Despite prevailing negative economic conditions and worldwide interest rate hikes, house prices in seven major Indian cities have experienced a notable surge of 6 percent to 10 per cent during the second quarter of 2023, when compared to the same period last year, according to property consultancy firm Anarock. As per the recent data, the average price per square yard in Hyderabad has witnessed an impressive 10 per cent increase, reaching Rs 4,980. In light of these developments, Anuj Puri, Chairman of Anarock, highlighted the resilience of the Indian real estate sector, stating that the first half of this year has been favourable for the industry. Surprisingly, the effects of rising interest rates and global economic conditions have had little impact on the housing market. The same trend is expected to continue during the rest of the current year. Further, the construction of new houses across the country’s seven major cities has soared by a significant 25 per cent, reaching a staggering 1,02,620 units. Simultaneously, the housing inventory has witnessed a slight decline of 2 percent, totalling 6.14 lakh units, as robust sales contributed to the reduction in stock.
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