Highlights

  • Prices to rise between 4% and 5% in Delhi and Mumbai
  • Home rents too are expected to become more expensive

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Buying home in India to get costlier; checkout the price in major cities

Improving housing demand and increase in building material cost are some of the key factors for housing price rise

Given the increasing housing demand and the soaring cost of building materials, property prices in India are expected to increase 7.5% on a pan-India basis this year, the fastest growth in five years.

According to a Reuters poll of property analysts, average house prices were forecast to rise 6% next year and in 2024. The poll of 13 property analysts were held during May 11-27. In a March poll, the analysts had expected, an increase of 5.0% for this year.

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House prices in Mumbai and Delhi, including its surrounding National Capital Region (NCR) are expected to rise between 4% and 5% this year and next.

However, house prices in Bengaluru and Chennai, where analysts said homes were fairly valued, were forecast to rise 5.5%-6.5% over the course of the next two years.

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