Hyderabad’s residential sales jump three-fold
Hyderabad: The demand and supply of residential property continue to witness robust growth in Hyderabad. The city took the lead in residential sales, registering a triple-digit growth in the cluster of southern cities (Hyderabad, Bengaluru and Chennai), a report says and adds that a total of 12,342 units were launched in Hyderabad from July to September in 2021.
Despite the pandemic, the city was the top contributor in terms of the new supply of property at 19 per cent and was the frontrunner amongst the southern cities including Bengaluru and Chennai. PropTiger Research report titled Real Insight Residential (July-September 2021) mentions that in the overall demand pie, Hyderabad stood third by contributing 14 per cent while Mumbai and Pune contributed 25 per cent and 18 per cent respectively. “Hyderabad has emerged as a dynamic market since the last few quarters, overtaking the southern counterparts of Bengaluru and Chennai in residential demand and supply,” it says.
In terms of new launches, the city recorded a growth of 189 per cent year-on-year while it recorded a 40 per cent increase over the second quarter (April to June). Markets such as Dundigal, western localities of Tellapur, Gachibowli, and Bachupally saw the maximum new unit launches with many developers focusing on 3BHK and 2BHK units constituting 52 per cent and 43 per cent of the overall supply respectively.
Residential sales also grew by 140 per cent year-on-year in Hyderabad, which was the highest growth recorded in the eight major cities. “Complimenting the supply, both Rs 1-3 crore and Rs 45-75 lakh price bracket properties took the majority share in the overall sales at 36 per cent and 34 per cent respectively. There was a high demand for units with 3BHK and 2BHK (at 49 per cent and 45 per cent share respectively in overall sales) configuration,” the report points out.
Even though Hyderabad witnessed a growth of 51 per cent in unsold inventory at 50,103 units, it had the lowest inventory overhand of 25 months in the top eight cities owning to the sales velocity, which is fueled by the end-users who are white-collared professionals in the IT-ITeS sector, the real estate report says. Hyderabad recorded a 6 per cent uptick in average price in the third quarter.
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