The sales volume in the real estate market witnessed an impressive year-over-year growth of 19%, with 8,300 units sold during the period.
Despite fears of economic deceleration and interest rate hikes, the residential market in Hyderabad exhibited exceptional fortitude and progress during the initial quarter of 2023 (January to March).
According to the latest report by Knight Frank India, the market witnessed a remarkable 19% year-on-year surge in sales volume during the period, with 8,300 units sold, highlighting the Hyderabad real estate sector's impressive growth.
The market also experienced a notable 7% year-over-year expansion in new unit launches, with 10,986 fresh units entering the market. This growth is particularly commendable as the Hyderabad real estate market caters to both end-users and investors, with a significant proportion of end-users hailing from the IT sector.
The stable demand has resulted in a 5% year-over-year increase in price appreciation, with the average price now reaching Rs 4,997 per square foot. Despite not being the largest, the Hyderabad real estate market is undoubtedly the most impressive, as sales recorded the highest growth in the first quarter when compared to other cities. In contrast, Mumbai and Bangalore's sales volume witnessed a slight dip, with -6% and -2% year-over-year respectively.
According to the assessment by Knight Frank India, the market saw the addition of 87,299 new units between January and March, resulting in a 12% year-over-year growth, with Hyderabad witnessing a 7% increase.
Rewritten: The real estate market is evolving as evidenced by the notable increase in sales proportion of the Rs 1 crore and above ticket size category, which accounted for 29% of total sales in Q1 2023, up from 25% in the corresponding period last year.
This trend can be attributed to the rising desire of homebuyers to upgrade to more spacious and luxurious living spaces with better amenities. The mid and premium segments have emerged as top performers in this market, triggering demand and sales volumes.
According to Shishir Baijal, Chairman & Managing Director of Knight Frank India, "We can anticipate the mid and premium segments to continue driving sales volumes for the rest of 2023."
With year-over-year growth in per-square-foot prices across all cities, including Hyderabad, during the first quarter of 2023, the future looks promising for the city's residential market
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