Hyderabad has 82,220 units housing units unsold, most in South
The sharpest sequential increase in sales was witnessed in end-user-driven markets of Hyderabad, at 21 percent growth in new supply,
HYDERABAD: Even as residential sales numbers have improved post Covid-19, substantial housing stock remains unsold in Hyderabad, topping all the southern cities including Bengaluru and Chennai.The current unsold stock in Hyderabad is 82,220 units, which will take approximately 37 months (3 years) for the overhang to clear. Among the top eight cities in India, the unsold stock is highest in Mumbai with 2.72 lakh units.
According to Real Insight Residential - April-June 2022 report, a quarterly analysis of India’s top eight residential markets by REA-backed PropTiger.com, housing sales in Q2 in Hyderabad were 7,910 units. Hyderabad stood at fourth position in housing sales after Mumbai (26,150), Pune (13,720), and Bengaluru (8,350) units.
The sharpest sequential increase in sales was witnessed in end-user-driven markets of Hyderabad, at 21 percent growth in new supply, superseded sales numbers, registering a quarter-on-quarter growth of 13 percent in the region.
The markets covered in the report included Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune. As economic stability improved, residential demand has picked up, with both housing sales and new supply registering positive growth trends in the quarter ending April-June.
The recent spike in property prices has had little impact on home-buyer sentiment as the outlook towards the overall economic scenario and income stability improved in the post-pandemic phase.
At the same time, the average values of new and available properties in Hyderabad registered an upward price movement of seven percent in this period due to a rise in input costs, inflationary pressures, and premium attached to ready-to-move-in inventory. Meanwhile, the price of each sq.ft in Hyderabad is ranging between Rs 6,100 and Rs 6,300 and the second-highest after Mumbai.
“The biggest boost to demand has been the increased importance of owning a property which has been further backed by the consumer confidence in the overall economic scenario and impending income stability,” said Vikas Wadhawan, Group CFO, Housing.com, PropTiger.com & Makaan.com.