House Prices Flourished In Major Cities In 2 Years: Report!

Having a house is a dream of many. The majority of working people wish to have a dream house by the time they retire. But they are falling short of their dreams due to the increase in costs. The prices of sand, cement, and other items increased massively.

Buying houses also became a costly affair as the prices have been increasing. On average the house prices increased in many cities by around 20 percent. This is the case in the majority of cities. The prices increased by around 30 percent.

A report filed by property sale and purchase firm Credai found that house prices increased by 20 percent in eight cities while the prices increased by 30 percent in Delhi, Bengaluru, and Kolkata.

The findings of the Credai firm is that in the last two years house prices increased in eight cities namely Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune. Bengaluru, Delhi NCR, and Kolkata saw a hike of 30 percent in house prices.

Compared to two years earlier house prices increased by 20 percent and 30 percent respectively. Talking about the reasons behind the hike, the increase in costs and demand for houses played a key role said the report.

While many regions saw a hike in the prices a few regions recorded an increase by a few folds. Over the two years, the prices increased by two to two and a half folds in Bengaluru, Hyderabad, Kolkata, MMR, and Pune.

Looking at the preferences of buyers, they are showing interest in mid and premium segments. On top of this, the increase in production costs and the demand for houses played a key role in the increase in year-on-year increase. The housing sector is expected to see a demand in not just the top cities but also in Tier II, and Tier III cities too.