Hyd witnesses sales of 8,300 residential units in Q1, up 19% YoY
As per data collated by Knight Frank India, Hyderabad recorded sales of 8,300 residential units in Q1 2023 which was higher by 19 per cent YoY. The city witnessed robust activity in terms of new launches. The new launches were 10,986 residential units, 7per cent higher YoY. The demand has remained steady despite rising prices, home loan rates and tight liquidity. The average price in the city in Q1CY23 stood at Rs 4,997 per sq ft and has grown at 5 per cent YoY. The Hyderabad residential market has a mix of end-users and investors. Like Bengaluru, a good part of the end users are from the IT sector. The steady demand has also translated into a price appreciation of 5% YoY and the average price level now stands at Rs 4,997/per sq ft.
image for illustrative purpose
Mumbai, Apr 15 As per data collated by Knight Frank India, Hyderabad recorded sales of 8,300 residential units in Q1 2023 which was higher by 19 per cent YoY. The city witnessed robust activity in terms of new launches. The new launches were 10,986 residential units, 7per cent higher YoY. The demand has remained steady despite rising prices, home loan rates and tight liquidity. The average price in the city in Q1CY23 stood at Rs 4,997 per sq ft and has grown at 5 per cent YoY. The Hyderabad residential market has a mix of end-users and investors. Like Bengaluru, a good part of the end users are from the IT sector. The steady demand has also translated into a price appreciation of 5% YoY and the average price level now stands at Rs 4,997/per sq ft.
Hyderabad saw a cumulative new launches of 44,577 units in FY23 vs 36,642 units in FY22. This translates into a 21.65 per cent hike also maintaining an average of 11,144 units launched every quarter. The new sales were 32,353 residential units in FY23 vs 24,402 units in FY22.
This translates into a 32.58 per cent hike thereby maintaining an average of over 8,088 unit sales per quarter in FY23. Remember, the RBI started hiking rates in May 2022, from there hiked rates by 250 bps cumulatively in FY23 alone. Keeping in mind this scenario, the performance for Hyderabad residential real estate market was quite resilient.
Hyderabad witnessed transactions admeasuring 6 mn sq ft in FY23 in the commercial real estate market space during FY23. As far as new supply is concerned, the city witnessed the completion of 9.2 mn sq ft in FY23.
