Hyderabad sees 59% rise in residential property sales

Hyderabad Residential real estate sales in Hyderabad have breached 2021 levels, witnessing 59 per cent year-on-year growth. New launches further strengthened during 2022 and registered a growth of 70 per cent y-o-y, with a total of 82,800 new homes launched in the city during the calendar year 2022, said the latest report by PropTiger.com, an online real estate brokerage company.

According to the report titled Real Insight Residential – Annual Round-up 2022 (January - December), a total of 35,370 units were sold in 2022 as compared to 22,240 units sold in 2021. The figures include the sales numbers for all four quarters in both calendar years for Hyderabad. A total of 82,800 units were launched in 2022 registering a sharp growth of 70 per cent y-o-y as against 48,570 in 2021.

This improvement in key growth metrics for the sector, the second-largest employment generator in India after agriculture, could largely be attributed to improved consumer sentiment on the back of renewed importance of home ownership during the pandemic, and sustained economic recovery post-pandemic, PropTiger.com said.

The company further added that the visible change in approach towards home ownership among consumers in the aftermath of the pandemic has infused confidence in the stakeholders and encouraged real estate developers across top cities of India to launch new projects throughout 2022. Maximum new supply in 2022 was concentrated in the Rs 1 to Rs 3 crore price bracket, taking 28 per cent share in the total launches. Units in the Rs 45 to Rs 75 lakh price range took a significant share as well (27 per cent), it added.

In the top eight cities, a total of 4,31,510 units were launched in 2022 registering a sharp growth of 101 per cent y-o-y as against 2021. New launches witnessed a multi-year high, registering a six per cent increase as compared to 2015 levels. Mumbai has been the frontrunner in terms of new supply in 2022, taking a share of 39 per cent in the overall launches, followed by Hyderabad and Pune which took a share of 19 per cent and 18 per cent respectively.

The top eight cities include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.