In The Months From January to March, Housing Prices Surged In Major Property Markets

Prices of residential real estate are rising due to improving demand and developers' optimism. 

The renewal in demand and rising cost pressure led to housing prices moving higher as developers tried to secure their margins. 

The pan-India prices have increased 6.4% from 2021. The prices of ready-to-move properties have increased 1.7% and 5.8% from 2021. 

Sudhir Pai, the CEO of Magicbricks, said that demand is soaring as implied by surging inquiry levels and sales. Most price hikes are happening because of a revival in demand. 

Realty developers have asserted their plan to expand the prices of unsold inventory. 

Prices of key raw materials involving steel, cement, aluminum, and PVC have surged sharply between 30℅ and 100% during 2021. 

Worried about the cost pressure, realty developers across India have been longing for the government to arrest the increase in the cost of building materials. 

Developers suggested that steel's import duty must be reduced and a ban must be inflicted on exporting the steel for two years till all issues are resolved. 

Developers also recommended steel and cement prices be regulated till supply is reclaimed and both cement and steel should be put in the lower slabs of GST.