Hyderabad’s real estate continues to make rapid strides and is expanding rapidly across the state without showing signs of a slowdown or fatigue. It exhibits an uncanny resilience and remains unperturbed by impacting factors, including the worldwide economic slowdown.
New areas along the suburbs and beyond have come up owing to state policies and infrastructure development. The city’s peripheries have been stretched with more promise for development. Keeping up with this positive vibe of Hyderabad’s residential market, prospective property seekers are actively expressing interest not only in the developed property zones and the city’s central districts but also in the new and emerging ones.
The west and north zones have undisputedly led the momentum of the city realty’s success story. Their growth has attracted local property buyers and investors from across the country. These are also the preferred localities by the NRI community from Telangana and other southern states. Simultaneously, localites and migrants working in IT and Pharma continue to explore the option of investing and acquiring property in western and northern Hyderabad.
The vicinities of the north and west Hyderabad are adding more momentum to the core city. Locations like Tellapur, Medchal, and others which were little known till a few years back, are now bustling with residential real estate.
According to yearly industry reports, Hyderabad’s residential market continued with its momentum of strong sales, which started towards the end of 2021. In the year 2022, the city recorded a 28% year-on-year growth. The housing sales in 2022 accounted for 31,046 units. This figure, reports highlight, is the highest sales recorded in the city since 2011.
There was also a substantial rise in new launches, with the addition of 43,847 new units in 2022. Capitalising on this shift in home-buyers sentiments, developers also launched a steady number of new projects in the city during the year. Meanwhile, the average prices of real estate in the city grew by 6% year on year in 2022.
According to reports, Hyderabad’s residential market recorded a sale of 16,353 units in the second half of 2022. The total launches in the last six months of 2022 grew by 18% to 22,491. North Hyderabad witnessed a growth of 19% in the share of total sales from July- December 2022.
Hyderabad has residential offerings that match every need and every budget. However, the mid-ranged housing of Rs 50 lakh to Rs 1 crore accounted for 45% in the second half of 2022. The ticket size segment of Rs 1 crore and above also gained traction. The need to upgrade the homes to meet the growing requirements of space has resulted in a substantial demand for ticket sizes higher than Rs 50 lakh.
Despite significant obstacles, including geopolitical developments, an increase in house mortgage rates, and other factors, the city’s residential sector has witnessed a rise. The demand for higher-value properties is still strong, thus preserving the market’s upbeat outlook.
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