Hyderabad real estate is cruising in top gear if the record sale of homes in the third quarter of this year was any indication. During the current third quarter realty sector recorded 308 per cent growth compared to the growth in the corresponding quarter of the last year.
The third quarter of 2021 accounted for sale of 6735 units, which is more than double the sale of homes in second quarter, 3240. The growth in the third quarter, compared to the sales in the second quarter, is put at 108 per cent. During the third quarter last year, only 1,650 units could be sold.
In 2021third quarter, over 14,690 projects have been launched as against 8850 in the second quarter, registering a growth of 66 per cent. In the third quarter of last year, only 4900 projects were launched. The realty sector has registered 67 per cent growth in launching of new projects during the past one year.
The mood in the city’s realty sector is upbeat because of the improved Covid situation in Hyderabad, greater job security, employees resuming working from their offices, employers hiring workers in IT and ITES sectors, low-interest rates on house loans and attractive offers from developers.
Because of the vaccination of construction workers, the real estate project execution works have picked up momentum. Developers have been treading cautiously before taking a decision on launching new projects. Because of the favourable conditions, the launching of new projects this year grew by 67 per cent, compared to launching of the projects last year. The sales improved by 308 per cent. But the buyers want bigger homes, says Anuj Puri of Anarock Group.
In the third quarter of current year, Hyderabad realty sector recorded 130 per cent growth rate, registering 308 per cent growth in sales compared to the corresponding period last year. Mumbai recorded 128 per cent growth, while Chennai recorded 113 per cent growth. Pune, Kolkata and National Capital Region of Delhi and Bangaluru have registered growth rate of 100, 99, 97 and 58 respectively.
Over 62,800 units sold across country
In the third quarter of this year, over 62,800 units were sold in seven major cities of the country, including Hyderabad, as against the sale of only 24,560 units in the second quarter, registering 156 per cent growth.
The growth in the third quarter is 113 per cent compared to the corresponding period last year, when only 29,520 units were sold.
As far as launching of new projects is concerned, in the current third quarter 64,500 units were launched as against 36,260 in the second quarter. The growth is 78 per cent compared to the last quarter. Compared to project launches in third quarter last year (32,530), the growth is as good as 98 per cent.
Out of the new projects launched in the third quarter, 41 per cent of the projects launched are in the price range of Rs 40-80 lakh, while 25 per cent of the projects launched belong to the premium houses who price ranges between Rs 80 lakh and Rs 1.5 crore and 24 per cent of the launches pertain to the affordable housing category with the units priced below Rs 40 lakh tag.
The prices of house construction material have increased by 3 per cent in the third quarter of 2021. The average price of sft in seven main cities hovers around Rs 5760 per sft during the current third quarter as against Rs 5600 in the last year’s third quarter.
