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HomeInfrastructureHousingHyderabad Home Sales Surge to INR 58,000 Crore

Hyderabad Home Sales Surge to INR 58,000 Crore

Hyderabad’s real estate sector has achieved a remarkable milestone, with residential property sales reaching INR 58,481 crore in the first half of 2024, according to a comprehensive report by CRE Matrix and Credai Hyderabad.

This figure represents the highest total home sales value in the past five years and marks a dramatic 257% increase from the sales recorded during the same period in 2019. This growth equates to a compound annual growth rate (CAGR) of 29%, underscoring the city’s robust real estate market performance. The number of residential units sold in Hyderabad during the January-June 2024 period surged by 148% to 38,643 units compared to H1 2019.

Concurrently, the average price of an apartment in the city rose significantly by 44%, reaching INR 1.5 crore from INR 1.1 crore in 2019. This price escalation highlights the increasing demand and value of residential properties in the region. A detailed analysis of the sales value reveals substantial growth in higher-value segments. The INR 5-10 crore price bracket saw an extraordinary 449% increase, while the segment above INR 10 crore experienced a staggering 63-fold rise. Collectively, these two segments contributed INR 4,727 crore and INR 4,861 crore respectively to the total home sales value in H1 2024.

Conversely, the most substantial number of units sold were in the under INR 1 crore category, with 17,997 units sold, while the INR 1-2 crore segment generated the highest total sales value of INR 19,534 crore. Regionally, North-West Hyderabad emerged as the dominant market, accounting for 62% of the total sales value, amounting to INR 36,276 crore. This region has exhibited a consistent CAGR of 25% in home sales value from H1 2019 to H1 2024, reinforcing its status as a prime residential area.

Despite this boom, new housing launches in Hyderabad have decreased, falling to approximately 22,000 units in H1 2024 from around 50,000 units in H1 2022. Additionally, the inventory overhang has decreased to 103,316 units from 119,245 units in the previous year. The report suggests that, given the current sales pace, the existing unsold stock could be absorbed within 16 months, indicating a potential future equilibrium in the housing supply-demand balance.

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