Hyd sees highest drop in real estate sales at 42%

Hyderabad: The Hyderabad housing market saw new launches drop 54 per cent in the July-September quarter of 2024 while sales fell 42 per cent, according to a report by data analytics firm PropEquity.

The NSE-listed firm said that the city market saw new launches in Q3 fall to 11,601 units against 25,370 units in the same period last year while sales fell to 12,082 units in Q3 2024 against 20,658 units in the same period last year.

Commenting on the data, Samir Jasuja, CEO & Founder, PropEquity said: The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”

The data revealed that the new launches and sales during this period in top 9 cities showed a decline of 11 per cent and 18 per cent respectively on Y-o-Y basis. While new launches fell to 93,693 units in Q3 2024 from 1,05,655 units in the same period last year, sales fell to 1,04,393 units in Q3 2024 from 1,26,848 units in the same period last year.