Hyderabad: Western Hyderabad continues to be the real estate hotspot thanks to many IT companies that established their branch offices in the area.
Due to the IT boom, the demand for houses in the western part of the city is rising continuously making them expensive day by day.
Entry of developers in residential real estate market in Hyderabad
As per Magicbricks PropIndex report, the city’s average property rate surged by 4.2 percent QoQ and supply grew by 4.9 percent in Q4 2022.
Due to the entry of small developers in the residential real estate market in Hyderabad, the inventory inflated thereby resulting in the rise of a large volume of unsold stock.
In terms of demand, the residential market in Hyderabad witnessed a QoQ dip of 2.2 percent in the fourth quarter of 2022.
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Residential demand in other cities
Mumbai, Noida, Gurugram, and Bengaluru saw rise in residential demand.
While the maximum rise in residential demand i.e., 52.1 percent was witnessed in Mumbai, Noida, Gurugram, and Bengaluru also saw a significant rise in demand.
In Mumbai, Bengaluru, Chennai, and Delhi, the residential supply increased YoY. The highest increase in residential supply was seen in Mumbai.