Hyderabad: The real estate market in Hyderabad has witnessed a massive surge in residential property prices in Q3 of 2024.
Apart from Hyderabad, six other cities also experienced a rise in prices.
Hyderabad sees the highest jump in residential property prices
According to the real estate services company ANAROCK, though other top six cities also saw a rise in prices, the highest increase was observed in Hyderabad.
Compared to Q2 of 2024, the prices in Q3 of 2024 jumped by four percent. However, the percentage change in residential property prices in Hyderabad from Q3 of 2023 to Q3 of 2024 is 32 percent, which is the highest among the top seven cities in India.
Below are the city-level price trends (in INR/sq.ft):
| Cities | Q3-2024 | Q2-2024 | Percent change (Q2- 2024 Vs Q3- 2024) | Q3-2023 | Percent change (Q3- 2023 Vs Q3- 2024) |
| NCR | 7,200 | 6,800 | 6 | 5,570 | 29 |
| MMR | 16,300 | 15,650 | 4 | 13,150 | 24 |
| Bangalore | 8,100 | 7,800 | 4 | 6,275 | 29 |
| Pune | 7,600 | 7,400 | 3 | 6,550 | 16 |
| Hyderabad | 7,150 | 6,900 | 4 | 5,400 | 32 |
| Chennai | 6,680 | 6,500 | 3 | 5,770 | 16 |
| Kolkata | 5,700 | 5,500 | 4 | 5,000 | 14 |
| Total | 8,390 | 8,070 | 4 | 6,800 | 23 |
Citing the reason for the surge in prices, the report stated, “Due to escalating input costs as well as significant sales growth, average residential property prices across the top seven cities collectively rose by 23 percent annually – from INR 6,800 per sq. ft. in Q3 2023 to INR 8,390 per sq. ft. in Q3 2024.”
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Housing sales
Though residential property prices in Hyderabad and other top cities increased, housing sales declined.
The highest decline in sales was recorded in Kolkata, where sales dropped by 25 percent from Q3 2023 to Q3 2024.
Hyderabad registered the second-highest decline in sales. Sales in the city dropped from 16,375 units in Q3 2023 to 12,735 units in Q3 2024.
Below are the city-wise absorption trends (in units):
| Cities | Q3-2024 | Q2-2024 | Percent change (Q2- 2024 Vs Q3- 2024) | Q3-2023 | Percent change (Q3- 2023 Vs Q3- 2024) |
| NCR | 15,570 | 16,550 | -6 | 15,865 | -2 |
| MMR | 36,190 | 41,540 | -13 | 38,505 | -6 |
| Bangalore | 15,025 | 16,355 | -8 | 16,395 | -8 |
| Pune | 19,050 | 21,145 | -10 | 22,885 | -17 |
| Hyderabad | 12,735 | 15,085 | -16 | 16,375 | -22 |
| Chennai | 4,510 | 5,020 | -10 | 4,945 | -9 |
| Kolkata | 3,980 | 4,640 | -14 | 5,320 | -25 |
| Total | 1,07,060 | 1,20,335 | -11 | 1,20,290 | -11 |
Meanwhile, Hyderabad added approximately 13,890 units in Q3 2024, compared to 24,900 units in Q3 2023 – a 44 percent yearly decline.
