The report predicts that the housing market will strengthen further by the end of 2023, driven by an expected surge during the festive season.
Published Date – 1 December 2023, 04:35 PM
Hyderabad: The real estate market in Hyderabad witnessed a significant surge, with housing prices seeing a 19 per cent year-on-year increase during the third quarter of 2023.
This surge was reported in the CREDAI – Colliers – Liases Foras Housing Price-Tracker Report for Q3 2023, reflecting strong and stable housing demand along with stable interest rates.
The report highlights that major cities across India, including Hyderabad, Ahmedabad, Bengaluru, Chennai, Delhi NCR, Kolkata, Mumbai and Pune, witnessed a significant increase in housing prices, with Hyderabad and Bengaluru leading this rising trend.
The growing housing market in Hyderabad is attributed to the unwavering buyer sentiment, stable lending rates, and positive market sentiment. The report predicts further strength in the housing market by the end of 2023, driven by an expected surge during the festive season.
Hyderabad has emerged as the leader among the top eight cities in India that have recorded the highest increase in housing prices. Central Hyderabad, an established sub-market, has recently witnessed premium property launches, resulting in a significant increase in overall property prices. “The imminent development of Metro Phase 2 and the Airport Metro Line promises to enhance the residential landscape of the city by connecting major office hubs to the airport, which is likely to catalyse future residential growth,” the report said.
The report also highlights growth in sales and a surge in new property launches in cities such as Bengaluru, Hyderabad, Delhi NCR and Mumbai, focusing on the mid and luxury segments.
Despite the mid-segment having the largest share of unsold units, unsold inventory declined by 1 per cent quarterly, indicating favourable market dynamics till September 2023.
Badal Yagnik, CEO, Colliers India, highlighted the competitive and thriving housing market in India’s top cities. He noted the sharp surge in prices in Hyderabad and Bengaluru and attributed this to strong homebuyer sentiment and positive market fundamentals.
All India residential prices Q3 2023 (in Rs per sq ft)
City Average Price Q3 2023 QoQ Change YoY Change
Hyderabad 11,040 5% 19%
Bengaluru 9,471 9% 18%
Pune 9,014 6% 12%
Delhi NCR 8,655 0% 12%
Kolkata 7,406 1% 12%
Ahmedabad 6,613 2% 9%
Chennai 7,712 1% 7%