Out of the eight major cities in India, Hyderabad reported the maximum — nearly 39 percent — growth in housing sales between January and March this year, despite the Covid-19 pandemic.
Despite a sharp increase in new supplies, Hitech City, Hyderabad has the lowest overload inventory in 25 months as per reports. Over the last few years, Hyderabad has seen steady growth in sales, launches, and price appreciation in the residential property market affected by the bifurcations of the former AP.
Increase in Housing Sales
According to the report "Real Insight – Q1CY21," housing sales in Hyderabad increased by 39 percent — from 5,554 homes sold in the 2020 calendar year to 7,721 units in January-March this year.
Prominent areas in Hyderabad West such as Sangareddy, Bachupally and Kompally were mainly responsible for the growth of demand.
In terms of value, in the first quarter of 2021, builders supplied 8,400 crore properties up 34 percent from the same period last year. "Business-friendly State-owned policies like the T-ipass and the ICT policy have made it easy to do things that have had a positive impact on the real estate market," said the report.
On the supply side, in the first quarter of this calendar year, Hyderabad saw a 95% jump in new launches to 7,604 units. It was found that in the suburbs of Nallagandla and Kompally, the maximum new supply was concentrated.
In the first quarter of 2021, Hyderabad's main residential market performed extremely well and exceeded the pre-Covid sales numbers. Sales were strong, particularly for trusted developers, between July last year and March this year.
By: Shailaja K