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.
Related News Articles
Fire Safety Takes Centre Stage: DERC Proposes NOC for Taller Buildings in Delhi
Delhi Electricity Regulatory Commission (DERC) proposes fire safety NOC for residential buildings over 15 meters high, Authorized discoms to disconnect power supply of buildings to be demolished by civic agencies
Hyderabad's Real Estate Market: Is the Bubble About to Burst?
Amid growing concerns from developers, builders, and consumers, the recent shifts in Hyderabad's real estate market are raising speculations about the sales of existing stock and the impact of new project launches on inventory levels.
Bollywood Stars Eye Mumbai's Luxurious Rs 120 Crore Penthouse but Face Hurdles
The real estate market in Mumbai is booming, and it's not just the property investors who are taking notice. Bollywood celebrities are also eyeing some of the most luxurious penthouses, including one priced at a staggering Rs 120 crore. However, passing t
Maharashtra Assembly Election 2024: All About Vadgaon Sheri Constituency
The Vadgaon Sheri Assembly Constituency is one of the prominent constituencies in Pune district, Maharashtra. As the 2024 Maharashtra Assembly elections approach, it is crucial to understand the political landscape, key players, and historical voting patt
Porur: Chennai’s Rising Star in the IT and Real Estate Sectors
Chennai, Tamil Nadu [India] - Porur, a suburb of Chennai, is rapidly transforming into a hub for IT and real estate, earning it the title of 'The New OMR 2.0'. Discover the key factors driving this boom and the future prospects of this bustling area.
Mumbai Real Estate: Alkem Labs Promoter Buys Luxury Apartment in Worli
Seema Singh, promoter of Alkem Labs, has recently acquired a top-floor luxury apartment in Worli, setting a new benchmark in Mumbai's high-end real estate market.