Housing Sales Fall 5% To 58,540 Units In Hyd
2024 also witnessed 24% drop in new launches in the city; 61,715 units were sold in 2023: Anarock report
Housing Sales Fall 5% To 58,540 Units In Hyd
Compared to 2023, 2024 saw a 21 per cent rise in the average price in the top seven cities. 2025 is unlikely to match this steep price growth, though. - Anuj Puri, Chairman, Anarock Group
Hyderabad: Hardening property prices coupled with the General Elections and other factors dented residential growth momentum in Hyderabad 2024. The sale of residential properties in Hyderabad witnessed a five per cent decline in 2024 to 58,540 units, from 61,715 units in 2023, according to a report.
The city also saw 24 per cent drop in the launch of new units, wherein 58,335 units were launched in 2024, compared to 76,345 units in 2023. However, housing prices in Hyderabad increased by 27 per cent to Rs7,300 per sft in the fourth quarter of 2024, as against Rs5,750 in Q4 2023, the data released by Anarock Property Consultants, mentioned.
Anuj Puri, Chairman, Anarock Group, said: “2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and Assembly elections, project approvals slowed down markedly; this inevitably impacted new housing supply”.
While sales also saw a marginal decline across major cities when compared to 2023, this was offset by a 16 per cent jump in the overall sales value, thanks to average price appreciation and increasing unit sizes, he added.
The housing sales in the top seven cities witnessed a marginal four per cent decline in 2024, to 4,59,650 units in 2024, against 4,76,530 units in 2023. The new launches across the seven cities saw a seven per cent annual decline, from 4,45,770 units in 2023 to 4,12,520 units in 2024. However, the overall sales value of housing units saw a 16 per cent yearly jump, from Rs4.88 lakh crore in 2023 to Rs5.68 lakh crore in 2024.
“Compared to 2023, 2024 saw a 21 per cent rise in the average price in the top seven cities. 2025 is unlikely to match this steep price growth, though. Average residential prices hikes will stabilize in the coming year, though there will be steady growth amid increased input costs and high demand. 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up,” Puri added.
