Drop in sale of residential units: Hyderabad real estate losing charm?

Hyderabad appears to be dropping out of realty radar with a drastic drop in sales, which Anarock data puts at 23 per cent.

Hyderabad: The charm for a slice of property in Hyderabad seems to have been impacted with the residential supplies and absorption slipping drastically in the second quarter of the year 2024.

In its latest research data, Anarock reveals that Hyderabad added just about 13,750 residential units in Q2 2024 as against around 22,960 units added in the first quarter. This drop in the number of residential units added translates to roughly about 40 per cent!

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Not just new launches and absorption, Hyderabad also appears to be dropping out of realty radar with a drastic drop in sales, which Anarock data puts at 23 per cent. In the second quarter, the city recorded sales of approximate 15,085 as against 19,660 units sold in the previous quarter.

The data collated by Anarock in fact has Hyderabad being the biggest loser, with a 23 per cent drop in residential units sales, among the top seven cities of Kolkata (-18%), Chennai (-9%), Pune (-8%), Bengaluru (-8%), MMR (-3%) and NCR (6%).

The Anarock report states ‘the bull run in residential sales across the top 7 cities tamed down marginally in the second quarter of 2024, to the backdrop of increasing property prices and a high base record of the previous quarter (Q1 2024).’

The research data reveal that housing sales witnessed a quarterly drop of 8 per cent and stood at approximately 1,20,340 units in Q2 2024 across the top 7 cities, against approximately 1,30,170 units sold in Q1 2024.

The two western cities – MMR and Pune – accounted for over 52 per cent of the total sales in the top 7 cities with over 62,685 units sold altogether in these cities in Q2 2024. NCR is the only city to see a quarterly rise (of 6 %) in housing sales in the quarter against Q1 2024.