Hyderabad records 69 percent jump in sale of residential properties in first six months of 2023

Number of houses getting sold in the first half of 2023 was at 15,925 units while last year during the same time-frame, it was 9,449 units

Hyderabad: The residential market in the top metro cities including Hyderabad has continued its upward trajectory in the first six months of 2023. The sales of homes across India has touched a 15-year-high of 1,26,587 units in the first six months of 2023, which is 21 percent higher than the same period last year, latest data released by real estate consultancy JLL on Monday, said.

While the highest residential sales were recorded in Bengaluru at 26,625 units followed by 26,188 units in Mumbai and 25,201 units in Pune, it was Hyderabad, which recorded the highest growth of 69 percent, with number of houses getting sold in the first half of 2023 was at 15,925 units while last year during the same time-frame, it was 9,449 units. In Pune, the sales increased from 16, 802 units (first six months of last year) to 25, 201 units this year, the report said.

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The larger markets of Mumbai and Bengaluru led the half-yearly sales, contributing 21 percent each of the total. Pune too made substantial strides accounting for 20 percent.

“The government’s strong push, coupled with the RBI’s decision to pause the repo rate in the last two instances, along with moderate inflation, have played a big role in revitalizing the residential market. With the upcoming festive season and positive customer sentiment, we anticipate the residential market to reach new heights in the second half of the year.” said Siva Krishnan, Senior Managing Director and Head – Residential, India, JLL.

The majority of the residential sales in the first half of this year were driven by projects launched in the last 18-month period.

“The Indian residential market witnessed significant growth during in the first half of this year, recording the highest sales in 15 years. The increased traction in demand for recently launched projects depicts the increasing consumer confidence in under-construction projects as well,” Dr. Samantak Das, Chief Economist and Head Research & REIS, India, JLL said.