Hyderabad's Real Estate Market Sees a Significant Slump
Hyderabad's residential market has witnessed a drastic drop in sales, with a 23% decline in the second quarter of 2024, according to Anarock's latest research data.
Hyderabad Real EstateAnarockResidential SalesIndian Real Estate MarketProperty PricesReal EstateJun 27, 2024
Hyderabad is not alone in this decline, but it is the biggest loser among the top seven cities in India. Kolkata, Chennai, Pune, Bengaluru, MMR, and NCR have all witnessed a decline in residential sales, with Hyderabad being the worst affected. The Anarock report attributes this decline to increasing property prices and a high base record of the previous quarter.
The data reveals that housing sales across the top seven cities have witnessed a quarterly drop of 8% and stood at approximately 1,20,340 units in Q2 2024, against approximately 1,30,170 units sold in Q1 2024. The western cities of MMR and Pune accounted for over 52% of the total sales in the top seven cities, with NCR being the only city to see a quarterly rise (of 6%) in housing sales.
The decline in sales is a cause for concern for the real estate industry in Hyderabad, which has been one of the most promising markets in India. The city's infrastructure development, IT boom, and favorable business environment had made it an attractive destination for investors and homebuyers alike. However, the current slump has raised questions about the sustainability of the Hyderabad real estate market.
Information
Anarock is a leading real estate consultancy firm that provides comprehensive research and analysis on the Indian real estate market.
Anarock is a renowned real estate consultancy firm that provides in-depth research and analysis on the Indian real estate market. With a strong presence in major cities across India, Anarock has established itself as a trusted advisor to real estate investors, developers, and homebuyers.
Frequently Asked Questions
What is the decline in residential sales in Hyderabad according to Anarock's latest research data?
According to Anarock's latest research data, Hyderabad has witnessed a 23% decline in residential sales in the second quarter of 2024.
What is the reason for the decline in housing sales across the top seven cities in India?
The decline in housing sales across the top seven cities in India is attributed to increasing property prices and a high base record of the previous quarter.
Which city has seen a quarterly rise in housing sales in Q2 2024?
NCR is the only city to see a quarterly rise (of 6%) in housing sales in Q2 2024.
What is the total sales figure for the western cities of MMR and Pune in Q2 2024?
The western cities of MMR and Pune accounted for over 52% of the total sales in the top seven cities, with a total of 62,685 units sold in Q2 2024.
What is the significance of Hyderabad's real estate market in India?
Hyderabad's real estate market is one of the most promising markets in India, driven by its infrastructure development, IT boom, and favorable business environment.
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