Hyderabad: The city has recorded a total of 31,046 housing units sold throughout the past year which is the highest number of sales recorded in the city since 2011.
The housing market cited robust sales activity in 2022, with a 28 percent Year-over-Year (YoY) increase in housing sales volume.
A 23 percent YoY increase in the number of units launched under new projects in the city was also recorded this year.
E-commerce, education, healthcare and logistics, among other service sectors contributed significantly to the market, accounting for 52 percent of the total space transacted.
According to a report by Knight Frank, the sales market saw strong growth in the second half of 2022, with sales of 16,353 units, a 32 percent YoY increase over the same period in the previous year.
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Total launches in the second half of 2022 also grew by 18 percent YoY to 22,491 units with developers adding another 43,847 new units to the market.
Most of the new housing units were launched in West Hyderabad (Tellapur, Kollur, Gandipet and Narsingi), with about 61 percent of the total units being located in this area.
While the northern parts of Hyderabad also saw a slight increase in its share of total sales, going from 18 percent in the second half of 2021 to 19 percent in 2022.
“Despite facing challenges from geopolitical developments and rising mortgage rates in recent months, the residential market in Hyderabad continues to see an uptick in sales,” Senior branch director at Knight Frank India, Samson Arthur was quoted by The New Indian Express.
“While the market for lower-priced properties has been affected, there is still strong demand for high-value properties, maintaining a positive outlook for the city’s housing market,” he added.
Hyderabad’s commercial real estate market also reportedly saw a 12 percent YoY increase in office transactions during 2022, with a total of 6.7 million square feet of office space leased.
While the office transactions in Hyderabad saw a decline of 20 percent YoY in H2 2022, with a total of 3.5 million sq ft of leasing from a half-yearly perspective.
The IT industry remained the dominant sector in the market during the second half of 2022, accounting for 31 percent of the total space transacted during that quarter.