The report predicts a further strengthening of the housing market by the end of 2023, driven by an anticipated surge during the festive season.
Published Date – 04:35 PM, Fri – 1 December 23
Hyderabad: The real estate market in Hyderabad witnessed a remarkable upswing, experiencing 19 per cent year-on-year increase in housing prices during the third quarter of 2023.
This surge was reported in the CREDAI – Colliers – Liases Foras Housing Price-Tracker Report for Q3 2023, reflecting a robust and steady housing demand alongside stable interest rates.
The report highlighted that major cities across India, including Hyderabad, Ahmedabad, Bengaluru, Chennai, Delhi NCR, Kolkata, Mumbai, and Pune, observed significant rises in housing prices, with Hyderabad and Bengaluru at the forefront of this upward trend.
The burgeoning housing market in Hyderabad has been attributed to unwavering buyer sentiment, stable lending rates, and positive market synergies. The report predicts a further strengthening of the housing market by the end of 2023, driven by an anticipated surge during the festive season.
Hyderabad emerged as the leader among the top eight cities in India, marking the highest surge in housing prices. Central Hyderabad, an established sub-market, recently witnessed premium property launches, consequently resulting in a notable increase in overall property prices.”The imminent development of Metro Phase 2 and the Airport metro line promises to enhance the city’s residential landscape by connecting major office hubs to the airport, which is likely to catalyze future residential developments” the report stated.
The report also shed light on increased sales and a surge in new property launches in cities like Bengaluru, Hyderabad, Delhi NCR, and Mumbai, with a focus on the mid and luxury segments.
Despite the mid-segment accounting for the largest share of unsold units, there was a 1 per cent quarterly drop in unsold inventory, indicating favorable market dynamics as of September 2023.
Badal Yagnik, Chief Executive Officer at Colliers, India, highlighted the competitive and flourishing housing market in India’s top cities. He noted the strong surge in prices in Hyderabad and Bengaluru, attributing it to robust homebuyer sentiments and positive market fundamentals.
Pan India residential prices Q3 2023 (in Rs per sft)
City Average Price Q3 2023 QoQ change YoY change
Hyderabad 11,040 5% 19%
Bengaluru 9,471 9% 18%
Pune 9,014 6% 12%
Delhi NCR 8,655 0% 12%
Kolkata 7,406 1% 12%
Ahmedabad 6,613 2% 9%
Chennai 7,712 1% 7%
