HYDERABAD: Hyderabad’s realty sector, which witnessed a dull period during the second wave of Covid-19, has topped the new residential unit launches in the third quarter ( Q3) with a huge margin, according to JLL’s Residential Market Update.
The city has led the new home launches in the July to September period with 28,716 units, the report added. There were A total of 93,873 new launches were held across the country this year. Hyderabad dominated the new launch activity with a 31 per cent share of the total launches for 2021.
This was followed by Mumbai and Pune, accounting for 18 per cent and 17 per cent respectively, of the overall new launches. New launches took a breather during Q3 on the back of the high growth trend in preceding quarters. Though the launches declined by 17 per cent q-o-q, they were much higher than pre-Covid levels.
Some of the prominent project launches during the Q3 were Ramky One Symphony (1,592 units), Aparna Kanopy Yellow Bells (1,050 units) and Sumadhura Olympus (854 units). A majority of the launches and sales were taking place in western suburbs like Madhapur, Gachibowli, Manikonda, Tellapur, Nanakramguda, Kukatpally, Miyapur and Nizampet.
“With the economy returning on the path of growth in sync with the gradual return to normalcy, developers were quite active in coming up with new residential project launches. With the prices holding steady along with various incentives offered by developers, the market is likely to build on these gains,” the report said.
Rise in sales too
Housing sales in the city almost doubled compared to last year, which has increased from 6,356 units in 2020 to 11,284 units in 2021. Home sales are expected to perform better in the coming quarters as improved vaccination rate has reduced restrictions and has given a boost to the realty sector in the city.
Renewed buyer confidence has been instrumental in supporting the housing market recovery in Q3, which recorded a healthy quantum of sales and launches. In fact, these numbers are inching towards those in the pre-Covid era, the JLL report added.