In the latest ‘Real Insight Residential – July-September 2023’ report by PropTiger, Hyderabad takes the lead with a 71% share in the overall new real estate supply, closely followed by Bengaluru at 80%. The report highlights Hyderabad’s impressive sales of 20,480 units during the quarter, surpassing Bengaluru’s 14,360 units sold.
The comprehensive quarterly analysis covers eight major housing markets, including Hyderabad, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Pune, and Ahmedabad. Across these markets, there is a notable 17% increase in new launches, totaling 1,23,080 new units.
Ankita Sood, Head of Research at PropTiger, notes that despite global challenges, India’s property markets are thriving in various cities. The July-September quarter witnessed a remarkable 22% surge in property sales, with new launches experiencing a substantial 17% year-on-year growth. Sood anticipates the upcoming festive season to further drive sales, potentially setting new annual records.
Also Read: Hyderabad’s Residential Real Estate Sees Surge in Property Registrations
The report also highlights significant year-on-year growth in housing sales, with Ahmedabad witnessing a 31% increase to 10,300 units and Hyderabad experiencing a robust 34% growth to 14,190 units. Vikas Wadhawan, Business Head of PropTiger, attributes this momentum to strong demand fueled by positive consumer sentiment. Key drivers include pent-up demand, increased disposable income, stable interest rates, and renewed investor interest. In Q3, 14% of units sold were ready to move in, and 31% of sales occurred in the above Rs 1 crore price segment.
(This story is sourced from a third-party syndicated feed. Raavi Media takes no responsibility or liability of any nature. Raavi Media management/ythisnews.com can alter or delete the content without notice for any reason.)
