HYDERABAD: The residential market in Hyderabad witnessed a significant uptick in the first quarter (Q1) of 2024 when compared to Q1 of 2023. The city saw a 143% rise in the sales value (Rs 23,580 crore) in Q1 2024 against Rs 9,711 crore in Q1 2023.
In terms of area, housing sales surged by 128% from 15 million square feet in Q1 2023 to 35 million square feet in Q1 2024. In addition, the housing sales grew by 40% from 10,200 units sold in Q1 2023 to 14,290 units in Q1 2024.
According to the quarterly report — ‘Real Insight Residential: January–March 2024 — by a leading digital real estate brokerage firm PropTiger.com, residential markets witnessed a strong demand during the first quarter from January–March this year in Delhi-NCR, Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and Pune.
“The demand surge in India’s residential market continues well into 2024’s first quarter. Top eight cities witness record-breaking Q1 sales, clocking a robust 41% year-on-year. Organisations in major cities shifting towards hybrid and full-time work models also emerged as a significant driver of demand,” it said.
The report observed that security and convenience reigned supreme, with gated communities offering amenities within secure perimeters experiencing strong demand and that the pandemic had amplified the preference for ready-to-move-in properties, leading to the highest sales velocity in this segment.