An Abandoned Fort Gets New Life in Rajasthan: House Hunting in India

Market Overview

In its annual Financial Stability Report, released in June 2022, the Reserve Bank of India (RBI) noted that the Indian economy “remains on the path of recovery,” though the authors note that the “tightening of financial conditions and spikes in volatility warrant careful handling and close monitoring.”

Overall, the India House Price Index recorded annual growth of 1.8 percent in the fourth quarter of 2021 in India’s 10 largest cities, down from 3.1 percent during the previous quarter and 2.7 year over year.

At the height of the coronavirus pandemic, home sales in India fell 79 percent, reported Global Property Guide, citing data from PropTiger.com, an Indian real estate portal. Since then, PropTiger, which bases its reports on India’s eight major markets, has reported that both home sales and available inventory improved in the second quarter of 2022. Overall housing sales in Q2 2022 increased by 5 percent over the previous quarter.

The two cities in the survey closest to Sikar — Ahmedabad and Delhi-National Capital Region — tell differing stories, with the former showing a 30 percent increase in sales over the previous quarter and the latter showing a 10 percent decrease, according to PropTiger research. While pricing was up 7 percent overall in the eight subject cities, starting at about 6,650 Indian rupees ($80) per square foot, Ahmedabad and Delhi NCR fell below the average, with square-foot prices of about 3,600 rupees ($43) in the former and about 4,600 rupees ($55) in the latter. Mumbai is the most expensive Indian city, averaging about 10,000 rupees ($120) per square foot.

However, both Ahmedabad and Delhi NCR showed declines in new launches. But in Jaipur, PropTiger’s portal showed 2,127 new listings, a 4 percent increase over the past six months. At a new gated housing project with a swimming pool and 24-hour security, two-bedroom units with 800 square feet sold for between 2.375 million to 2.94 million rupees ($28,800 and $35,500). A 1,200-square-foot, three-bedroom unit sold for 3.62 million rupees ($43,800).