HYDERABAD: Despite soaring home loan rates in the recent past and challenging global economic conditions leading to layoffs in various corporate sectors, the housing market in Hyderabad has sustained its bullish trend in the second quarter of the year.
According to Anarock, a leading Indian real estate services company, Hyderabad experienced a surge in residential sales, with approximately 13,570 units sold in Q2 2023, marking a significant 21 per cent increase compared to Q2 2022. However, the city witnessed a year-on-year decline of 51 per cent in new supply, adding around 10,470 units during the same period. Over 43 per cent of the new supply in Q2 2023 falls within the high-ticket price segment, priced greater than Rs 1.5 crore, the data shows.
In the top seven cities of India, average residential property prices rose by six to 10 per cent in Q2 2023 when compared to Q2 2022. Experts pointed out that this increase can be attributed to the rise in construction raw material costs and the overall surge in demand. Hyderabad experienced the highest 10 per cent annual jump in property prices, reaching Rs 4,980 per sq. ft. by the end of Q2 2023.
Nationwide, quarterly housing sales reached an all-time high with approximately 1,15,100 units sold in Q2 across the top seven cities, showing a substantial 36 per cent year-on-year rise compared to approximately 84,940 units sold in Q2 2022. The Mumbai Metropolitan Region (MMR) and Pune accounted for more than 51 per cent of the total sales in these cities, with Pune witnessing the highest 65 per cent yearly increase, with a total of 58,770 units sold.
In Q2 2023, the top seven cities collectively recorded new launches of around 1,02,610 units, a 25 per cent increase compared to Q2 2022.Anuj Puri, chairman of the Anarock group, said, “The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023.”