Property sales in Hyderabad improve during early 2021: Report

Hyderabad posted some improvement in residential enquiries and sales volume in January-March 2021 against October-December 2020.

Hyderabad: Home sales in Hyderabad posted a consistent rise in January and February 2021, and then dipped significantly in March owing to the sudden spike in Covid cases. Despite fluctuating demand, property prices surged marginally in the popular western areas of Kokapet, Narsingi, and Financial District, according to 99acres.com Insite.

Hyderabad posted some improvement in residential enquiries and sales volume in January-March 2021 against October-December 2020. However, unlike expectations, the January-March 2021 quarter hit a roadblock mid-way with a sharp increase in Covid-19 cases starting February 2021.

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Even as demand fluctuated through the quarters, the property rates seemed to appreciate by an average of Rs 200- 500 per sq ft in the last six months. For instance, West Hyderabad remained the buyers’ favourite due to a thriving IT/ITeS industry, and popular areas like Kokapet, Narsingi and Financial District posted a price rise of 1-2 percent, QoQ.

New launches, too, were largely concentrated in the western region and posted a significant hike with over 120 new projects being added in January-March 2021 as against over 75 projects in October-December 2020. Unsold inventory grew by nine percent, year-on-year, and stood at around 29,000 units at the end of March 2021, according to the report.

The average property prices in the city grew marginally by a per cent despite site visits and transactions plummeting in the last month of the quarter. Areas, such as Nanakramguda, Boduppal, Tolichowki, Gajularamaram and LB Nagar, led the property price appreciation charts.

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