Hyderabad sees highest sales growth in Q2: JLL
Witnesses the highest quarterly residential sales and launches since 2008
Hyderabad: Hyderabad recorded the maximum quarterly residential sales and property launches since 2008, as per a report. The city has seen the highest sales growth at 38 per cent across top seven cities in the country during April-June quarter (Q2) of 2022. The local residential market registered sales of over 5,537 units in Q2 2022 as compared to 3,157 in same quarter last year.
In Q2 2022, unsold inventory increased in Hyderabad as the new launches outpaced sales in the city. Many prominent developers expanded their footprint in the western suburbs of the city. New launches increased by 24 per cent to 15,697 in Q2 2022 from 10,980 in the corresponding quarter previous year, says a report by Real Estate Intelligence Service (REIS), JLL Research.
Moreover, Hyderabad witnessed sales growth of 75 per cent Y-o-Y in Q2 2022 as the sales up surged to 5,537 units in Q2 2022 from 3,157 units in corresponding quarter last year. In January-June (H1) 2022, saw sales growth of 39 per cent at 9,549 units as compared to 6,866 units in the same period a year ago.
"Maximum sales in Hyderabad were generated in the Western suburbs submarket at Tellapur, Nallagandla, and Kondapur. One of the pertinent trends to note is that majority of the sales were recorded in residential apartment units priced between Rs 1-1.5 crore," said Sandip Patnaik, Managing Director, Telangana, and Andhra Pradesh, JLL.
"The increase in input costs and the strong demand have caused an appreciation in residential prices with capital values showing a 3-7 per cent Y-o-Y increase in all cities except Hyderabad which showed resilience by clocking double digit price growth over the same period," said Dr Samantak Das, Chief Economist, and Head Research & REIS, India, JLL.
"Employment opportunities that were created in IT sector and startups are driving residential market here. Investment in city's infrastructure through the State government's flagship Strategic Road Development Plan (SRDP) programme has opened new residential clusters in north and east part of the city which is contributing in increased residential sales," he added.