Hyderabad’s real estate market is expected to face a significant downturn in housing sales during the last quarter of 2024, with a projected 47% decline, according to a new report by PropEquity, a leading real estate analytics firm. The report forecasts housing sales in the city to drop to just 12,682 units from 24,044 units during the same period last year.
Despite this short-term dip, the city continues to show remarkable growth in the real estate sector over the long term. Hyderabad has been one of the fastest-growing urban centers in India, recording a steady 10% Compound Annual Growth Rate (CAGR) in residential launches over the past decade. The market slowdown is largely attributed to a “high base effect” from the previous year, explained Samir Jasuja, CEO and Founder of PropEquity. Jasuja further anticipated a rebound with quarter-on-quarter growth, signaling that the dip in housing sales might be temporary.
The report also highlights a broader trend in India’s real estate market, with housing sales across nine major cities expected to fall by 21%. Total sales are projected to decrease to 1.08 lakh units, down from 1.37 lakh units in 2023. Among the cities facing declines, Bengaluru is expected to see a 13% drop, Chennai a 9% drop, and Mumbai a steep 27% decline in housing sales.
Also Read: Hyderabad Real Estate Market Slumps in Q2 2024
However, Hyderabad’s resilience remains evident as the city continues to lead the real estate growth race. Factors contributing to this positive outlook include rapid infrastructure development, continuous investments in urban planning, and the city’s appeal as a thriving commercial hub. These developments are expected to support further growth in the market in the coming years.
Despite the anticipated drop in housing sales in the short term, experts believe Hyderabad’s real estate sector is well-positioned to weather the storm. With consistent investments and strategic urban planning initiatives, the city is likely to continue attracting both domestic and international investors, further solidifying its position as one of India’s most promising real estate markets.
(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.)
