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It's boom time in Hyderabad realty despite Covid-19 pandemic
It’s boom time in Hyderabad realty despite Covid-19 pandemic
New home sales zoom 150% in Jan-June 2021, West Hyderabad still dominates: Report
Hyderabad: New home sales in Hyderabad witnessed a significant 150 per cent growth YoY to 11,974 units in H1 2021 (January-June 2021) as compared to 4,782 units in H1 2020, according to flagship market assessment report by Knight Frank India, an international property consultant.
Their report titled 'India Real Estate January - June 2021' cited that with respect to new launches, the city witnessed a 278 per cent YoY growth to 16,712 units as compared to 4,422 units in H12020. On the demand front, demand grew across all ticket-sizes this year. The Rs 2.5-5mn category recorded a 240 per cent YoY increase whereas the Rs 10-20 mn category recorded a 158 per cent YoY increase in H12021.
Residential prices in Hyderabad also increased marginally by 1 per cent YoY in H1 2021 to Rs 50,803/sq m (Rs 4,720/sq ft) driven by the strong demand momentum. In terms of geography, West Hyderabad (Kukatpally, Madhapur, Kondapur, Gachibowli, Raidurgam, Kokapet) continues to account for the largest share in residential sales as well as launches, with a share of 63 per cent and 64 per cent respectively in the total sales and launches so far this year.
Further, West Hyderabad's share in the total pie of sales as well as launches has also increased this year in comparison to that in the same period last year. Micro-markets located in the North also recorded an increase in their share in total sales and launches this year as their share in sales grew from 16 per cent in H12020 to 18 per cent in H12021 and in launches from 17 per cent in H12020 to 20 per cent in H12021.
On the supply front, Hyderabad recorded a substantial 278 per cent YoY increase in launches in this year so far as developers responded to the growing residential demand in the market.
On account of the pandemic-induced work from home trend, demand for larger homes has picked-up substantially in the Hyderabad residential market over the past few months. As a result, the share of the Rs10-20mn category grew from 18 per cent or 1,544 units in H22020 to 27 per cent or 4,444 units in H12021.
Samson Arthur, Branch Director, Knight Frank India Hyderabad chapter, said, "The Hyderabad housing marked responded strongly on all parameters across its micro markets. Interestingly, demand and supply grew significantly in comparison to corresponding period of last year. While IT firms, a key anchor, continued to grow in their core business, Hyderabad continued to be a promising residential destination for end users and investors alike. A unique proposition for the city's attractive index continued to be the government's thrust on improving the infrastructure."
