businesstoday.in-Real estate: Delhi-NCR property prices skyrocket by 57%; what to expect next
Property prices in India's top residential markets have continued to strengthen over the past year due to an increase in construction costs, online property brokerage firm PropTiger.com said in a report. PropTiger.com, a subsidiary of REA India, the owner of Housing.com, revealed that average property prices in most cities saw double-digit growth in the third quarter of 2024 compared to the same period last year.
The report 'Real Insight Residential: July-September 2024' linked the increase in prices to a rising demand, notably for upscale properties. The Delhi-NCR property market experienced the highest annual price surge of 57%, as stated in the report.
“The fact that the Reserve Bank has maintained a status quo on the repo rate at 6.5% in the past 10 policy meetings is adding further pressure on pricing. In the absence of a rate cut, developers as well as buyers continue to pay a comparatively high interest on loans, which ultimately impacts housing affordability,” the report said.
