Under Construction Properties: The country’s property demand is increasing rapidly, so house prices have improved tremendously. However, the bad news for those who used to bet on under-construction properties in search of cheap houses is that the rates of under-construction properties are also jumping rapidly.
In 13 country’s big cities, prices increase by more than 15 percent every quarter. This jump in prices is the highest in the last 2 years. It is understood from this that there is a big difference between the demand and supply of houses in the real estate market.
Rates Went Up By 15 Percent In 13 Big Cities Of The Country
According to the Magicbricks Report, between the April and June quarter, the rates of under-construction property in 13 big cities of India have gone up by 15.2 per cent. These cities include Ahmedabad, Bangalore, Chennai, Delhi, Greater Noida, Gurugram, Hyderabad, Mumbai, Navi Mumbai, Noida, Pune and Thane. The report states that the supply of under-construction properties increased by 11.72 percent between April and June. Due to this, the prices of under-construction properties in cities like Gurugram, Mumbai, Noida, and Thane have become higher than those of Ready To Move Properties.
Real Estate Sector Is Strong For The Third Consecutive Year
Abhishek Bhadra, Research Head of Magicbricks, said the real estate sector is growing strongly for the third consecutive year. At this time, the supply is less, and the demand is more. Due to this, there has been a sharp jump in the market for under-construction properties. People’s fear about under-construction properties has also been dispelled. This report has been prepared based on the preferences of about 2 crore customers.
Demand Will Increase Further If Inflation Decreases
Demand has increased the most in Gurugram, Delhi, and Noida, North India. Despite high interest rates, the demand for homes is strong. The Reserve Bank of India (RBI) has not changed the repo rate for the eighth consecutive time, creating an atmosphere of stability.
According to the report, housing demand will increase further if inflation decreases, as will the demand for cheap houses. Due to infrastructure development and the presence of economic opportunities, these big cities of the country have become hotspots for home buyers.
