Despite economic challenges and the increase in home loan rates, Hyderabad continues to excel in the field of real estate, radiating a remarkable glow. The city has defied all odds and witnessed a remarkable upsurge in housing sales, capturing the admiration and interest of homebuyers from near and far.
According to the most recent data provided by Anarock Research, the second quarter of 2023 witnessed a substantial sale of approximately 1,15,100 units in the top seven cities of India.
During Q2 2023, Hyderabad witnessed an impressive 21 percent surge in sales, which is a remarkable accomplishment. Approximately 13,570 units in the city found new owners, showcasing the city's robust real estate market. Moreover, this outstanding performance contributed to an overall phenomenal 36 percent increase in housing sales across the top seven cities compared to the same period in the previous year.
The success story in Hyderabad doesn't stop at increased sales figures. The city also experienced a notable rise in new property launches, with approximately 10,470 units entering the market during the same period. Although this indicates a 51 percent decline compared to the previous year, it is crucial to highlight that a significant 43 percent of the newly introduced supply caters to the high-end price segment, encompassing properties priced over Rs 1.5 crore.
The surge in luxury housing options in Hyderabad is not a transient trend but rather a growing preference that has gained significant momentum in recent years. This preference has been further amplified by the onset of the Covid-19 pandemic. Homebuyers are increasingly drawn to the appeal of luxury houses, as they seek the ideal combination of elegance, comfort, and exclusivity in their residential choices. This shift in buyer preferences towards luxury properties showcases the evolving landscape of the real estate market in Hyderabad.
According to the report, the Mumbai Metropolitan Region (MMR) and Pune emerged as the frontrunners in terms of overall sales, collectively contributing to over half of the total transactions. These two regions showcased a robust real estate market, reflecting the high demand and attractiveness of properties in Mumbai and Pune. Their prominence in the sales figures indicates their significance as key real estate destinations in India.
Anuj Puri, the Chairman of the Anarock Group, applauds the unwavering resilience of the housing market, emphasizing its ability to persevere despite obstacles such as rising home loan rates and global economic challenges. He acknowledges that the market's momentum remains robust, even during the second quarter of 2023. Puri highlights that housing sales in the top seven cities surpassed the previous record set in Q1 2023, reaching an impressive figure of more than 1.15 lakh units during Q2 2023. This testimony demonstrates the market's strength and its ability to defy adversities in the real estate sector.
The success story of Hyderabad's real estate market stands as a testament to its increasing allure among homebuyers. The city has witnessed an average annual growth of 10 percent in residential property prices, which reached Rs 4,980 per sq. ft. in Q2 2023. This consistent rise in property prices showcases the resilience of Hyderabad's real estate sector and highlights the untapped potential it holds for investors and buyers alike. The market's ability to sustain and flourish even in the face of challenges further emphasizes Hyderabad's position as a thriving real estate destination with promising opportunities.
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