The surge in Hyderabad is due to the city witnessing new property launches at a market premium, resulting in a notable overall property prices.
Published Date – 05:42 PM, Fri – 1 December 23
Hyderabad: Hyderabad emerged as the frontrunner among the top eight cities in India with a 19 per cent rise in the year-on-year (YoY) housing prices during the third quarter (Q3) of 2023.
According to the CREDAI -Colliers – Liases Foras report – Housing Price Tracker Q3 -2023, the surge in Hyderabad is due to the city witnessing new property launches at a market premium, resulting in a notable overall property prices. Metro phase 2 and Airport Metro line, also show promise to further elevate the city’s residential landscape, suggests the report.
The 8 major cities taken into consideration are Hyderabad with 19 per cent (YoY) increase in housing prices, followed by Bengaluru with 18 per cent rise, Pune, Kolkata and Delhi NCR with 12 per cent rise and Ahmedabad with 9 per cent rise, Chennai with 7 percent and Mumbai Metropolitan region with 1 per cent increase.
According to the report the housing market is likely to further firm up by the end of 2023, driven by likely strong momentum during the festive season fueled by positive market synergies in the form of attractive incentives, lucrative schemes for the home buyers, and new launches in an already upbeat market.
Alongside increasing sales, the top housing markets of Bengaluru, Hyderabad, Delhi NCR, and MMR saw a surge in new property launches, with a notable emphasis on the mid and luxury segments. The mid-segment accounted for the largest share of unsold units at 32 per-cent , closely trailed by the affordable segment.
However, there was a 1 per cent quarterly drop in unsold inventory, led by favorable market dynamics as of end of September 2023. With increased demand for spacious dwellings, developers continued to launch high-end projects, which pushed housing prices for under-construction units northward in markets like Kolkata, Hyderabad, Delhi NCR, and Bengaluru.
CREDAI National president Boman Irani stated, “homebuyer sentiments have been quite positive in 2023, playing a huge factor in not just the volume of housing registrations, but also indirectly having a cascading impact on increasing housing prices. On the back of a stabilized economy, job security, stable lending environment, we project this sales momentum to continue, with sustainable development and Green housing expected to lead the next growth phase in the industry. Developers have also been at the forefront to ensure that it remains a conducive buying environment, facilitating enhanced transparency and providing financial incentives that added to the overall appeal of purchasing homes.”
