Housing sales up 34%, new launches decline 25% in Hyd

The sales of residential units in Hyderabad has increased 34 per cent at 14,190 units in July-September (Q3) quarter of 2023 from 10,570 units in the corresponding quarter a year ago, says latest report of real estate brokerage firm PropTiger. However, the new launches declined 25 per cent at 20,480 units in Q3 of 2023 against 27,430 units in the same quarter last year.

PropTiger.com is owned by REA India—also parent of Housing.com and Makaan.com—released its ‘Real Insight Residential – Q3 2023’ report on Thursday. According to it, India’s leading eight residential markets have demonstrated robust growth, with a 22 per cent growth in the sales at 1,01,220 units in Q3 of 2023 from 83,220 units in the same period last year.

The quarterly report by PropTiger.com tracks eight major housing markets, including Delhi-NCR, MMR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad. All cities, except Chennai, registered a growth in sales, with Mumbai Metropolitan Region (MMR) and Pune accounting for nearly half of the total volume.

The supply of new launches across the country has witnessed 17 per cent rise at 1,23,080 units in Q3 of 2023 when compared to 1,04,820 units during the corresponding quarter previous year. Ahmedabad led the new supply, while other cities showed mixed trends. However, the overall landscape remained positive across the eight markets.

Vikas Wadhawan, CFO of REA India and Business Head of PropTiger.com, said: “The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment.” He noted factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand as key drivers of the sales growth.

“The market is consolidating with demand centering around reputed developers, which instils new-found confidence in homebuyers, particularly for under-construction projects. This was not the case a few years ago. About 14 per cent of units sold were ready to move in, and 31 per cent of sales occurred in the above Rs 1 crore price segment,” he added.