PNS|Hyderabad
Hyderabad witnessed a whopping 13% price rise in the housing sector, with the average price settling at Rs.10,530 persft.
Housing prices across the top eightcities in India increased 7% YoY amid robust housing demand backed by continued positive homebuyer sentiment and stable interest rates.
Kolkata recorded the highest increase in residential prices at 15% YoY, followed by Delhi NCR and Hyderabad with 14% and 13% YoY increase respectively. Fuelled by a continued desire for home ownership and stable interest rates, coupled with growth in disposable incomes, housing demand is poised for steady growth even amid unprecedented global economic headwinds. Average price of Rs 10,530 per sftin Hyderabad is next to that of Mumbai at Rs19,113 per sft.
On the other hand, led by a spurt in new project launches, particularly in the morthwest suburb in Ahmedabad and southwest micro market in Hyderabad, the two cities saw a surge in unsold inventory levels by 26% and 24% respectively on YoY basis. Despite increase in unsold inventory, housing prices in both the cities have consistently shown a rise over the past few quarters.
With increased demand for spacious dwellings, developers continue to launch high-end projects, which has pushed housing prices for under construction units northwards in markets like Kolkata, Hyderabad, Delhi NCR, and Bengaluru.
Boman Irani, president of CREDAI National stated, “The ongoing momentum in quantum of sales across the country is a clear reflection of positive homebuyer sentiments and validates the conducive nature of the market. We are also witnessing record breaking numbers due to the pent-up demand from Covid and despite the price rise, we expect this trend to continue for the rest of the fiscal year – on the back of a relatively stabilized repo rate and lending eco-system. Additionally, the upcoming festive season will help in further boosting the sales and sustain the momentum through the start of 2024.”
