Hyderabad outshines Bengaluru, Mumbai in residential property sales
The growth of the real estate industry in Hyderabad can be attributed to various factors, including the city's first-rate infrastructure, a thriving IT industry, and a growing population of young professionals.
Hyderabad: Hyderabad has once again proven its mettle in the real estate market by bagging the top third spot in both sales of residential property and new launches in the calendar year 2022.
According to a report by leading real estate consultancy, PropEquity, Hyderabad with new launches of 66,683 units outshined other cities including Bengaluru, Mumbai, Navi Mumbai, and Chennai. The supply share stood at 13 per cent, which indicates a healthy and stable real estate market.
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The first and second spots were bagged by Thane with 81,849 new launches, and Pune with 69,525 launches respectively.
The report revealed that the sales of residential property in tier-1 cities in the country stood at more than 250 per cent of the levels seen among tier 2 cities in 2022. The total absorption witnessed in Tier 1 cities was a whopping 4.53 lakh units as against 1.83 lakh units in tier 2 cities.
Samir Jasuja, Founder and Managing Director at PropEquity, said, “This disproportion in metros and tier 2 cities is due to employment opportunities, better infrastructure with better standard of living in tier-1 cities.”
The growth of the real estate industry in Hyderabad can be attributed to various factors, including the city’s first-rate infrastructure, a thriving IT industry, and a growing population of young professionals. The real estate market in the city is expected to grow even further in the coming years, with more projects in the pipeline and increasing demand from buyers.
