Hyd leads in overall real estate launches

Hyderabad leads in Q3 2023 with 71 per cent share in overall new real estate supply after Bengaluru with 80 per cent. According to Prop Tiger’s ‘Real Insight Residential – July-September 2023’ report, Hyderabad has sold 20,480 units, compared with Bengaluru selling 14,360 units in July to September.
The quarterly report tracked eight major housing markets, including Hyderabad, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Pune and Ahmedabad. Regarding new supply, there is a 17 per cent increase in launches across eight markets, amounting to 1,23,080 new units.
Ankita Sood, Head of Research at PropTiger said “Despite global challenges, property markets in India are looking up across cities. We are in the midst of a residential real estate upcycle, with the July-September quarter seeing a surge in property sales by 22 per cent and new launches registering a 17 per cent Y-o-Y growth. We anticipate the festive season to further boost sales, potentially pushing annual figures to new heights.”
Year on Year housing sales in Ahmedabad have risen 31 per cent to 10,300 units from 7,880 units. Hyderabad has witnessed a 34 per cent growth in sales to 14,190 units from 10,570 units.
Vikas Wadhawan, Business Head of PropTiger said, “The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment. Factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand as key drivers of the sales growth. In the Q3 period, 14 per cent of units sold were ready to move in, and 31 per cent of sales occurred in the above Rs 1 crore price segment.”