Hyderabad has become a costly city. It ranks second among the most expensive homes in the country. Mumbai topped the list with a price tag of Rs 9,600-9,800 per sft. In Hyderabad, the price ranges from Rs 5,800 to Rs 6,000 per sft, according to property brokerage.com.
In the third quarter (Q3) of July-September this year, it analyzed the price growth in the major residential segment markets in the country. Q3 in Hyderabad in the third quarter of 2021 compared to Q3 last year. Price achieved a 3 percent growth. At present the average price per sq.ft. is Rs.5,751. It is the most expensive property market in the Mumbai Metropolitan Region (MMR). Here The average price is Rs 9,670 per sft. In Q3 this year, 7,812 homes were sold in Hyderabad. This is an increase of 222 per cent over the previous quarter and 140 per cent compared to Q3 last year. Sales were booming in Bachupally, Tellapur, Gandipet, Dundigal and Miyapur.
Inventory 50,103 units
As demand for housing increases, so does the potential for inventory management. The city currently has an inventory of 50,103 homes. These can take up to 25 months to maintain. Despite having the lowest inventory (26,382 units) in Kolkata, it takes 32 months to maintain. Mumbai has 2,61,385 inventory. There are 51,208 inventory houses in Ahmedabad, 67,644 in Bangalore, 35,145 in Chennai, 1,00,559 in Delhi-NCR and 1,28,093 in Pune.
New Projects
New home openings also boomed in the third quarter of this year. In Hyderabad, Q3 launched 12,342 units. This is 40 percent more than in the previous quarter. 189 per cent growth compared to Q3 last year. Of the launching units in Q3 2021, 36 per cent are houses worth Rs. 1 Crore. Most of the launches took place in Dundigal, Tellapur, Gopanapally, Bachupally and Bandlaguda Jagir.
If we look at the differences between supply and demand, it is clear that the Hyderabad realty market is nearing recovery. The cost of construction has also gone up as the prices of construction materials like cement and steel have gone up, said Rajan Sood, Business Head, PropTiger.com. Developers are offering a variety of offers and discounts during the festive seasons to avoid the impact of price hikes on buyers. This will lead to steady growth in the housing sector in major cities of the country, including Hyderabad, in the coming quarters.
