Hyderabad: Residential sales touch 6,990 units in Q2 2022

Residential sales during the July-September 2022 in Hyderabad touched 6,990 units and it is about 58 per cent more than the 4,418 units sold last year same period.

Hyderabad: Residential sales during the July-September 2022 in Hyderabad touched 6,990 units. This is about 58 per cent more than the 4,418 units sold last year same period. This is 29% more than 5,437 units sold during the April-June quarter this year.

With respect to new launches, the July-September period saw 16,840 units, up 84% from 9,145 units launched last year same period. This is 24% more than 13,606 units launched during April-June this year, said JLL’s Residential Market update – Q3 2022.

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The market has registered strong sales backed by robust consumer demand and quality launches by the developers. Quarterly residential sales have been on a revival since September last year. Strong sales are expected in the upcoming quarter too.

Across the country, the annual sales in 2022 are expected to be more than 200,000 units. So far, 1.61.604 units have been sold across the nation.

“We have witnessed a pick-up in sales due to enhanced consumer confidence amidst the steady revival of the Indian economy. Projects launched by reputed developers witnessed good traction by end users. Except for Mumbai, all the cities have seen an increase in sales during the July- September period as compared to the April-June quarter,” said Siva Krishnan, MD and Head of Residential Services, India, JLL.

About 51% of the sales during the July-September came from apartments in the price bracket of up to Rs 75 lakh. Apartments in the Rs 1.5 crore plus price tag too had a considerable share.

“Due to cost-push inflation and robust demand, there is a rise in residential prices with the capital value showing a 3-11% year-on-year increase across all cities. New launches have also entered the market at higher prices in some cities. Hyderabad witnessed the maximum appreciation in prices to the tune of 11% on a yearly basis while in Pune prices increased by around 3%. We believe that home loan interest rates inching towards 9% and above may result in moderation of housing sales growth in the medium term,” said Dr Samantak Das, Chief Economist, JLL.

The majority of the launches were witnessed in Hyderabad (27%) followed by Bengaluru (23%) and Mumbai which had a share of 21%. More than half of the launches were in the price bracket of Rs 50 lakh-Rs 1 crore. Premium apartments above Rs 1.5 crore accounted for 11% of the launches in the quarter.