In the second quarter of 2024, Hyderabad's residential real estate market saw a notable decline. The most recent report from real estate data analytics company PropEquity shows a sharp decline in sales and new launches in the April–June quarter of 2024. hyderabad saw the biggest quarter-on-quarter (QoQ) loss in property sales, falling by 36%, out of the nine main cities: mumbai, delhi NCR, Bengaluru, Chennai, hyderabad, kolkata, pune, Navi mumbai, and Thane.
 
15,016 units were sold in Q2 2024 as opposed to 23,595 units in Q1 2024. With 11,603 new residential units introduced, hyderabad likewise suffered a sharp reduction in new residential releases, down 19% from the prior quarter (Q1 2024).
 
Hyderabad also had a 36% decline in new residential releases during the same time last year (Q2 2023), going from 18,232 units launched to 11,603 units in Q2 2024. hyderabad had a 20% YoY decrease in sales, with 18,757 units sold in Q2 2023 as opposed to 15,016 units in Q2 2024.
 
Conversely, YoY growth rates for residential debuts were 95%, 67%, and 21% in delhi, Bengaluru, and Chennai, respectively. Hyderabad's reduction was second only to Pune's 47% fall. mumbai and kolkata had YoY gains in house sales, while hyderabad saw a 20% decline and pune saw a 15% increase.
 
"The election quarter and Q2's generally slow pace are the main causes of the slight decline in new launch supply across top Tier 1 cities." The residential real estate market is still strong and in excellent condition following Covid, as seen by the stronger absorption than new supply, according to PropEquity CEO & MD Samir Jasuja.
 
In Q2 2024, sales of 1,19,901 units were recorded across nine main cities, representing an 18% decrease from 146,147 units in the preceding quarter. Year-over-year, there was a slight decrease in house sales of 2%. The number of newly constructed homes has also decreased by 7% on a quarterly basis, from 1,04,391 units in Q1 2024 to 97,331 units in Q2 2024.
 
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

Telangana Hyderabad

G GOWTHAM

27/06/2024 09:18 AM