Hyderabad sees huge drop in housing sales

However, in the luxury housing sector, Hyderabad saw a massive increase in supply in the current quarter.

Published: 11th July 2019 08:47 AM  |   Last Updated: 11th July 2019 08:47 AM   |  A+A-

Housing

For representational purposes (File Photo | EPS)

By Express News Service

HYDERABAD: Due to the restriction of new supply and the recently held general elections, Hyderabad saw the maximum drop in housing sales in the second quarter of 2019, says a research by ANAROCK. The city recorded an 18 per cent drop, followed by Bengaluru at 16 per cent and Pune at 15 per cent in housing sales. However, the study said that the recent sops in the Union Budget might give a push in this quarter.

Anuj Puri, Chairman, ANAROCK, said “Housing sales and new launches usually reduce before and during the general elections period. “In new launches, Hyderabad added 4,155 units in Q2 2019, a decrease of 14 per cent over the preceding quarter.

However, in the luxury housing sector, Hyderabad saw a massive increase in supply in the current quarter. Puri said, “Though new launches saw a 2 per cent quarterly decline in Q2 2019, and affordable housing supply fell by 20 per cent against the previous quarter, the luxury category (priced Rs 2 crore and Rs 5 crore) saw the supply increase by a whopping 60 per cent, led by Hyderabad and the NCR.”

The research further said that sops in the budget for affordable housing - an additional Rs 1.5 lakh income tax deduction on interest paid on home loans availed till March 2020 - would incite builders to increase their supply in this category so as to attract first-time home buyers.

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