Hyderabad: House Sales See 42% Dip
This decline is the steepest among nine major Indian cities.
The Hyderabad real estate market, once prosperous, is now facing significant challenges, suggests a new reprot.
According to a report by PropEquity, home sales in the city dropped by a staggering 42% in the July-September quarter compared to last year.
This decline is the steepest among nine major Indian cities, with Bengaluru down by 26%, Kolkata by 23%, and others like Pune and Chennai experiencing smaller decreases.
Overall, home sales across these cities fell by 18%, from 126,848 units last year to around 104,393 this year.
In Hyderabad specifically, sales plummeted from 20,658 units last year to just 12,082 this year, raising concerns about the market's future.
A major factor in this decline is the ‘HYDRA Effect.’ The Hyderabad Disaster Response and Asset Monitoring and Protection Agency (HYDRA) has been strictly enforcing regulations against illegal constructions, creating apprehension among potential buyers and resulting in fewer property transactions.