HYDERABAD: Analyses done by consultancies show that property markets in Hyderabad, and other major cities, have recorded positive growth in terms of sales, introduction of new units, and so on, in Q1 (January – March) of 2021 when compared to Q1 of 2020.
According to JLL’s ‘Q1 Residential Market Update’, higher number of properties in Hyderabad, Kolkata, Chennai, and Pune were sold in Q1 of 2021 than in Q1 of 2020. Hyderabad, specifically, witnessed a 123 per cent growth in the residential market segment. “In the city, the Western Suburbs (Gachibowli, Manikonda, Kukatpally) submarket accounted for more than 65 per cent of the sales during the quarter,” added the report.
Anarock, another property consultant, which released its report on Thursday, said that there was a 273 per cent increase in supply of new property units in Hyderabad in Q1 of 2021. Including Hyderabad, in the top seven cities in the country, 62,310 new homes were launched in this quarter.
Anarock’s Q1 2021 data also shows that the overall housing sales in all seven cities surged, while the highest was reported in Hyderabad. It added that the city recorded the maximum rise in sales in this quarter among the top cities. Anuj Puri, Chairman of Anarock Property Consultants said, “Demand boosters like stamp duty cuts, reductions in home loan rates and ongoing developer discounts and offers helped the residential sector stage a convincing comeback in Q1 2021.
“The sustained growth in sales presents clear signs of demand and buyer confidence coming back to the market. The ease of lockdown restrictions and the commencement of the vaccination drive have further aided in bringing buyers back to the market,” said Samantak Das, Chief Economist and Head Research & REIS, JLL.
Hyderabad saw highest surge in housing sales
Anarock’s Q1 (Jan-March) 2021 data also shows that the overall housing sales in all seven cities surged, while the highest was reported in Hyderabad. It added that the city recorded the maximum rise in sales in this quarter among the top cities. Also, there was a 273 per cent increase in supply of new property units in Hyderabad in Q1 of 2021, the data revealed.