Hyderabad: Second COVID wave notwithstanding, new home sales in Hyderabad have recorded 150 percent growth year-on-year (YoY) in the first half of 2021
According to India Real Estate January – June 2021 report, 11,974 units were sold in the first half of 2021 as compared to 4,782 units in the first half of 2020.,
`Knight Frank India', an international property consultant that released the report, said with respect to new launches, the city witnessed a 278 percent year-on-year growth to 16,712 units as compared to 4,422 units in the first six months of 2020.
The unsold inventory stood at 11,918 units compared to 4,037 units last year, according to the report.
Demand grew across all ticket sizes in the first six months this year. The Rs 25 lakh to 50 lakh category recorded a 240 percent YoY increase whereas the Rs one crore to Rs two crore category recorded a 158 percent increase this year so far compared to last year. Residential prices in Hyderabad increased marginally by 1 percent to Rs 4,720 per sq ft.
West Hyderabad (Kukatpally, Madhapur, Kondapur, Gachibowli, Raidurgam, Kokapet) continues to account for the largest share in residential sales as well as launches, with a share of 63 percent and 64 percent respectively in the total sales and launches in the first half of 2021.
Further, West Hyderabad's share in the total pie of sales as well as launches have also increased in the first half of 2021 in comparison to that in the first half of 2020.
Micro-markets located in the northern part of the city also recorded an increase in their share in sales and launches.
On account of the pandemic-induced work from home trend, demand for larger homes has picked up substantially in the Hyderabad residential market over the past few months. The share of the Rs one crore to Rs 2 crore ticket-size category in the total launched units grew from 18 percent or 1,544 units in the second half of 2020 to 27 percent or 4,444 units in the first half of 2021.
"The Hyderabad housing marked responded strongly on all parameters across its micro markets. Interestingly, demand and supply grew significantly in comparison to the corresponding period last year. While IT firms, a key anchor, continued to grow in their core business Hyderabad continued to be a promising residential destination for end-users and investors alike. A unique proposition for the city's attractive index continued to be the Government's thrust on improving the infrastructure," said Samson Arthur, Branch Director, Hyderabad, Knight Frank India.