The momentum in housing demand across India’s top six cities is expected to continue this fiscal and grow 5-10% despite rising property prices, interest rates and a high-base effect. The demand for property in cities like Mumbai, Delhi, Bangalore, Pune, Kolkata and Hyderabad is very much intact. The growth in the demand is likely between 5% and 10%.
CRISIL estimates housing demand rose a solid 33-38% last fiscal, surpassing pre-Covid-19 levels. But this was on a low base of fiscal 2021, when demand had fallen 20-25%. It is attributed to
higher capital values and interest rates, reinstatement of stamp duty, and the high-base effect of fiscal 2021. There is scope for increase in property values between 6% and 10% in six main cities across the country. It is attributed to increase in building material costs.
According to Aniket Dani, Director, CRISIL Research, “We expect residential real estate prices to rise 6-10% across the top six cities this fiscal due to a steep rise in material costs and relatively favourable demand-supply dynamics, especially for established developers. Some of them have started hiking prices by 2% per quarter and may continue to do so over the next couple of fiscals to account for rising land prices. However, in spite of these headwinds, housing demand is likely to grow 5-10% supported by favourable demographics and urbanization, he added.
architecture
Training programme on
rooftop cultivation
Horticulture Training Institute in Hyderabad will conduct training on rooftop cultivation of crops on May 14 and 15 for those who are interested in growing vegetables in balconies and rooftops, according to a release by the Horticulture and sericulture department. Experts will give their tips on development of rooftop garden, choosing the place, choosing the plants to grow, preparation of soil mix, selection of seeds, organic manure management, pest management in organic cultivation and other relevant aspects as part of the training. Those who want to take part in the training should register their names by paying Rs 100 per head. For details, contact 9705384383.
