Post-2019 elections, property values have a 6% yearly increase rate pattern…

Post-2019 elections, property values have a 6% yearly increase rate pattern…

Post-2019 elections, property values have a 6% yearly increase rate pattern…

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Before 2019, the nation’s yearly rate of increase in home values was under 1%. While the growth rate in the past two fiscal years was 13%. The average cost of a house in the nation after the 2019 Lok Sabha elections was Rs 5,599 per square foot. 

18 June 2024

House prices in seven major cities have experienced the highest annual growth of around 13% in the last two financial years, with 8,25,000 new houses supplied and 8,72,000 houses sold. Despite a decreasing inflation rate, house prices have increased.

The Anarock Group has published a study on the nation’s real estate market. This indicates that following the nation’s 2019 Lok Sabha elections, property values had a 6% yearly increase. The growth rate in the past two fiscal years was 13%. The average cost of a house in the nation after the 2019 Lok Sabha elections was Rs 5,599 per square foot. At the close of the previous fiscal year, the price had risen to 7,550 square feet.

Before 2019, the nation’s yearly rate of increase in home values was under 1%. The supply of homes has exceeded the demand throughout the last ten years. In the seven biggest cities of the nation, 23,55,000 new homes were provided and 20,68,000 were sold between 2013 and 2020.

The increasing population and urbanization have led to a rise in housing demand and a rise in house prices. House rent has also increased, with house prices rising by 13% in the last two financial years. Despite a decrease in retail inflation from 1.4% to 5.4% in the last financial year, the report indicates that the increase in house prices has continued while the inflation rate has declined.

Average house prices (per square foot)

  • 2019-20: Rs 5,599
  • 2020-21: Rs.5,660
  • 2021-22: Rs.5,881
  • 2022-23: Rs.6,325
  • 2023-24: Rs.7,550
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