Hyderabad among top cities with highest housing price rise in 2023: Report
Notably, the Southwest sub-market experienced the highest surge at 24 per cent year-on-year, while prices in Central Hyderabad moderated after a sequential rise in the fourth quarter of 2022.
Hyderabad: Over the last two years, the housing market in Hyderabad witnessed a significant surge in prices, fueled by robust demand and increased supply, according to the latest Housing Price-Tracker Report jointly released by CREDAI, Colliers, and Liases Foras.
Amid unwavering confidence among homebuyers, buoyed by favorable interest rates and a positive economic outlook, housing demand soared, propelling prices upward. The report reveals a 10 per cent year-on-year increase in housing prices, driven primarily by a substantial influx of luxury supply.
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Notably, the Southwest sub-market experienced the highest surge at 24 per cent year-on-year, while prices in Central Hyderabad moderated after a sequential rise in the fourth quarter of 2022. Analysis of the report further indicates that 4BHK units witnessed the highest annual price rise at 14 per cent, closely followed by 1BHK units with an 11 per cent year-on-year increase.
According to the report, a significant portion of the unsold inventory, approximately 95 per cent, is currently under construction in Hyderabad.
Key figures from the report for the fourth quarter of 2023 include an average housing price of Rs 11,083 per square foot in the city. This marks a substantial increase compared to the average prices of Rs 8,821 per square foot in 2021 and Rs 10,090 per square foot in 2022.
Hyderabad witnessed the fourth-highest increase in average housing prices in 2023 compared to 2021 levels, following Bengaluru, Delhi NCR, and Kolkata. The report also highlights a surge in new property launches in the mid and luxury segments across major cities during 2022 and 2023. In Hyderabad, along with Bengaluru, Kolkata, Mumbai Metropolitan Region (MMR), and Pune, new supply surged 2-2.5 times over the past two years.
Residential price trends (2021-2023) (in Rs/sft):
Hyderabad: Average residential price trends (Rs/sft)
2021: 8,821
2022: 10,090
2023: 11,083
– Price change (2023 vs 2021): 26%
– Price change (2023 vs 2022): 10%
– Price change (Q4 2023 vs Q3 2023): 0%
Average residential price trends (Rs/sft)
Ahmedabad:
2021: 5,721
2022: 6,203
2023: 6,737
Bengaluru:
2021: 7,609
2022: 8,276
2023: 9,976
Chennai:
2021: 7,182
2022: 7,445
2023: 7,701
Delhi NCR:
2021: 6,958
2022: 8,394
2023: 9,170
Kolkata:
2021: 6,081
2022: 7,144
2023: 7,912
Mumbai Metropolitan Region (MMR):
2021: 19,657
2022: 19,287
2023: 20,047
Pune:
2021: 7,398
2022: 8,379
2023: 9,185
