13% increase in house prices in two years
Revealed in a report by AnarockResidential real estate prices in the country are on the rise. In the past two years, house prices have increased by 13%. Concurrently, the Consumer Price Index (CPI) has risen by 1.3%. In 2022, the average price of a house in a primary location was Rs 5,881 per square foot. The CPI was at 5.5%. By 2023, the CPI rose to 6.7%, and the average house price per square foot increased to Rs 6,325. Similarly, in 2024, the CPI is at 5.4%, and residential building prices have soared to Rs 7,550 per square feet.
Anarock’s latest report highlights that residential prices have consistently risen by 6% annually in seven major cities across the country since the elections in 2019. This situation was also observed after the elections in 2014. Compared to 2013, house prices increased by 6% or more in 2014. In 2013, the average house price was Rs 4,895 per square feet, which rose to Rs 5,168 in 2014. From 2013 to the mid-2020s, there has been a demand for 20.68 million homes in seven major cities across the country. Records show that 23.55 million homes have been transacted. Anarock’s report concludes that prices are likely to rise even further.
