In the face of the traditional monsoon slowdown, Hyderabad has emerged as a standout performer in India's thriving real estate sector during the third quarter of 2023. According to the latest data from Anarock Research, Hyderabad experienced an impressive 60 percent annual increase in new housing supply.
Across India's top seven cities, a remarkable 120,280 residential units were sold in Q3 2023, marking a substantial 36 percent annual growth compared to the same period in 2022. While Mumbai led in housing sales with approximately 38,500 units sold, and Pune closely followed with around 22,880 units, Hyderabad stole the spotlight by not only recording a remarkable 41 percent increase in housing sales year-on-year but also a remarkable 138 percent quarterly surge in new housing launches.
Collectively, the average residential property prices in the top seven cities saw an 11 percent annual growth in Q3 2023 compared to the same period in 2022. Hyderabad witnessed an 18 percent yearly increase in average residential prices, while Bengaluru followed closely with a 14 percent annual rise.
The sustained momentum in housing sales and new launches can be attributed, in part, to the Reserve Bank of India's decision to maintain a stable repo rate in recent monetary policies. This has kept home loan interest rates steady, bolstering the confidence of potential homebuyers.
Looking ahead, Anuj Puri, Chairman of ANAROCK Group, predicts, "Considering the current economic scenario, the momentum in housing sales and new launches across the top 7 cities is expected to continue in the October-December quarter."
He further mentioned that many prominent developers have a robust pipeline of new project launches scheduled for the upcoming festive quarter across the top seven cities. With homebuyer demand continuing to favor projects by reputable developers, these players may witness record sales once again.
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