Hyderabad’s real estate sector has witnessed a significant downturn in the second quarter of 2024, reflecting a notable decline in residential property activities. According to the latest findings by Anarock, the city added approximately 13,750 residential units during this period, marking a sharp drop of nearly 40% from the 22,960 units added in Q1 2024.
The decline extends beyond new launches, affecting property absorption rates and sales figures alike. Anarock data highlights a 23% decrease in residential unit sales, with Hyderabad recording approximately 15,085 units sold in Q2 compared to 19,660 units in the preceding quarter.
In a comparative analysis among major Indian cities, Hyderabad emerges as the hardest hit, surpassing Kolkata (-18%), Chennai (-9%), Pune (-8%), Bengaluru (-8%), MMR (-3%), and NCR (6%) in terms of residential sales decline.
Also Read: Hyderabad Leads Q3 2023 Real Estate Surge
Anarock’s report attributes this slowdown to the cooling off of a previous bullish trend in residential sales across the top seven cities. Factors contributing to this shift include escalating property prices and a high sales base established in Q1 2024.
Overall, the collective residential sales in the top 7 cities experienced an 8% quarterly decline, totaling approximately 1,20,340 units in Q2 2024 compared to 1,30,170 units in Q1 2024. Notably, Mumbai Metropolitan Region (MMR) and Pune together accounted for over 52% of these sales, with a combined total of 62,685 units sold in Q2 2024.
Among these cities, only the National Capital Region (NCR) saw a marginal uptick of 6% in housing sales during the same period, bucking the broader downward trend observed across major real estate markets.
The findings underscore a challenging period for Hyderabad’s real estate sector, characterized by reduced residential supply, diminished absorption rates, and subdued sales volumes in the second quarter of 2024.
(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.)
