In the dynamic landscape of India's real estate sector, Hyderabad emerged as a standout performer in 2023, securing its position as the second-largest real estate hub in the country. According to the 'Real Insight Residential – Annual Round-up 2023' report released by PropTiger.com, Hyderabad witnessed an impressive 49% year-on-year (YoY) growth in housing sales. This meteoric rise places the city in close competition with Ahmedabad, the leading city with a 51% growth, showcasing the robust nature of India's property market.
Growth Across Major Cities:
The comprehensive report analyzed data from eight major cities, showcasing Ahmedabad's leading position, closely followed by Hyderabad at 49%. Bengaluru, Pune, Mumbai, Kolkata, Delhi NCR, and Chennai also exhibited notable growth rates of 44%, 33%, 29%, 16%, 11%, and 5%, respectively. The collective growth in housing sales for the entire country stood at an impressive 33%, reflecting the resilience of the real estate industry despite various challenges.
Hyderabad's Stellar Performance:
In Hyderabad, the real estate boom was most pronounced in the last two quarters of 2023, which collectively accounted for over half of the total sales. Quarter 3 recorded 14,191 sales, while Quarter 4 witnessed a remarkable surge with 20,491 sales. These numbers underscore the city's attractiveness to homebuyers and investors alike.
Challenges and Resilience:
The report acknowledges the industry's resilience in the face of challenges such as rising interest rates, escalating input costs, and surging real estate prices amid global uncertainties. Despite these obstacles, the property market demonstrated exceptional strength, driven by pent-up demand following the pandemic. Mr. Vikas Wadhawan, Group CFO of Housing.com, Makaan.com, and PropTiger.com, highlighted the pivotal role played by the Reserve Bank of India's decision to pause rate hikes in April 2023, which significantly boosted buyer confidence.
New Launches and Trends:
While Hyderabad experienced a remarkable surge in housing sales, there was a slight decline in the number of new home launches. In 2023, 76,819 homes were launched, reflecting a 7% decrease compared to the 82,801 launches in 2022. This trend indicates a shift in focus from new developments to meeting the increasing demand for existing housing stock.
Conclusion:
Hyderabad's ascent as the second-largest real estate hub in India in 2023 is a testament to the city's economic vibrancy and the resilience of the real estate industry. The data presented in the PropTiger.com report sheds light on the various factors driving this growth, and stakeholders in the real estate market will undoubtedly find valuable insights to navigate the evolving landscape in the coming years. As the city continues to attract homebuyers and investors, Hyderabad's real estate market is poised for further expansion and development.
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