Home sales surge 92% in Q3: Knight Frank report 

Hyderabad's position in real estate has been improved post-COVID in terms of sales. 

According to a Knight Frank report, home sales have recorded a 92 per cent growth in volume over the last year with 64,010 units being delivered in the third quarter of 2021.  

Hyderabad secured a spot at the top of the country's residential sales charts. It recorded a considerable increase of 2.1 million square feet of office space during Q3 as per the report. Not only Hyderabad has witnessed several office transactions from the IT and manufacturing industries but it also recorded 92 % sales in the housing market. 

The report suggests about 5,987 homes were sold and also saw the launch of over 9,000 new units. In Q3 2021, the Hyderabad residential market saw a significant increase, as most end users thought this was a good time to enter the property market with low home loan rates and an increase in overall affordability. 

Stamp duty cuts have proved to be an effective push for the buyers to make a sound decision of purchasing.  

Rajani Sinha, Chief Economist and National Director – Research, Knight Frank India, said "Stamp duty cuts were a significant intervention applied by several state governments to spark a sharp recovery in sales volumes. These measures have convinced the fence sitters to make the home buying decision. Going forward with the economy improving, interest rate remaining low and overall affordability improving, the sweet spot for home buying will be sustained."  

“There has been an exciting improvement in sales and launches in Q3 2021. Sales momentum that picked up in the beginning of the year has sustained in Q3 2021. The market seems to have factored in the very low likelihood of a complete lockdown as was seen last year due to the ample availability of the COVID vaccine. Comparatively lower residential prices, attractive interest rates and higher household savings rate over the past year should support housing demand going forward,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.