Hyderabad tops the list of sale of new houses
–Demand goes up for units built by branded developers
– Specifies the latest report of Anarock Group
Hyderabad emerged on the top in buying of new homes among the seven cities of the country in the first quarter of 2021. Across the seven cities, in all 14,280 houses were sold in the quarter in Hyderabad as against only 5,400 units in the first quarter of 2019. Currently, their number has increased many times. People give priority to ready-to-move houses, but many are looking for the new launches, according to the latest report released by the Anarock Consultants.
The demand for the projects which have features according to the specifications of buyers has increased. Of the 1.14-lakh units sold in seven cities in the first quarter of 2023, more than 41% are new launches, increasing manifold since 2019. The share of new launch units in the first quarter of 2019 was only 26% of the total 78,520 units sold. However, in the first quarter of 2022, of the 99,550 units sold, the new launch units constituted 36%.
The share of new launch units out of the total units sold was higher in the Hyderabad market. In the first quarter of 2023, 14,280 units were sold. The share of new launch units constituted 46%. In the first quarter of 2019, it was only 28%. In Pune, 19,920 units were sold, including 45% of the newly launched units. In the first quarter of this year, it was 35%. In Bangalore, 15,600 units were sold, which includes the sale of 43% of the newly launched units. However, in the first quarter of 2019, its share was limited to 28%.
In Chennai, 5880 units were sold in the first quarter of this year with 41% share of new launches. In 2019, it constituted only 29% share. In the first quarter of 2023, 34,690 houses were sold in Mumbai, which includes the 40% share of newly launched units. The share of newly launched units in the corresponding period in 2019 was only 24%.
Delhi figured at the other end of the spectrum with a total sale of 17,160 units in the first quarter of 2023. The share of newly launched units among them was only 30%, which is up from 21% during the corresponding period in 2019.
Anarock Group Chairman Anuj Puri maintains that many prefer to own ready-to-move houses as the status of several realty projects is not up to the mark. In spite of it, some people are keen to own newly launched projects. This is attributed to development of such projects by branded developers in tune with RERA rules and completing them on schedule. Out of 1.14 lakh units sold across seven cities in the nation, the ratio to non-branded and branded registered as 59:41, which was 41:59 in 2015.
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