HYDERABAD: The real estate sector, which has been severely affected by COVID-19, is now now rebooting with the residential property market picking up momentum in Q3 (July-September).
During the first and second quarters, sale of residential properties was hampered as buyers did not show much interest in purchasing homes in the wake of the second wave. With several sectors and industries almost coming back to pre-pandemic levels, the realty sector has breathed a sigh of relief.
According to Anarock Property Consultants, Hyderabad recorded a housing sale of approximately 6,735 units in Q3 2021. This is a massive spike of over 300 per cent from Q3 2020, mainly due to a continuous flow of new supply over the last four to five quarters. In Q2 2021, the city registered sales of about 3,240 housing units, which nearly doubled to 6,735 units between July and September.
Across the country, housing sales surged 113 per cent year-on-year across the top seven cities from about 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021. With regard to new launches, MMR, Hyderabad, Pune and NCR cumulatively accounted for 77 per cent of the supply addition in the country.
Sharp rise in new units
In Q3 2021, Hyderabad added 14,690 units, a yearly increase of 67 per cent over Q3 2020. Over 78% of the new supply was in the `40 lakh-`1.5 crore price bracket