Hyderabad is disappearing from the realty scene as sales have declined drastically, by 23 per cent, according to Anarock data.
Published Date – 27 June 2024, 09:04 PM
Hyderabad: The attractiveness of a segment of property in Hyderabad appears to be impacted, as residential supply and absorption will decline sharply in the second quarter of the year 2024.
In its latest research data, Anarock has revealed that Hyderabad added only 13,750 residential units in Q2 2024, while around 22,960 units were added in Q1. This drop in the number of residential units added is almost 40 per cent!
Not just new launches and acquisitions, Hyderabad also seems to be out of the realty radar as sales have dropped drastically, which Anarock data puts at 23 per cent. In the second quarter, the city recorded sales of around 15,085 units as against 19,660 units sold in the previous quarter.
According to data compiled by Anarock, Hyderabad was the biggest loser, with sales of residential units falling 23 per cent. The top seven cities that witnessed the decline were Kolkata (-18%), Chennai (-9%), Pune (-8%), Bengaluru (-8%), MMR (-3%) and NCR (6%).
Anarock report said that ‘the uptrend in residential sales across the top 7 cities moderated marginally in Q2 2024 against the backdrop of rising property prices and a high base recorded in the previous quarter (Q1 2024).’
Research data shows that housing sales witnessed a quarterly decline of 8 per cent and around 1,20,340 units were sold in Q2 2024 across the top 7 cities, while around 1,30,170 units were sold in Q1 2024.
Two western cities – MMR and Pune – accounted for over 52 per cent of total sales across the top 7 cities, with over 62,685 units sold in total in these cities in Q2 2024. NCR is the only city to see a quarterly increase (of 6%) in housing sales this quarter as compared to Q1 2024.