Hyderabad surpasses pre-Covid residential sales, new launches in Q1 2021
Improving levels of demand, along with low inventory in ready-to-move-in projects have kept prices stable in the city, says JLL
Hyderabad: The positive traction that Hyderabad has witnessed in residential sales in the second half of 2020 continued in the first quarter (January-March) of this year. Sales of the residential units in the city recorded a growth of four per cent in Q1 2021 at 3,709 units compared to 3,570 units in Q4 2020 and 23 per cent compared to 3,027 units in Q1 2020 (pre-Covid).
Hyderabad has recorded a strong volume of quarterly residential launches in the first quarter of 2021, which continue to remain at levels higher than those witnessed in all the quarters of 2020, according to latest JLL research.
With new launches concentrated in the Kondapur, Miyapur and Nallagandla regions, Western suburbs continued to account for a majority share in new launches. This was followed by Northern suburbs which contributed 43 per cent to total launches in the city. The new launches jumped to 8,591 units in Q1 2021 from 2,949 units in Q1 2020 (pre-Covid).
New launches in the affordable segment (less than Rs 50 lakh) increased significantly, accounting for 48 per cent of the total new launches during the quarter.
As the city has limited inventory in the ready-to-move-in category, homebuyers have shown interest in recently launched projects by prominent developers. Along with prominent locations adjoining IT hubs in Western suburbs, Kompally and Bachupally in the Northern suburbs have emerged as new destinations for homebuyers due to improvement in infrastructure and connectivity to the established IT hubs in the city.
“Improving levels of demand, along with low inventory in ready-to-move-in projects have kept prices stable in the city. With sales expected to improve further on return to normalcy, capital values improved marginally in the Prime Secondary, Eastern and Northern suburbs submarkets in the city,” said Sandip Patnaik, MD & head Telangana and Andhra Pradesh, JLL.
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