Hyderabad’s housing market is sizzling hot! According to a report by Anarock Group, the city witnessed a staggering 38% increase in housing sales during the first quarter (Q1) of 2024 compared to the same period last year. This translates to a jump from 14,280 units sold in Q1 2023 to a whopping 19,660 units this year, making it the leader among the top seven major Indian cities (MMR, NCR, Pune, Bengaluru, Chennai, and Kolkata).
Hyderabad’s dominance extends beyond just sales figures. The city also saw the highest number of new housing launches in Q1 2024, with a remarkable 57% increase year-over-year. This translates to approximately 22,960 new units entering the market, with a surprising 33% fall in the high-end price bracket exceeding Rs 1.5 crore.
This surge in housing activity isn’t limited to Hyderabad. The report reveals a positive trend across the top seven cities, with a combined sales increase of 14% compared to Q1 2023. This translates to a record-breaking quarter with a total of 1.3 lakh units sold, surpassing anything seen in the last decade.
Favorable economic conditions are likely fueling this real estate boom. India boasts the highest GDP growth rate globally, and inflation appears well-controlled, creating a sense of optimism among investors and potential homeowners. NCR, MMR, Bengaluru, Pune, and Hyderabad themselves contributed a massive 91% of the total sales in Q1, showcasing their significant role in the national housing market.
In conclusion, Hyderabad is currently the hottest housing market among India’s major cities. With a significant rise in both sales and new launches, the city is experiencing a real estate boom. This trend extends to other major cities as well, with overall sales reaching an all-time high. India’s strong economic fundamentals likely play a key role in driving this positive momentum in the housing sector.
