Source: Times Property ( )

Bhadresh Mehta, an asset advisor says, “We saw a sharp increase in real estate prices because there was pent-up demand. A few suburbs in Chennai also saw a price hike to the tune of 10 per cent. But the markets are now consolidating, and I believe that the next price hike would only happen in 2023.

City’s asset advisor Santosh Burhani, opines, “The price hikes in Bengaluru ranged between four and six per cent. Even though the markets are stabilising now, if there is a further hike in the cost of raw material, we may see a price increase. However, it all depends on what measures the government undertakes to make construction affordable for developers.

Harrish Kumar Jain, vice-president, Brihanmumbai Developers Association (BDA), says, “Mumbai has not witnessed a steep increase in realty prices (besides an average rise of one-two per cent), and the prices are expected to remain stable.

Aniket Sawant (35), an asset advisor in the city mentions, “Pune is relatively doing better than most cities as there are pockets in the city where the prices have gone up by about five per cent. ” The report further states that the prices of two-BHK properties have shown healthy demand.

National average of price rise 
While each state and state capital have had different price increases, many who are in the business of selling say that the rise on-the-ground has been on the higher end, pan India. Niranjan Hiranandani, national vice-chairman, NAREDCO says, “The Indian property market saw a 10 per cent YoY growth across key markets according to the Housing Price Index of RBI. The sustainable home demand from first-time homebuyers is gaining traction in the affordable housing segment, while HNI and NRI homebuyers are driving the luxury real estate market. The rise in disposable income, job stability, fresh hiring, improved home affordability, availability of home loans for longer tenure and nearly 80 per cent of the mortgage value, and currency depreciation have favoured NRI and HNI fence-sitters to take the plunge.”