Hyderabad's Housing Market Sees Steep Decline in Q2 2024
Hyderabad's residential real estate market witnesses a 36% decline in Q2 2024, with a significant drop in new launches and sales.
HyderabadResidential Real EstatePropequityQ2 2024Housing SalesReal Estate PuneJun 27, 2024
One of the most notable declines was in housing sales, with Hyderabad experiencing the steepest quarter-on-quarter (QoQ) decline among nine major cities, including Mumbai, Delhi NCR, Bengaluru, Chennai, Kolkata, Pune, Navi Mumbai, and Thane. The city saw a staggering 36% drop in housing sales, with only 15,016 units sold in Q2 2024 compared to 23,595 units in Q1 2024.
New residential launches in Hyderabad also witnessed a significant reduction, with a 19% decline from the previous quarter. The number of new units launched in Q2 2024 was 11,603, marking a 36% year-on-year (YoY) decrease from the same period last year.
The city also saw a 20% YoY decline in housing sales, with only 15,016 units sold in Q2 2024 compared to 18,757 units in Q2 2023. This downturn contrasts sharply with other major cities like Delhi, Bengaluru, and Chennai, which recorded YoY growth rates of 95%, 67%, and 21% respectively in residential launches.
Samir Jasuja, CEO & MD of PropEquity, attributed the decline to the election quarter and the typically sluggish nature of Q2. However, he noted that the higher absorption compared to new supply signifies the ongoing robustness and good health of the residential real estate market post-COVID.
Across the nine major cities, a total of 119,901 units were sold in Q2 2024, reflecting an 18% decline from the previous quarter. On a YoY basis, housing sales saw a marginal dip of 2%. Additionally, new housing supply saw a 7% QoQ decline, with 97,331 units launched in Q2 2024 compared to 104,391 units in Q1 2024.
The current downturn in the Hyderabad residential real estate market underscores the need for market participants to closely monitor ongoing developments and adapt strategies to navigate the evolving real estate landscape in Hyderabad and other major cities.
Frequently Asked Questions
What was the decline in housing sales in Hyderabad in Q2 2024?
Hyderabad experienced a 36% quarter-on-quarter (QoQ) decline in housing sales.
What was the decline in new residential launches in Hyderabad in Q2 2024?
New residential launches in Hyderabad witnessed a 19% decline from the previous quarter.
What was the year-on-year (YoY) decline in housing sales in Hyderabad?
Hyderabad saw a 20% YoY decline in housing sales in Q2 2024.
What was the total number of units sold across nine major cities in Q2 2024?
A total of 119,901 units were sold across nine major cities in Q2 2024.
What was the year-on-year (YoY) change in housing sales across nine major cities?
Housing sales saw a marginal dip of 2% on a YoY basis.
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