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Hyderabad sees all-time surge in new launches
Hyderabad sees all-time surge in new launches
The residential real estate market registers 70% y-o-y growth in supply of new homes at 82,801 units last year, says PropTiger Report
Hyderabad: For the second consecutive year, Hyderabad witnessed new supply peaking at an all-time high, as per the latest PropTiger Report. The year 2022 saw the launch of 82,801 new units while clocking a 70 per cent YoY growth. However, the new supply also dwindled by 11 per cent during the Q4 in 2022, say the report by India's leading online real estate brokerage company PropTiger.com.
While 48 per cent of the units launched fell under the Rs 1 crore+ price bracket, the overall demand grew by 59 per cent YoY in 2022, while registering a slight decline of 2 per cent QoQ during the Q4 2022. The localities of Tellapur, Kollur, Gundlapochampally, Puppalaguda and Kokapet were most preferred localities by homebuyers during Q4 2022, according to the report.
During the year 2022, over 50 per cent of the units sold were of 3 BHK configuration, closely followed by 2BHK at 41 per cent. Interestingly, the majority of the new supply during 2022 was concentrated in micromarkets of Tellapur, Kollur and Gundlapochampally. In terms of demand, sales were up by 59 per cent YoY in 2022 reaching 35,372 units from 22,239 in 2021.
Maximum units sold were in more than Rs 1 crore price bracket (44 per cent) as the prices for new supply and inventory grew by 4 per cent YoY as of end of 2022 owing to rise in construction costs and firming up end user demand. The prices of new homes have grown from Rs 5,900-6,100 per sq ft to Rs 6,130-6,330 per sq ft at the end of 2022.
However, the inventory overhang increased to 38 months at the end of 2022, compared to 35 months in the previous year given the thriving new supply. The unsold inventory went from 65,635 at the end of 2021 to 1,13,064 at the end of 2022. Out of the top south Indian cities, Hyderabad registered maximum sales followed by Bengaluru at 30,470 and Chennai at 14,100.
Vikas Wadhawan, Group CFO, Housing.com, PropTiger.com & Makaan.com, said, "Despite the challenging global environment, Hyderabad's real estate market has shown remarkable growth with a significant increase of 59 per cent YoY in sales and 70 per cent YoY in new home launches. This growth has surpassed its southern counterparts like Chennai and Bengaluru."
He further said, "Hyderabad is a perfect example of a thriving residential market. Despite factors such as the new pandemic variant, global recession, and geopolitical strife affecting the real estate industry worldwide, buyers - including first-time and frequent - have flocked to purchase new units, displaying a high level of confidence in the city real estate market."
Ankita Sood, Director & Head of Research at Housing.com, PropTiger.com & Makaan.com, said, "Hyderabad's residential realty continues its positive demand momentum. Owing to the business-friendly atmosphere and upgraded infrastructure the city has witnessed an increase in office leasing activity and job opportunities, which have a ripple effect on the property market."
Registering a growth of 59 per cent YoY - highest among its southern counterparts of Bengaluru and Chennai, the new supply remains at an all-time high for the second consecutive year exhibiting confidence in the market."
