Real estate in Hyderabad sees massive dip in housing sales

Hyderabad Desk

Hyderabad: Real estate in Hyderabad has witnessed a significant drop in housing sales in the second quarter of 2024.

Compared to the last quarter, sales dropped by 23 percent.

Real Estate in Hyderabad sees jump in residential prices

According to a report by real estate services company ANAROCK, on a yearly basis, Hyderabad recorded a 39 percent jump in average residential prices. It is the highest among the top seven cities, which recorded an average price rise of between 13 and 39 percent.

The increase in prices in the top cities ranged from 4 to 10 percent in the second quarter of 2024 compared to the first quarter of the year.

Though the price increase, sales declined from 19,660 units in Q1 2024 to 15,085 units in Q2 2024.

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Rental real estate sees dip in house rent growth in Hyderabad

Following is the city wise absorption

Cities Q2 2024 Q1 2024 % Change (Q1- 2024 Vs Q2- 2024) Q2 2023 % Change (Q2- 2023 Vs Q2-2024)
NCR 16,550 15,650 6 16,450 1
MMR 41,540 42,920 -3 38,085 9
Bangalore 16,360 17,790 -8 15,045 9
Pune 21,145 22,990 -8 20,680 2
Hyderabad 15,085 19,660 -23 13,565 11
Chennai 5,020 5,510 -9 5,490 -9
Kolkata 4,640 5,650 -18 5,775 -20
Total 1,20,340 1,30,170 -8 1,15,090 5
Source: ANAROCK Research

Dip in house rent growth in Hyderabad

In the rental real estate market, Hyderabad has witnessed a dip in house rent growth in the second quarter of 2024.

As per a report by ANAROCK, HITECH City and Gachibowli saw average rents rise by 3 percent each in Q2 2024 compared to the preceding quarter. In Q1 2024, the quarterly average rent hike in both these markets was 5 percent.

The dip in growth can be attributed to a rise in supply. With more new supply entering the markets, the highly speculative residential rental spike is coming to a halt.

The report states that Hyderabad is slated to see 34,770 units completed by the end of 2024, whereas, in 2023, 20,500 units were completed.

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