Hyderabad's residential property sales record 143% increase in 2024 first quarter

Hyderabad: In the landscape of India's real estate sector, Hyderabad emerges as a standout performer in the first quarter of 2024, witnessing a remarkable surge in residential property sales.

Data from PropTiger.com's latest report titled `Real Insight Residential – January–March 2024’ reveals Hyderabad's impressive performance in comparison to other major cities across the country.

Hyderabad's Impressive Growth

Hyderabad's residential property market experienced a staggering 143% increase in sales value during Q1 2024, soaring from Rs 9,711 crore in Q1 2023 to Rs 23,580 crore. This exponential growth in sales value positions Hyderabad at the forefront of the nation's housing market expansion.

Comparative Analysis

When juxtaposed with other metropolitan centers, Hyderabad's performance stands out prominently. While several cities registered significant growth, Hyderabad's surge surpasses them all in terms of both sales value and percentage increase.

Most Preferred Areas for Property Purchase in Hyderabad

According to data from PropTiger.com, the following areas stand out as the most preferred destinations for property buyers in Hyderabad:

Hyderabad West:

HitechCity

Gachibowli

Manikonda

Narsingi

Serilingampally

Nallagandla

Kondapur

Chandanagar

Hafeezpet

Bachupally

Miyapur

Hyderabad North:

Kompally

Tellapur

Kukatpally

Nizampet

Bolarum

Bahadurpally

Shadnagar

Hyderabad South:

Saidabad

Kismatpur

Maheshwaram

Shadnagar

Rajendra Nagar

Hyderabad East:

Nagole

Hayathnagar

Vanasthalipuram

Uppal

Kalan

Saroornagar

LB Nagar

Hyderabad South 2:

Bongloor

Shamshabad

Adibatla

Pocharam

Secunderabad:

Mallapur

Yapral

Sainikpuri

Alwal

AS Rao Nagar

“These areas boast a combination of factors that make them attractive to property buyers, including proximity to commercial hubs, availability of amenities, infrastructure development, and potential for future growth. As the real estate market in Hyderabad continues to thrive, these preferred areas are likely to remain sought-after destinations for homebuyers and investors alike” said said Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com.

Sales Value Comparison:

Hyderabad: Rs 23,580 crore

Mumbai Metropolitan Region (MMR): INR 34,340 crore

Delhi NCR: INR 12,120 crore

Pune: INR 15,150 crore

Bangalore: INR 11,310 crore

“Despite Mumbai MMR leading in absolute sales value, Hyderabad's growth rate eclipses that of all other cities, indicating a robust demand and investor confidence in the region's real estate market,” said Vikas Wadhawan.

Percentage Increase in Sales Value:

Hyderabad: 143%

Delhi NCR: 249%

Pune: 32%

Bangalore: 52%

Mumbai MMR: 31%

Hyderabad's staggering 143% increase in sales value surpasses the growth rates of other major cities, including Delhi NCR and Bangalore.

“This underscores the city's emergence as a prime destination for real estate investment and development,” said Vikas.

Volume and Area Sold

In addition to sales value, Hyderabad also outperforms in terms of volume and area sold. The city witnessed a 40% increase in the number of units sold and a 128% surge in area sold, indicating a robust demand for residential properties across different segments.

Expert Insights

According to Vikas Wadhawan, Hyderabad's stellar performance in both volume and value terms reflects a buoyant market driven by factors such as steady mortgage rates and growing aspirations for homeownership.

Ankita Sood, Head of Research at PropTiger.com & Housing.com, predicts continued momentum in Hyderabad's real estate market, fueled by economic growth and sustained demand.

“Hyderabad’s exceptional performance in the residential property market during Q1 2024 underscores its status as a frontrunner among India's top cities. With robust growth in sales value, volume, and area sold, Hyderabad presents promising opportunities for investors and homeowners, positioning itself as a key player in the nation's burgeoning real estate landscape” concluded Ankita Sood.