The weighted average prices in the newly introduced residential projects in the last financial year (2024-25) have increased by nine percent due to the high cost of raw materials. The listed real estate data analyst company Propket gave this information. Propkets said in a statement that the weighty average price of new houses in the major nine cities rose nine percent to Rs 13,197 per sq ft in 2024-25, which was Rs 12,569 per sq ft in 2023-24.
The average prices of homes in new projects were 29 percent in Kolkata. This was followed by 17 percent in Thane, 15 percent in Bengaluru, 10 percent in Pune, five percent in Delhi-NCR, five percent in Hyderabad and four percent in Chennai. Housing prices fell by three percent in Mumbai and Navi Mumbai.
According to the propICT, demand and supply have been soft in the last one year, but in the last few years the price of housing has increased due to the price increase of raw materials including land, labor and construction materials. Angad Bedi, Chairman and Managing Director (CMD) of Bangalore -based BCD Group, said, a strong growth in the prices of new homes in top Indian cities reflects strong final user demand, stable investor trust and rising construction costs.
The Reserve Bank of India (RBI) is about to announce monetary policy on Wednesday. It is being expected that the Reserve Bank of India can cut the repo rate by up to 0.25 percent. This will also reduce the interest of your home loan and EMI will also decrease in the coming months. In such a situation, there is a benefit in understanding this trick related to home loan. A lot of money can be saved by repaying the EMI of home loan before time.
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