Hyderabad sees property prices grow 7 per cent in Q4 2021: PropTiger
Hyderabad: Housing prices in Hyderabad jumped seven per cent during the last quarter of the calendar year 2021, according to PropTiger.com research. This growth in annual prices of new apartments could primarily be attributed to the spike in rates of construction materials after the coronavirus pandemic outbreak in early 2020 due to supply side constraints. […]
Hyderabad: Housing prices in Hyderabad jumped seven per cent during the last quarter of the calendar year 2021, according to PropTiger.com research. This growth in annual prices of new apartments could primarily be attributed to the spike in rates of construction materials after the coronavirus pandemic outbreak in early 2020 due to supply side constraints.
With the increase, average per square foot rate of apartment and other housing projects stand at Rs 5,900-6,100. Hyderabad recorded the highest price rally during the last quarter of 2021, a period that covers the festive season in India.
After the appreciation in average prices, Hyderabad has become the second most expensive housing market covered in the analysis after Mumbai Metropolitan Region.
Residential sales
Demand for housing continues to be robust with home sales numbers for the full year 2021 recording a 36 per cent jump over the same period in 2020. As against 16,400 units in 2020, a total of 22,239 homes were sold in Hyderabad’s housing market in 2021.
While Bachupally, Tellapur and Miyapur were most preferred localities by Hyderabad homebuyers during 2021, 3BHK homes remained the preferred configuration, claiming 48 per cent share in sales figures.
New supply
Prompted by an improvement in consumer sentiment, new supply in Hyderabad also grew two-fold over the previous year—from 22,940 units in 2020 to 48,566 in 2021. Majority of the new supply during the year was concentrated in micro-markets of Puppalaguda, Miyapur and Bachupally, the report shows adding that 36 per cent of units launched were in the over-Rs 1 crore price bracket.
“The recently concluded festive season in 2021 has had a visible impact on demand as well as supply, resulting in positive changes for the Hyderabad housing market. As the economy settles in, providing buyers with higher job security, this recovery process in real estate might gather more steam in 2022,” said Rajan Sood, Business Head, PropTiger.com.
He added, “Basis the data available, it seems very likely that we will see an increase in prices in 2022, even as the inventory overhang continues to decline in 2022 as well. The biggest trend we foresee is that the real estate market will continue to consolidate its growth in 2022 as well.”
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