Hyderabad's Residential Real Estate Market Sees Sharp 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.
Residential Real EstateHyderabadPropequityHousing SalesNew LaunchesReal Estate NewsJun 26, 2024
Hyderabad was among the nine major cities, including Mumbai, Delhi NCR, Bengaluru, Chennai, Kolkata, Pune, Navi Mumbai, and Thane, that experienced a decline in housing sales. The city saw a significant drop in both new launches and sales, with 15,016 units sold and 11,603 units launched in Q2 2024.
Compared to the same period last year, Hyderabad saw 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 decline, with 18,757 units sold in Q2 2023 compared to 15,016 units in Q2 2024.
In contrast, Delhi, Bengaluru, and Chennai recorded year-on-year 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% year-on-year, 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. However, the higher absorption compared to new supply signifies the ongoing robustness and good health of the residential real estate market post-COVID.
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 quarter-on-quarter 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 and trends in the Indian real estate market.
PropEquity is a leading provider of real estate data analytics and insights in India. The company provides detailed reports and analysis on the Indian real estate market, helping stakeholders make informed decisions.
Frequently Asked Questions
What was the decline in housing sales in Hyderabad in Q2 2024?
36% drop in housing sales
What was the decline in new launches in Hyderabad in Q2 2024?
19% decline in new launches
Which cities saw a year-on-year growth in residential launches?
Delhi, Bengaluru, and Chennai
What was the marginal dip in housing sales across nine major cities on a year-on-year basis?
2% dip
What is the name of the real estate data analytics firm that provided the report?
PropEquity
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