Hyderabad's Residential Real Estate Market Sees a Steep Decline
The residential real estate market in Hyderabad experiences a significant downturn, with a 36% drop in housing sales and a 19% decline in new launches in Q2 2024.
Real EstateHyderabadResidential MarketPropequityHousing SalesReal EstateJun 26, 2024
New residential launches in Hyderabad also saw a significant decrease, with 11,603 units launched—a 19% decline from the previous quarter (Q1 2024). Compared to the same period last year (Q2 2023), Hyderabad experienced a 36% decrease in new residential launches, dropping from 18,232 units launched to 11,603 units in Q2 2024.
Regarding sales, Hyderabad saw a 20% year-on-year (YoY) decline, with 18,757 units sold in Q2 2023 compared to 15,016 units in Q2 2024. In contrast, Delhi, Bengaluru, and Chennai recorded YoY growth rates of 95%, 67%, and 21% respectively in residential launches. Hyderabad’s decline was second only to Pune, which saw a 47% drop.
For housing sales, Mumbai and Kolkata showed increases of 27% YoY, while Hyderabad experienced a 20% decrease, followed by Pune at 15%. According to Samir Jasuja, CEO & MD of PropEquity, the marginal drop in new launch supply across top Tier 1 cities is primarily due to the election quarter and the typically sluggish nature of Q2.
Across nine major cities, 1,19,901 units were sold in Q2 2024, an 18% decline from the previous quarter’s 146,147 units. On a year-on-year basis, housing sales saw a marginal dip of 2%. New housing supply has also witnessed a seven percent decline on a QoQ basis with 97,331 units launched in Q2 2024 as compared to 1,04,391 units in Q1 2024.
Information
PropEquity is a real estate data analytics firm that provides insights into the residential real estate market in India. The company analyzes market trends and provides data-driven reports on the performance of the real estate sector.
PropEquity is a leading real estate data analytics firm that provides actionable insights to stakeholders in the Indian real estate market.
Frequently Asked Questions
What was the decline in housing sales in Hyderabad in Q2 2024?
The decline in housing sales in Hyderabad in Q2 2024 was 36%.
How many units were sold in Hyderabad in Q2 2024?
15,016 units were sold in Hyderabad in Q2 2024.
What was the decline in new residential launches in Hyderabad in Q2 2024?
The decline in new residential launches in Hyderabad in Q2 2024 was 19%.
Which cities recorded YoY growth rates in residential launches?
Delhi, Bengaluru, and Chennai recorded YoY growth rates in residential launches.
What was the reason for the marginal drop in new launch supply across top Tier 1 cities?
The reason for the marginal drop in new launch supply across top Tier 1 cities was primarily due to the election quarter and the typically sluggish nature of Q2.
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