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Hyderabad’s realty market records over 300 per cent spike as sector gains momentum

sareena roy
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Hyderabad is quickly becoming India’s answer to the global recession caused by the pandemic. The city recorded housing sales of approximately 6,735 units in Q3 2021. This is a massive 308 per cent rise over last year’s Q3 numbers according to Anarock Property Consultants. Residential property sales are picking up in Q3 after a slow start in Q1 and Q2.

Housing sales across the country went up by 113 per cent year-on-year (YOY) across the top seven Indian cities – going from 29,520 in Q3 2020 to nearly 62,800 units in Q3 2021. Hyderabad has some of the best developers which is another reason why property sales are surging. Modi Builders, Aurobindo Realty and Prestige Group are some of the big names in the sector raking in the moolah.

The revival also comes on the back of a three-day property show which started in Hyderabad. The show is being organized by Telangana Real Estate Developers Association (TREDA) at the HITEX expo facility in Madhapur. Almost 100 builders, developers and associated financial institutions are part of the on-going show, which was scrapped last year due to the COVID pandemic.

The city’s impressive 308 per cent growth in housing sales propelled it towards the top of the list in property sales. Hyderabad stood behind the Mumbai Metropolitan Region with almost 14,700 new homes hitting the market in Q3. Premium residential projects in Hyderabad were the most sought after by both NRIs and domestic home buyers as real estate companies like Modi Builders and Aurobindo Realty attracted much of the attention.

TREDA President, R. Chalapathi Rao, credited the moderate climate and the high standard of living for making the city a favourite amongst home buyers. He also added that the city scores really high among corporates, making it the preferred destination for multinational companies. This makes the city an attractive haven for working professionals which in turn has a positive impact in the residential property market.

The report by Anarock also shows that a redefined definition of ‘budget’ homes has emerged – properties with a price tag between Rs.80 lakhs to Rs.1 crore. Anuj Puri, Chairman of Anarock Group attributed Hyderabad’s rise to the favourable socio-economic conditions, well-developed infrastructure and affordability. “Hyderabad has been one of the most vibrant real estate markets among all top cities both in terms of new launches and housing sales,” he added.

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