Hyderabad Real Estate Market Sees Sharp Decline in Sales
Hyderabad's real estate sector has witnessed the sharpest decline in housing sales among nine major cities in India during the July-September quarter.
Hyderabad Real EstateReal Estate MarketHousing SalesPropequityHydraaReal Estate MumbaiSep 21, 2024
This marks a significant reversal for the city, which had previously surpassed major markets like Mumbai and Bengaluru in sales growth over the last decade. As per the report, Hyderabad is expected to see housing sales of 12,082 units during this quarter, compared to 20,658 units sold during the same period last year.
Industry experts have attributed the sharp decline in Hyderabad to concerns over illegal layouts and construction projects, especially around lakes and water bodies. This has resulted in a lack of buyer interest, with realtors and businesses in related sectors expressing frustration over the slowdown.
The recent demolitions carried out by the Hyderabad Disaster Response and Assets Monitoring and Protection Agency (HYDRAA) increased the fears surrounding unauthorised developments and dampened the market, with new buyers hesitating to invest.
The usual festive season boost in housing sales, typically seen around Dussehra and Diwali, is also missing this year, further raising concerns about the future of Hyderabad's real estate market. Some experts worry that if the current trend continues, the sector may face conditions similar to those experienced during the COVID-19 crisis.
PropEquity is a leading real estate data analytics firm that provides comprehensive data and insights on the Indian real estate market.
HYDRAA is the Hyderabad Disaster Response and Assets Monitoring and Protection Agency, responsible for monitoring and protecting assets in the city.
The decline in housing sales in Hyderabad is a significant concern for the real estate sector, and experts are hoping for a turnaround in the coming quarters.
Overall, the report projects a total of 1,04,393 housing units sold across the nine cities, representing an 18% decrease from the 1,26,848 units sold in the same period last year.
Bengaluru and Kolkata also witnessed a decline in housing sales, with a 26% and 23% drop respectively.
The real estate sector in Hyderabad is expected to witness a slowdown in the coming months, with experts predicting a further decline in housing sales.
The city's real estate market has been affected by various factors, including concerns over illegal layouts and construction projects, and the recent demolitions carried out by HYDRAA.
The report by PropEquity highlights the need for the government to take measures to boost the real estate sector in Hyderabad.
The decline in housing sales in Hyderabad is a concern for the entire real estate sector, and experts are hoping for a turnaround in the coming quarters.
The report by PropEquity provides a comprehensive analysis of the Indian real estate market, highlighting the trends and challenges faced by the sector.
Hyderabad's real estate market has been affected by various factors, including concerns over illegal layouts and construction projects, and the recent demolitions carried out by HYDRAA.
The city's real estate sector is expected to witness a slowdown in the coming months, with experts predicting a further decline in housing sales.
The report by PropEquity highlights the need for the government to take measures to boost the real estate sector in Hyderabad.
The decline in housing sales in Hyderabad is a concern for the entire real estate sector, and experts are hoping for a turnaround in the coming quarters.
Frequently Asked Questions
What is the decline in housing sales in Hyderabad?
Hyderabad witnessed a 42% drop in housing sales during the July-September quarter.
What are the reasons for the decline in housing sales in Hyderabad?
Concerns over illegal layouts and construction projects, especially around lakes and water bodies, and the recent demolitions carried out by HYDRAA.
How does the decline in housing sales in Hyderabad compare to other cities?
Hyderabad witnessed the sharpest decline in housing sales among nine major cities in India, followed by Bengaluru with a 26% decline and Kolkata with 23%.
What is the expected impact of the decline in housing sales on the real estate sector in Hyderabad?
The sector may face conditions similar to those experienced during the COVID-19 crisis if the current trend continues.
What is the role of PropEquity in the real estate sector?
PropEquity is a leading real estate data analytics firm that provides comprehensive data and insights on the Indian real estate market.
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