Property prices remain high despite high interest rates
Despite the higher interest rates and economic slowdown, housing prices remained firm followed by limited supply, according to a Nomura report.
The supply has also been limited for fewer projects in key markets like Mumbai, Delhi and other dues to the government approval delays.
A recent report by the Reserve Bank stated that the house prices remained on an uptrend of about 24.1% in Q1 when compared to an average of 20% over the last two years.
Cities which saw a sharp price increase are the metro markets of Delhi, Mumbai, Kolkata, and Chennai of about 21-42%. This steady rise in housing prices is one of the key reasons of why consumption has remained well supported.
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