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Hyderabad realty sees highest sales in 11 years
Hyderabad realty sees highest sales in 11 yrs
Housing sales up 23% at 14,693 units in H1 2022: Knight Frank India
Hyderabad: Hyderabad's residential market increased by 23 per cent to 14,693 housing units in January-June (H1) of 2022 recording the highest sales levels since H1 2011, according to Knight Frank India's latest report –'India Real Estate: H1 2022'. A key role was played by Hyderabad's homeowner base, which comprises of a strong IT workforce that largely remained unaffected by pandemic-related interruptions.
From the aspect of the residential price movement, Hyderabad is the only market in India that has not seen a single year of price decline since H1 2013. It stood true to its performance in H1 2022 s well as the residential prices increased by 4 per cent, demonstrating the underlying resilience of its home market. Low home loan interest rates and affordability have been the primary drivers for this growth.
As per the report, new home launches increased by 28 per cent to 21,356 housing units in H1 2022. West Hyderabad continued to dominate the city's residential space, accounting for a market share of 62 per cent of the total sales during H1 2022. The strong demand trend remained unabated even during the pandemic, capital values further strengthened by 4.2 per cent in H1 2022.
The homebuyers in Hyderabad prefer to be close to the commercial core of the city with 62 per cent of the total units launched in places like Kokapet, Peerancheru, Gopanapalle, and Nalagandla.
From the aspect of price category, the share of sales in the Rs 50 lakh-1 crore category continued to constitute majority of the home sales, with a total share of 47 per cent in H1 2022, a marginal rise from 46 per cent in H1 2021.While the share of sales of units up to Rs 50 lakh remained steady at 21 per cent, units with price range of above Rs 1 crore increased marginally from 31-32 per cent in the same period.
With the desire of upgrading lifestyle, fulfill study and work from home requirements, there has been a substantial change in demand for ticket sizes above Rs 50 lakh. Samson Arthur, Senior Branch Director – Hyderabad at Knight Frank India, "Despite the pandemic-related interruptions in 2020, Hyderabad is the only city that has witnessed a constant price rise. This truly demonstrated the underlying resilience of its residential market."
He said, "While it is no longer one of the cheapest marketplaces in the country, it still remains a desirable destination for end-consumers and investors. Despite concerns about overbuilding and the resultant overburdening of infrastructure consequent to easing of FSI limitations, sentiment in the residential market remains positive with mid segment projects expected to drive sales momentum in the city."
