Categories: TOP STORIES

Is Hyderabad realty crashing?

  • Lesser home sales in the city
  • 15 percent decline compared to the previous quarter
  • JLL India report reveals

With the Kokapet auction fetching Rs 60 crore per acre, realty experts have predicted that Hyderabad’s realty market was safer. They pointed out that investors as well as home buyers have trusted the market which continued a surge even during the Covid pandemic. However, all their predictions have been proved otherwise. The recent report by JLL India had indicated that there was 15 per cent decline in sales during second quarter (April-June) this year when compared to the previous quarter of January-March (Q1) this year.

According to the report, the city sold 3,709 homes in January-March (Q1) this year, but had shown 15 percent decline to 3,157 units in April-June (Q2). Although sales have been sluggish, launches have increased. Hyderabad had witnessed highest launches of new homes when compared to other major cities of the country. The city witnessed launch of 8,591 new homes in the first quarter of this year, while 10,980 homes were launched with a growth rate of 28 per cent in the second quarter. Due to Corona, the city launched 2,949 units in Q1 last year compared to 5,034 units in Q2 last year, an increase of 71 per cent.

Realty sector in India

The Corona pandemic continues to haunt the domestic housing sector. Home sales in the country’s seven major cities fell by 23 percent in April-June (Q2) compared to the previous quarter. However, JLL India said the growth was 83 per cent compared to a year ago. A total of 19,635 houses were sold in Q2 this year in Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad and Pune whereas 10,753 units were sold during the same period last year. In January-March (Q1) this year, 25,583 homes were sold.

Home sales declined in all major cities except Bangalore and Mumbai. The Q1 saw sale of 2,382 units in Bangalore, which went up to 47 per cent selling 3,500 units in Q2. Similarly, 5,821 units were sold in Mumbai during Q2, up by 1 per cent from 5,779 units during Q1. The sales were reduced from 3,200 to 600 in Chennai, 5,448 to 2,440 in Delhi-NCR, 1,320 to 578 in Kolkata and 3,745 to 3,539 in Pune between Q1 and Q2.

This website uses cookies.