It represents a significant 21% share of the total new supply across India’s top seven cities: Anarock
Published Date – 11:45 PM, Wed – 1 November 23
Hyderabad experienced an impressive surge in residential launches with 24,900 new units in third quarter of 2023. — Photo: Surya Sridhar
Hyderabad: In the third quarter of 2023, Hyderabad experienced an impressive surge in residential launches, with approximately 24,900 new units flooding the market. This surge represented a significant 21 per cent share of the total new supply across India’s top seven cities, according to data collated for Q3 2023 by Anarock.
The city registered 137 per cent increase compared to the previous quarter and a substantial 60 per cent rise from the same period in the previous year. The western part of Hyderabad emerged as the leader, accounting for 56 per cent of the city’s new launches, closely followed by North Hyderabad with 40 per cent. These two zones showed outstanding growth, with the north witnessing a remarkable 301 per cent quarterly increase and the west not far behind with a notable 124 per cent surge.
In contrast, South Hyderabad saw a decline of 78 per cent on a quarter-to-quarter basis, marking the only zone to experience such a decrease. Luxury and ultra-luxury residential segments played a significant role, according to the Anarock report. When it comes to residential sales, Hyderabad outshone all other cities, recording around 16,400 units sold in Q3 2023.
On a quarterly basis, the city experienced a robust 21 per cent surge in housing sales. West and North Hyderabad took the lead, each securing a significant market share of 56 per cent and 36 per cent, respectively. Hyderabad’s available inventory also showed impressive 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 ORR are set to open up new growth corridors, making the city more accessible and attractive for potential homebuyers, it said.
