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Realty price upswing in Hyderabad continues despite drop in sales
Realty price upswing in Hyderabad continues despite drop in sales
Property values in Hyderabad showed an annual increase of 7 per cent in the first quarter of the calendar year 2022 (Q1 2022) as the country’s overall economic growth is seen improving the prospects of India’s biggest employment generating sector.
Hyderabad: Property values in Hyderabad showed an annual increase of 7 per cent in the first quarter of the calendar year 2022 (Q1 2022) as the country's overall economic growth is seen improving the prospects of India's biggest employment generating sector.
According to a recent report by PropTiger.com, which analyses the performance of India's eight prime residential markets, average rate of property in Hyderabad now stands at Rs 6,000-6,200 per sft, making it the second most expensive market covered in the list.
"Aside from sky-rocketing construction material costs, prices growth in the city is also being fuelled by an improvement in demand for large, luxury homes," says Vikas Wadhawan, Group CFO, PropTiger.com, Housing.com & Makaan.com.
According to sector insiders, residential prices in India are expected to rise at a faster pace than predicted earlier as economic revival in Asia's third-largest economy gains momentum.
Sales decline, launches shoot up
While new supply increased 92 per cent during Q1 2022 compared to the same period last year, residential sales in the city witnessed a 15 per cent fall in the period covered. On a quarter-on-quarter basis, however, sales registered a 53 per cent jump. A total of 6,556 units were sold in the city in Q1 while 14,572 new homes were launched in the three-month period.
Inventory overhang at 42 months
From a city that not very long ago had the best inventory profile, the twin-cities is now staring at a huge inventory stock and an increased inventory overhang. Real estate developers in the city would take an estimated 42 months to sell off the unsold stock, consisting of 73,651 units. In the same period last year, inventory overhang in the city stood at 25 months.
