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Housing sales up 21% in Q2 FY22
Housing sales up 21% in Q2 FY22
Hyderabad has witnessed a 21 per cent growth in housing sales in end-user driven markets, whereas Ahmedabad topped the chart with a 30 per cent growth during April-June quarter (Q2) of financial year 2021-22, according to Real Insight Residential report, a quarterly analysis of India’s top eight residential markets by REA backed PropTiger.com.
Hyderabad: Hyderabad has witnessed a 21 per cent growth in housing sales in end-user driven markets, whereas Ahmedabad topped the chart with a 30 per cent growth during April-June quarter (Q2) of financial year 2021-22, according to Real Insight Residential report, a quarterly analysis of India's top eight residential markets by REA backed PropTiger.com.
Hyderabad has witnessed significant economic growth backed by government policies and growth in commercial off take with many corporates and IT giants expanding their footprint in the city which has fuelled the residential demand in the city. The city's residential market showed noteworthy resilience and was quick to bounce back from the pandemic lull.
When most of the top eight cities witnessed single digit increase in sales, Hyderabad registered a double-digit growth of 36 per cent during 2021. While the prices in other major cities remained stagnated, new supply and inventory of residential units in Hyderabad recorded 6-8 per cent price growth throughout the pandemic on the back of end-user demand.
All these factors have encouraged a more buoyant growth in Hyderabad residential demand as compared to other top eight cities. Currently, some notable projects are being developed in localities such as Tellapur and Kokapet, where the properties in price range of Rs 1-3 crore are witnessing maximum sales, followed by Kollur where the cost is around Rs 45-75 lakh.
Western suburbs in Hyderabad continue to lead the residential demand rally with maximum sales being concentrated in micro-markets such as Tellapur, Kokapet, and Kollur. The new supply grew 13 per cent QoQ in Q2 2022. A majority of the new supply during the quarter was concentrated in micro markets of Tellapur, Kollur and Gundlapochampally.
Across the top eight cities, the housing sales registered a sequential 5 per cent uptick at 74,330 units during the Q2 CY2022, when compared to 70,620 units in the previous quarter (Q1 CY2022). The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR, and Pune.
Vikas Wadhawan, Group CFO, Housing.com, PropTiger.com and Makaan.com, said: "Home loans remained largely affordable for the period analysed. The biggest booster to housing demand has been the increased importance of owning a property which has been backed by the consumer confidence in the overall economic scenario and impending income stability."
AnkitaSood, Head of Research, Housing.com, PropTiger.com and Makaan.com, said: "We see developers returning to the market in full swing in the second quarter of the year, thus catapulting the new supply back to the 2015 levels. Looking at the overall encouraging trends, we anticipate the sustained demand momentum to increase strength to strength."
