Hyderabad sees maximum sale of new homes in south India: PropTiger report

HYDERABAD

In 2022, Hyderabad witnessed the maximum sale of new homes in South India, according to the latest report of PropTiger, an online real estate brokerage company. It revealed that the sales in the city reached 35,372 units followed by Bengaluru at 30,470 and Chennai at 14,100. The localities of Tellapur, Gundlapochampally, Kollur, Puppalaguda and Kokapet were the most preferred localities among homebuyers during the fourth quarter of 2022.

More than 50% of the sold units were of 3BHK configuration, followed by 2BHK at 41%. Maximum units (44%) sold were in the price bracket of over ₹1 crore as the prices for new supply and inventory grew by 4% year-on-year as of 2022-ending owing to rise in construction costs and firming up end-user demand. The prices of new homes have grown from ₹5,900-6,100 per square feet to ₹6,130-6,330 per square feet.

“Despite the challenging global environment, Hyderabad’s real estate market has shown remarkable growth with a significant increase of 59% year-on-year in sales and 70% year-on-year in new home launches. This growth has surpassed its southern counterparts making Hyderabad a perfect example of a thriving residential market,” group CFO of Housing.com, PropTiger.com and Makaan.com, Vikas Wadhawan said:

Owing to the business-friendly atmosphere and upgraded infrastructure, the city has witnessed an increase in office leasing activity and job opportunities, which have a ripple effect on the property market, pointed out director and head of Research at Housing.com, PropTiger.com and Makaan.com, Ankita Sood.