In the real estate landscape of 2023, Hyderabad has emerged as a powerhouse, securing its position as the second-largest hub in India. The latest data from the ‘Real Insight Residential – Annual Round-up 2023 (January–December)‘ report by PropTiger.com reveals a remarkable 49% year-on-year (YoY) surge in housing sales for the city.
Ahmedabad Leads with 51% Growth
Ahmedabad takes the lead with an impressive 51% YoY growth in housing sales, setting the pace for the nation. Hyderabad follows with a substantial 49% growth, while Bengaluru and Pune trail at 44% and 33%, respectively. The real estate dynamics are evolving, and these cities are at the forefront of this transformative trend.
A Pan-India Perspective
The report casts its analytical net over eight major cities, emphasizing Ahmedabad’s top-tier performance. Hyderabad’s robust 49% growth is mirrored in Bengaluru at 44%, Pune at 33%, Mumbai at 29%, Kolkata at 16%, Delhi NCR at 11%, and Chennai at 5%. The nation, as a whole, witnesses a commendable 33% growth in housing sales.
Hyderabad’s Sales Pattern Unveiled
Delving into the specifics of Hyderabad’s real estate narrative, the last two quarters of 2023 take center stage, collectively accounting for over half of the total sales. Q3 records 14,191 sales, followed by an even more impressive Q4 with 20,491 sales. This surge in sales is indicative of a thriving real estate market in the city.
Challenges and Resilience
Despite facing initial hurdles such as rising interest rates, heightened input costs, and soaring real estate prices amid global uncertainties, the industry exhibited exceptional resilience. A key catalyst for this resilience was the pent-up demand post-pandemic, propelling the property market to unprecedented levels. The decision by the Reserve Bank of India to pause rate hikes in April 2023 played a pivotal role in bolstering buyer confidence.
New Launches and Trends
While the sales figures paint a positive picture, the report also sheds light on a decline in the number of new home launches in Hyderabad. With 76,819 launches in 2023, there’s a 7% decrease compared to the 82,801 homes launched in 2022. This shift in dynamics suggests a strategic reevaluation by developers, possibly in response to market trends and buyer preferences.
In conclusion, Hyderabad’s ascent to the position of the second-largest real estate hub in 2023 is a testament to its resilience, adaptability, and robust demand driving the market. As the city navigates through evolving trends, it remains a focal point for real estate enthusiasts and investors.
