Buying your dream home might just get more expensive this year. As the Indian real estate market picks up pace post-pandemic, housing prices in 8 major cities have already risen by 3-7%. According to a report, the cities include Mumbai, Delhi, Bengaluru, Chennai and Kolkata among others (Source).
The price surge can be attributed to several reasons, including a rise in prices of construction material, and increase in stamp duty in Maharashtra starting April 2022. Key construction materials like cement, sand, steel and fittings have become more expensive by 40-45%, leading to a cost rise of ₹ 400-600 per square foot (Source). To accommodate rising prices of raw materials, the state government in Gujarat has allowed a rise in property prices up to a ceiling of 5% (Source). Developers across the country are requesting extensions on delivery dates in order to cope with the surge.
The Indian real estate sector will account for 13% of India’s GDP by 2025, said NITI Aayog, the official public policy advisory to New Delhi. In the absence of government intervention, the rising housing prices will affect buyers and homeowners. If you plan to buy a home in India, do it now and save lakhs of rupees.
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