Hyd realty hits slow lane during April-June 2024
New launches down by 58% while sales down by 14% Q-o-Q
image for illustrative purpose
Hyderabad: The city registered a sharp decline of 58 per cent in supply of new launches quarter-on-quarter during April-June 2024due to moderate sales of residential properties, a quarterly analysis report by digital real estate brokerage firm PropTiger.com said. While 15,095 new units were launched in January to March period of CY 2024, 6,365 units were launched in April to June period of the current calendar year.
According to the report, sales of residential property in Hyderabad dropped by 14 per cent in Q2, 2024, to 12,296 units, as against 14,298 units sold in Q1, 2024.
In its report titled ‘Real Insight Residential: April - June 2024’, the Gurugram-headquartered firm, PropTiger.com has covered housing markets in Hyderabad, Ahmedabad, Bengaluru, Chennai, Kolkata, Delhi-NCR, MMR, and Pune.
“Applying a wait-and-watch strategy ahead of the poll results, homebuyers deferred plans toinvest in real estate during the quarter, which saw the world’s largest democracy conducting national elections. Whereas the primary reason for the sharp downward trend seen in new launches in Hyderabad has been due to moderation in sales,” the firm said in its report.
“Demand for homes moderated during the April-June period on account of the GeneralElections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals. Amid expectations of a pro-investment Union Budget after the formation of a new government at the Centre, we have reason to believe that sales numbers would strengthen in the coming quarters, especially during the festive months,” said Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com.
“Awaiting policy changes in the upcoming Union Budget that would pave the way for turningIndia into the world’s third-largest economy by 2027-28, the developer community, too,exercised caution, as evidenced by a decline in new launches in half of the cities sampled in our analysis,” Wadhawan added.
Housing sales in India’s eight prime residential markets fell six per cent during the April-June period of 2024 (Q2, CY2024), even as new supply tapered.A total of 113,768 units were sold in Q2, against 120,642 in the previous quarter.
Hyd registers slumpof 58 per cent in supply of new residential property
