8,300 Residences Sold In Hyderabad In Jan-Mar 2023

As per data collated by Knight Frank India, Hyderabad recorded sales of 8,300 residential units in Q1CY23 (Quarter 1 of Calendar Year 2023), which was higher by 19% YoY.

The city witnessed robust activity in terms of new launches. 10,986 new residential units were launched, which is 7% higher YoY. The demand has remained steady despite the rising prices and home loan rates, and tight liquidity. This has translated into a price appreciation of 5% YoY, with the average price level now standing at Rs 4,997 per sq ft.

The cumulative new launches in FY 2023 in the city were 44,577 units, vs 36,642 units in FY 2022. This translates into a 21.65% rise, and an average of 11,144 units launched every quarter. The new sales were 32,353 residential units in FY23 vs 24,402 units in FY22. This translates into a 32.58% rise, and an average of 8,088 unit sales per quarter in FY23. The RBI started hiking rates in May 2022, and hiked rates by 2.5% cumulatively in FY23 alone. Keeping in mind this scenario, the performance of the Hyderabad residential real estate market was quite resilient.

The Hyderabad residential market has a mix of end-users and investors. Like in Bengaluru, a good part of the end users are from the IT sector.

In the commercial real estate market space, Hyderabad witnessed transactions admeasuring 6 million sq ft in FY23. And as for new supply, 9.2 million sq ft were completed in FY23.