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Hyderabad realty back on track
The real estate sector in Hyderabad, which remained muted in the past few years due to a variety of reasons, including the Andhra Pradesh bifurcation, is slowly coming back on track, with the sector registering a steady upswing in both residential and office markets in the first six months of 2016, according to a report by global property consultancy firm Knight Frank.
​Hyderabad: The real estate sector in Hyderabad, which remained muted in the past few years due to a variety of reasons, including the Andhra Pradesh bifurcation, is slowly coming back on track, with the sector registering a steady upswing in both residential and office markets in the first six months of 2016, according to a report by global property consultancy firm Knight Frank.
The report titled “India Real Estate H1” revealed that the city’s residential market saw a four per cent uptick in new launches and an eight per cent increase in sales during the January-June period of 2016, indicating a strong comeback of the sector.
Nearly 7,700 new units were sold and about 5,700 units were launched during the period. Additionally, there was a price appreciation of around three per cent while the inventory levels slipped to a five-year low in the past six months.
The western part of Hyderabad comprising the IT hub continued to be the preferred market with maximum launches and sales. Narsingi and Puppalguda are the preferred micro-markets for new launches in the residential segment.
The office space market churned out much better positive numbers as the space absorption and supply clocked 91 per cent and 140 per cent growth, respectively. The market absorbed an office space of 2.8 million sft, primarily driven by the IT and ITeS sectors, in the first half of 2016 as compared with 1.4 million sft in the corresponding period a year ago.
“Hyderabad is turning out to be the bright spot on the country’s realty map as it has consistently been doing better than other cities. The political stability has indeed brought back resilience to the residential segment in the city.
The growth pattern can be ascertained now as the demand outstrips supply and we expect the trend to continue,” Vasudevan Iyer, Branch Director (Hyderabad), Knight Frank India, told the media here on Monday.
On the other hand, the office market exhibited brilliant performance with 91 per cent increase in absorption, he added.
Nationally, the realty sector witnessed nine per cent drop in new launches in the residential space to 107,120 units across eight cities including Mumbai and Bengaluru during January-June 2016, against 117,200 units during the same period a year ago.
However, the unsold inventory levels dropped by seven per cent to 6.60 lakh units from 7.10 lakh units a year ago. In office space, there was a 12 per cent increase in absorption.
“The real estate sector in India could be at its inflection point with sales in the top six residential markets showing a positive trend, registering seven per cent growth in the first half of 2016,” Shishir Baijal, CMD, Knight Frank India, said in a statement.
