- The picture of Q1 of 2023 in Hyderabad real estate market
Hyderabad real estate market is progressing rather steadily. The number of new units launched in first quarter of 2023 was 14,600, which is down by at least 3% compared to the units launched during the corresponding period last year. However, the progress of sale of units registered a commendable progress. The sale of units in first quarter of this year is 24% more than the sale of units previous quarter.
The available inventory of units is put at 83,700. This is the same as the inventory of the last quarter. The average sale price of the sft in Hyderabad market is put at Rs 4800, according to first quarter data for 2023 furnished by real estate agency Anarock Consultants.
Compared to the launch of units in Q4 of 2022, the Q1 of this year lagged behind on this score. The Q1 of 2023 saw launch of 14,600 units, which corresponds to 13% of the total units launched in seven cities across the country. However, on quarterly basis the new launches suffered an erosion of 32%. Compared to other cities in the country, Hyderabad lagged behind in new launches. The share of various zones in new launches in the Q1 of 2023 is as follows: West-37%, North-30%, South-26% and East-7%.
Among the new launch of projects, the share of the luxury segment units is put at 34% while that of high-end category is put at 27%. Only 2% of the total launches constituted affordable housing. Regarding the sale of units in the first quarter across seven major cities, the share of Hyderabad is recorded as 13%.
In all, 14,300 units were sold in Q1 2023, registering 24% increase over the previous quarter sales. The sales register an annual growth of 9 %.
In terms of inventory, West Hyderabad tops the list. Its share is put at 57% of the total inventory while the share of Hyd North is put at 27%. The share of the Hyderabad South is 9%, while the share of the East is 5 %. The share of high-end units in the total inventory is put at 61%.
Rents in Hyderabad have also increased slightly. The average monthly rent in Gachibowli is between Rs.22,000 and Rs.35,000, registering 8% growth on quarter-on-quarter. Similarly, rents vary between Rs.20,000 and Rs.26,000 in Kondapur, between Rs.15,000 and Rs.21,000 per month in Miyapur. The rents vary between Rs.10,000 and Rs.15,000 per month in LB Nagar and between Rs.12,000 and Rs.16,000 in Adibhatla.
