Hyderabad to add over 1 lakh residential units in coming years
Hyderabad: Hyderabad is seeing healthy new launches in the residential sector to meet the growing housing demand year-on-year and bridging the demand-supply gap. About 1.03 lakh units are under construction, of which approximately 16 per cent will complete in 2022, 16 per cent in 2023, 15 per cent in 2024, and 53 per cent beyond […]
Hyderabad: Hyderabad is seeing healthy new launches in the residential sector to meet the growing housing demand year-on-year and bridging the demand-supply gap. About 1.03 lakh units are under construction, of which approximately 16 per cent will complete in 2022, 16 per cent in 2023, 15 per cent in 2024, and 53 per cent beyond 2024.
Since most launches in Hyderabad were in the last two years, the completion timeline for more than half of the units under construction is beyond the year 2024. About 18,510 units were completed in the city in 2021, and this year, 16,480 units are to be completed, with more lined up to 2024 and beyond.
Hyderabad’s inventory overhang reduced to 30 months in 2021 from 52 months back in 2020. Though Hyderabad added the second highest new supply in 2021 after Mumbai Metropolitan Region, the current inventory overhang indicates that the market witnessed decent sales in the year.
Despite the challenges created by the second Covid-19 wave in H1 2021 (July-December), approximately 2.78 lakh units were completed across the top seven cities in 2021, against over 2.14 lakh units in 2020, according to Anarock research.
Anuj Puri, chairman, Anarock Group said, “Our data also indicates that 3.85 lakh units are scheduled to be completed across the top seven cities in 2022. Given that the construction activity across most cities was, and will hopefully remain, least impacted during the ongoing third wave, most completions in 2022 may be as per schedule.
Certainly, developers are committed to complete previously launched projects before launching new ones, Puri noted.
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