Residential real estate in Hyderabad saw 98% surge in demand in Q4 2023: report

Published - March 19, 2024 08:26 pm IST - HYDERABAD

The supply of new homes in Hyderabad witnessed an uptick with a 9% YoY growth during the final quarter of 2023.

The supply of new homes in Hyderabad witnessed an uptick with a 9% YoY growth during the final quarter of 2023. | Photo Credit: Representational photo

According to a latest research report by PropTiger.com, residential real estate demand in Hyderabad saw a 98% surge during the fourth quarter of 2023, leading to a 49% Year-on-Year (YoY) overall annual growth in the sector.

The supply of new homes witnessed an uptick with a 9% YoY growth during the final quarter of the year. This surge in supply was particularly concentrated in micro markets such as Tellapur, Kokapet and Nanakramguda, indicating developers’ focus on emerging hotspots within the city. Seventy-six per cent of these newly launched units fell within the premium bracket of over ₹1 crore, with 56% of units sold falling in the same price range.

According to the report, in the fourth quarter of 2023, capital values in Hyderabad surged by 10% YoY, showcasing the city’s resilience and attractiveness to both investors and homebuyers. With prices ranging between ₹6,700 and ₹6,900 per square foot, Hyderabad’s real estate market reflects a robust and sustainable growth trajectory, mirroring similar trends observed in key metropolitan cities such as Bengaluru, which also experienced a 10% YoY increase in capital values.

“The 10% YoY increase in capital values solidifies Hyderabad’s position as a prime investment destination, alongside other major cities in India,” said Vikas Wadhawan, business head of PropTiger.com.

Head of research at Housing.com and PropTiger.com Ankita Sood noted: “Our insights indicate that most residential sales and launches are concentrated along the Outer Ring Road, particularly in localities such as Tellapur, Kokapet and Bachupally. Given the peak demand witnessed in 2023, we anticipate the positive momentum to continue in upcoming quarters.”

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.