24,900 residentials launched in Hyderabad in Q3 2023; highest in West Hyderabad

Hyderabad: In the third quarter of 2023, Hyderabad witnessed a substantial surge in the launch of residential properties, with approximately 24,900 new units entering the market. According to data from Anarock, a real estate consultant, for Q3 2023, this surge represented a 21 per cent share of the total new supply across India’s top seven cities.

Compared to the previous quarter, the city saw a 137 per cent increase, and a substantial 60 per cent rise from the same period in the previous year. The western part of Hyderabad accounted for 56 per cent of the city’s new launches, followed closely by North Hyderabad with 40 per cent. Notably, these two zones showed remarkable growth, with the north witnessing a significant 301 per cent quarterly increase, and the west not far behind with a notable 124 per cent surge.

In contrast, South Hyderabad experienced a decline of 78 per cent on a quarter-to-quarter basis, marking the only zone with such a decrease. The report from Anarock suggests that luxury and ultra-luxury residential segments played a significant role in this growth. Hyderabad outperformed other cities in terms of residential sales, recording around 16,400 units sold in Q3 2023.

On a quarterly basis, the city witnessed a robust 21 per cent surge in housing sales, with West and North Hyderabad taking the lead, each securing significant market shares of 56 per cent and 36 per cent, respectively.

Hyderabad’s available inventory also showed strong results, with an 11 per cent quarterly growth and a 12 per cent annual increase. By the end of the third quarter of 2023, the city had a total of 89,100 units available, representing the highest quarter-over-quarter and year-over-year growth among the top seven cities.

According to Anarock, the future of Hyderabad’s residential real estate sector looks promising. The ongoing expansion of the Hyderabad Metro Rail network and the development of the Outer Ring Road (ORR) are expected to open up new growth corridors, making the city more accessible and attractive for potential homebuyers.