Hyderabad sees 60% surge in housing supply

Across the top seven cities in India, a remarkable 1,20,280 residential units were sold in Q3 2023, marking a substantial 36 per cent annual growth from the same period in 2022.

Hyderabad: Despite the traditional monsoon slowdown, Hyderabad has emerged as the shining star in India’s robust real estate sector in the third quarter of 2023. The latest data from Anarock Research reveals that Hyderabad experienced 60 per cent annual increase in new housing supply.

Across the top seven cities in India, a remarkable 1,20,280 residential units were sold in Q3 2023, marking a substantial 36 per cent annual growth from the same period in 2022. Among these cities, Mumbai led in housing sales with approximately 38,500 units sold, followed closely by Pune with around 22,880 units.

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However, the true standout was Hyderabad, which recorded not only an impressive 41 per cent increase in housing sales year-on-year but also a remarkable 138 per cent quarterly surge in new housing launches.

The average residential property prices in the top seven cities collectively saw 11 per cent annual growth in Q3 2023 compared to the same period in 2022. Hyderabad witnessed 18 per cent yearly increase in average residential prices, followed by Bengaluru with a 14 per cent annual rise.

The sustained momentum in housing sales and new launches can be attributed, in part, to the Reserve Bank of India’s decision to maintain a stable repo rate in recent monetary policies. This has kept home loan interest rates steady, bolstering the sentiment of potential homebuyers.

Looking ahead, Anuj Puri, Chairman of Anarock Group, predicts, “Considering the overall present economic scenario, the momentum in housing sales and new launches across the top 7 cities is expected to continue in the October-December quarter.”

Many of the large and branded developers have a healthy pipeline of new project launches in the upcoming festive quarter across the top seven cities and with homebuyer demand remaining firmly skewed towards projects by branded developers, these players may see record sales yet again, he added.