The Aryavarth Express
Agency(Hyderabad): Hyderabad’s residential real estate sector experienced an impressive 98% increase in demand during the fourth quarter of 2023, according to a recent study by PropTiger.com. This surge contributed to a 49% year-on-year growth in the sector for the entire year, indicating a robust recovery and expansion of the housing market in the city.
The final quarter also saw a 9% annual growth in the supply of new homes, with significant development activities noted in micro-markets such as Tellapur, Kokapet, and Nanakramguda. These areas have become focal points for developers, demonstrating the city’s shifting real estate dynamics towards emerging suburban locales. Notably, 76% of the new launches were in the premium segment, priced above ₹1 crore, with 56% of total sales occurring in this price bracket.
Capital values in Hyderabad also saw a 10% year-on-year increase, positioning the city as a resilient and appealing market for investors and homebuyers alike. The average price per square foot ranged between ₹6,700 and ₹6,900, showcasing the city’s strong and sustainable growth. This trend aligns with the growth observed in other major cities like Bengaluru, which recorded a similar increase in capital values.
Vikas Wadhawan, the business head of PropTiger.com, remarked on the city’s burgeoning status as a prime investment location, echoing the positive sentiment seen across India’s major urban centers. Ankita Sood, head of research at Housing.com and PropTiger.com, highlighted the concentration of residential sales and launches along the Outer Ring Road, emphasizing the localities of Tellapur, Kokapet, and Bachupally as key areas of activity.
Given the peak demand witnessed in 2023, industry experts anticipate that the upward trajectory in Hyderabad’s real estate market will persist, potentially setting the stage for continued growth in the quarters ahead.