Prices of houses under construction skyrocket!

An increase of 31 percent reported

The prices of houses under construction in the country have shot up. Magic Bricks revealed that the prices of these in 13 major cities in the country increased by 31 percent on an annual basis in the January-March quarter. It explained that residential prices have gradually increased since 2023. Especially the houses under construction have attracted investors and buyers, so the prices have gone up. Compared to the previous quarter, prices of houses under construction increased by 7.8 percent in January–March, with 7.1 percent in Noida, 6.1 percent in Greater Noida, and 5.7 percent in Bengaluru and Mumbai.

“Although home buyers tend to favour completed projects over under-construction projects, in 2023, their focus is on the under-construction projects in view of increasing house prices. As these are slightly more available at a lower price than the completed projects, the demand has increased, with more people preferring them. As a result, the prices have also gone up,” said Abhishek Bhadra, Head of Research, Magic Bricks.