated logistics development and the Sanand GIDC’s smart infrastructure estate development will further boost residential activities in the city.

The joint report showed that a resurgence in demand for residential real estate has led to an increase in prices across the top eight cities like Delhi, Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad, during Q2 of 2022 (April-June).

Delhi-NCR saw the highest increase in residential prices at 10 percent YoY, followed by Ahmedabad and Hyderabad with 9 percent and 8 percent YoY increase respectively.

In the report, Pankaj Kapoor, Managing Director, Liases Foras, said prices would remain "range bound".

“Price to remain range bound. With discounted EMI schemes, we see early signs of developers absorbing the impact of increasing interest rates. Sales volumes are likely to improve as we see growing new supply with festive offers," Kapoor said.

Credai National President Harsh Vardhan Patodia attributed the rise in housing prices to a hike in rates of key building materials as well as labour wages, besides some strong fundamentals.

He said there could be a marginal impact on demand due to a hike in interest rates on home loans but sales would continue to grow from September onwards.

Colliers India Chief Executive Officer Ramesh Nair said the upcoming festive season is likely to keep the market sentiment high, resulting in higher sales despite the hike in interest rates.

Established in 1999, the Confederation of Real Estate Developers' Associations of India (Credai) is the apex body of private real estate developers in India. It represents over 13,000 developers across 221 city chapters in 21 states.

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