In the latest research data by ANAROCK, Hyderabad's real estate market has surged remarkably. The report cites a 24% annual rise in residential prices in 2023 compared to the previous year, hitting a recent high. Prices soared from Rs 4,620 to Rs 5,750 per square foot within the year. Residential sales skyrocketed to 61,715 units, a 30% increase from 2022. Hyderabad, alongside major cities like Mumbai, Pune, Bengaluru, and Delhi, contributed to 91% of total residential sales.
Adding 76,345 new residential units in 2023, a 12% increase, Hyderabad notably accommodated 82% of this within the Rs 40 lakh to Rs 2.5 crore range.
Anuj Puri, Chairman of ANAROCK Group, praised the Indian housing sector's exceptional performance despite global challenges, stating, “Despite global headwinds, rising domestic property prices, and initial interest rate hikes, 2023 has been a phenomenal year for the Indian housing sector.”
ANAROCK's predictions for 2024 include sustained housing sector demand despite an expected 8-10% increase in average prices across major cities. The report also forecasts a continued surge in luxury housing demand.
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