Residential property worth ₹23,580 crore sold in Q1 2024 in Hyderabad: report
The Hindu
Hyderabad's property market sees a surge in sales, with transactions totaling ₹23,580 crore in Q1 2024.
Hyderabad’s residential property market saw a surge in sales during the first quarter of 2024 (January to March), with transactions totalling ₹23,580 crore. This marks a 143% increase compared to the same period in 2023, which recorded sales worth ₹9,711 crore, according to a recent report by PropTiger.com.
The city witnessed an uptick, with 35 million square feet changing hands in Q1 2024, marking a 128% rise from the 15 million square feet sold in Q1 2023. According to the report, a total of 14,290 residential units were sold in Hyderabad during the first quarter of 2024, representing a 40% increase from the 10,200 units sold during Q1 2023. The average value of residential units in Hyderabad ranged from ₹6,500 to ₹8,500 per square feet, reflecting a 7% YoY increase.
Among the most sought after areas in Hyderabad were Hitec City, Gachibowli, Manikonda, Serilingampally, Kondapur, and Miyapur in Hyderabad West; Kompally, Tellapur, Kukatpally, and Shamirpet in Hyderabad North; Saidabad, Shadnagar, and Maheshwaram in Hyderabad South; LB Nagar, Nagole, and Uppal Kalan in Hyderabad East; Somajiguda, Ameerpet, Jubilee Hills, and Banjara Hills in Hyderabad Central; Mallapur, Sainikpuri, and AS Rao Nagar in Secunderabad; and Shamshabad, Adibatla, and Pocharam in ORR South.
“The first quarter saw a 68% surge in property sales’ Gross Transaction Value compared to last year’s Q1. Major cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value of ₹ 1.11 lakh crore. This surge not only signifies heightened demand but also reflects a 15% to 20% uptick in property prices within key business districts. We expect the momentum to continue in the coming two quarters, driven by economic growth and strong demand,” said Ankita Sood, Head of Research, PropTiger.com & Housing.com.
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