Hyderabad witnesses 24 pc annual rise in residential prices

The city-wise price trends reflected an escalation from Rs 4,620 per square foot in 2022 to Rs 5,750 per square foot in 2023.

Hyderabad: The real estate market in Hyderabad has seen an unprecedented surge, as indicated by the latest research data released by ANAROCK.

According to the report, the city witnessed 24 per cent annual rise in residential prices in 2023 compared to the previous year, marking the highest increase recorded in recent times. The city-wise price trends reflected an escalation from Rs 4,620 per square foot in 2022 to Rs 5,750 per square foot in 2023.

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The residential sales figures for Hyderabad in 2023 stood at an impressive 61,715 units, showcasing a notable surge from 47,485 units in 2022, indicating a significant yearly increase of 30 per cent. Hyderabad, along with Mumbai, Pune, Bengaluru, and Delhi, collectively contributed to a staggering 91 per cent of the total residential sales in 2023.

Moreover, the report highlighted that Hyderabad added approximately 76,345 new residential units in 2023, marking a substantial 12 per cent increase from the previous year. Notably, more than 82 per cent of this new supply fell within the budget range of Rs 40 lakh to Rs 2.5 crore.

Anuj Puri, Chairman of ANAROCK Group, expressed his thoughts on the remarkable performance of the Indian housing sector in 2023. He stated, “Despite global headwinds, rising domestic property prices, and initial interest rate hikes, 2023 has been a phenomenal year for the Indian housing sector.”

Looking ahead to 2024, ANAROCK predicts a sustained demand in the housing sector despite an anticipated 8-10 per cent increase in average prices across the top seven cities.

The report also anticipates a surge in luxury housing demand to persist in 2024.