Housing Price Increase: If you are thinking of buying a house for yourself, then you have to increase your budget. An increase in the prices of houses can be seen in the big six cities of the country. Rating agency Crisil said that in the current financial year 2020-23, an increase of 6 to 10 percent can be seen in the prices of houses.
Crisil has said in its report that due to the rise in the prices of raw materials, labor, land and the tremendous increase in the demand for houses, there will be an increase of 6 to 10 percent in the prices of houses in the six major cities of the country in the current financial year 2022-23. Can According to the rating agency, the process of increasing the prices is not going to stop here. The process of increasing the prices of houses is going to continue in 2023-24. In the next financial year, an increase in the prices of houses can be seen from 3 to 5 percent.
increased demand for houses
It has also been said in the report that due to the huge demand for houses, there will be an increase of 25 percent in the sales of big real estate companies in 2022-23. Whereas in 2023-24, there will be an increase in sales by 10 to 15 percent. According to the Crisil report, there has been a decrease in unsold inventory. The level of vacant houses (unsold houses) has come down to two and a half years, which was four years before the epidemic. The reason for this is the improvement in the debt-taking capacity of the large real estate sector.
advantage of hybrid model
According to Crisil, the hybrid model of office and work from home is still applicable in many places. In such a situation, despite the increase in prices, there has been no impact on the demand for big houses. The six big cities on the basis of which the report has been prepared include Mumbai Metropolitan Region, Delhi NCR, Bengaluru, Pune, Hyderabad and Kolkata.
Companies covered in the report include Brigade Enterprises, DLF, Godrej Properties, Kolte-Patil Developers, Macrotech Developers, Mahindra Lifespace Developers, Oberoi Realty, Prestige Estate Projects, Puravankara, Sobha and Sunteck Realty.
Expensive loan after expensive loan
It is clear that home buyers are going to be hit twice, firstly, home loan is also becoming increasingly expensive to buy an expensive house. After increasing the repo rate of RBI, banks are increasing the interest rates of home loans and making EMI expensive.