Hyderabad’s real estate market faces sharpest decline among major Indian cities: PropTiger
According to PropTiger.com's latest report, "Real Insight Residential – April-June 2024," the city experienced an overwhelming 58 per cent drop in new housing units, making it the biggest loser among the top eight cities.
Hyderabad: Hyderabad has recorded the most significant decline in new residential launches among India’s major cities for the April-June quarter of 2024.
According to PropTiger.com’s latest report, “Real Insight Residential – April-June 2024,” the city experienced an overwhelming 58 per cent drop in new housing units, making it the biggest loser among the top eight cities.
New launches plummeted from 15,095 residential units in the first quarter of 2024 to just 6,365 units in the second quarter.
This dramatic decline, being attributed to moderation in sales, starkly contrasts with the performance of other major metros, many of which have shown significant growth.
Ahmedabad, for instance, showcased an unprecedented 110 per cent increase, doubling from 3,116 units in Q1 2024 to 6,533 units in Q2 2024. Bengaluru (26%), Delhi NCR (17%), and Mumbai (10%) also posted notable growth. Meanwhile, Chennai and Pune saw relatively minor declines of 2 per cent and 11 per cent respectively. Kolkata followed Hyderabad with a 49 per cent drop.
Not just new launches, Hyderabad also appears to be dropping out at residential sales, with 14 per cent drop, making it the third-highest decline after Ahmedabad (26%) and Kolkata (16%), the PropTiger.com report said.
Meanwhile, Bengaluru saw a 30 per cent increase in residential unit sales, followed by Delhi at 10 per cent. Chennai, Mumbai, and Pune recorded declines of 10 per cent, 8 per cent, and 5 per cent, respectively.
The research data reveals that overall housing sales across the top eight cities witnessed a quarterly drop of 6 per cent, standing at approximately 1,13,768 units in Q2 2024 compared to 1,20,642 units in Q1 2024. New launches tapered by 1 per cent, from 102,020 in Q1 2024 to 101,677 units in Q2 2024, with a sharpest decline from Hyderabad and Kolkata.
