Housing rent rises by up to 5% in 8 major cities across India, says report
Housing prices rose by up to 2 per cent while rentals increased by up to 5 per cent in the country’s eight major cities during the July-September quarter, year-on-year, according to realty portal 99acres. Hyderabad’s housing market witnessed 2 per cent rise in capital values while rental moved up by 5 per cent. 99acres.com released its quarterly report ‘Insite’ focusing on capital value and rental price trends in the residential market across eight metro cities of India. Real estate market is facing a multi-year slowdown leading to poor sales and significant delays in completion of housing projects. Prices have also fallen or remained stable. As per the report, housing price fell by 1 per cent in Bengaluru but rentals grew by 3 per cent during July-September quarter as against the year-ago period. Housing prices and rentals in the Delhi-NCR market remained stable during the review period. In Mumbai, housing prices were stable but rentals rose by 2 per cent.
Housing prices in Chennai rose by one per cent and rentals inched up 2 per cent. Pune witnessed no increase in housing prices while rentals advanced by 2 per cent. In Kolkata, housing prices and rentals rose by 1 per cent and 2 per cent respectively. The capital values declined by one per cent in Ahmedabad but rentals appreciated by 3 per cent during July-September 2017 compared with the corresponding period of last year.
“The Indian Metros are braving the policy changes, and there are some green shoots of optimism in consumer sentiment. Chances are that the sale/purchase market should pick up with this festive season. Moreover, the interest rates are in favour of consumer like never before. This should hail well for the real estate market,” said Narasimha Jayakumar, Chief Business Officer, 99acres.com. Over 9 million people visit the website every month looking for real estate solutions as 99acres.com has over 8 lakh residential and commercial property listings.