Hyderabad housing market on growth mode
Hyderabad: A pandemic, subsequent lockdown and slowdown of real estate across the country due to supply chain constraints did not deter the housing market in the city of pearls. Hyderabad continued to witness new launches and improved sales momentum in the post-Covid world with new launches in 2021 registering an all-time new high over the […]
Hyderabad: A pandemic, subsequent lockdown and slowdown of real estate across the country due to supply chain constraints did not deter the housing market in the city of pearls.
Hyderabad continued to witness new launches and improved sales momentum in the post-Covid world with new launches in 2021 registering an all-time new high over the Hyderabad historical average yearly supply.
As per a report by Anarock titled ‘Riding the Rebound: Hyderabad Real Estate’, housing sales increased almost three-fold in 2021 over the preceding year and 51,500 units were launched – almost 234 per cent higher than the average yearly launches during pre-Covid levels. The report also mentions that the city remains the most affordable residential market among the top seven cities at approximately Rs 4,450 per sq ft.
Boost to sales:
Lower home rates, discounts by developers, and the growing post-pandemic inclination for home-ownership helped boost sales with approximately 25,400 housing units sold in 2021 which is a 197 per cent growth over 2020. In the first quarter of 2022 i.e till March, the city saw approximately 13,140 units sold, registering the highest sales growth of 199 per cent among all top seven cities over the corresponding period in 2021.
The report also mentioned that the housing inventory overhang declined from 53 months in the first quarter of 2021 to 27 months in the same period in 2022 – a massive 26-month decline.
Anarock Research senior director and head Prashant Thakur said, “Thanks to its property market’s multi-faceted accelerators, Hyderabad now draws interest from all stakeholders including investors, homebuyers, and developers. Its high-performing socio-economic dynamics, well-developed infrastructure, relatively affordable prices – and, not least of all, the slowdown on Amaravati’s real estate market – all work in its favour. Amaravati’s loss has been Hyderabad’s gain over the past 4-5 quarters.”
West and North dominate:
West Hyderabad was the major new launches contributor in Q1 2022, accounting for 60 per cent of the city’s new supply and North Hyderabad came second, contributing 32 per cent of the city’s new launches. East and South Hyderabad together accounted for 5 per cent of new residential units launched, the report said.
High-end segment grows:
More than half of the new launches, about 51 per cent, were in the high-end segment priced between Rs 80 lakh to Rs 1.5 crore, followed by 29 per cent in the mid-segment priced between Rs 40 lakh to Rs 80 lakh and 11 per cent in the luxury housing segment (Rs 1.5 crore to Rs 2.5 crore).
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