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Hyderabad Residential Real Estate Market Witnesses a 36% Decline in Q2 2024

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Hyderabad Residential Real Estate Market Witnesses a 36% Decline in Q2 2024

Hyderabad’s Residential Real Estate Market Sees Significant Decline in Q2 2024, Hyderabad Residential Real Estate Market Witnesses a 36% Decline in Q2 2024

The residential real estate market in Hyderabad has encountered a notable downturn in the second quarter of 2024. A recent report by PropEquity, a leading real estate data analytics firm, highlights a considerable decrease in both new launches and sales during the April-June period of 2024.

Major Decline in Housing Sales

Among the nine major cities—Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai, and Thane—Hyderabad experienced the steepest quarter-on-quarter (QoQ) decline in housing sales, with a staggering 36% drop. In Q2 2024, only 15,016 units were sold compared to 23,595 units in Q1 2024.

Decrease in New Residential Launches

New residential launches in Hyderabad also witnessed a significant reduction. The number of new units launched in Q2 2024 was 11,603, marking a 19% decline from the previous quarter’s 14,353 units. This decline is even more pronounced when compared to the same period last year. In Q2 2023, 18,232 new units were launched, indicating a 36% year-on-year (YoY) decrease in new residential projects.

Year-on-Year Sales Comparison

Hyderabad also saw a 20% YoY decline in housing sales. In Q2 2023, 18,757 units were sold, whereas only 15,016 units were sold in Q2 2024. This downturn contrasts sharply with other major cities like Delhi, Bengaluru, and Chennai, which recorded YoY growth rates of 95%, 67%, and 21% respectively in residential launches.

Comparative Analysis with Other Cities

In terms of YoY decline, Hyderabad’s performance was second only to Pune, which experienced a 47% drop in new residential launches. For housing sales, Mumbai and Kolkata showed YoY increases of 27%, while Hyderabad experienced a 20% decrease, followed closely by Pune with a 15% decrease.

Expert Insights

Samir Jasuja, CEO & MD of PropEquity, commented on the findings, stating, “The marginal drop in new launch supply across top Tier 1 cities is primarily due to the election quarter and the typically sluggish nature of Q2. However, the higher absorption compared to new supply signifies the ongoing robustness and good health of the residential real estate market post-COVID.”

Overall Market Performance

Across the nine major cities, a total of 119,901 units were sold in Q2 2024, reflecting an 18% decline from the previous quarter’s 146,147 units. On a YoY basis, housing sales saw a marginal dip of 2%. Additionally, new housing supply saw a 7% QoQ decline, with 97,331 units launched in Q2 2024 compared to 104,391 units in Q1 2024.

Conclusion

The residential real estate market in Hyderabad is currently experiencing a significant downturn, with substantial declines in both new residential launches and housing sales. This trend underscores the need for market participants to closely monitor ongoing developments and adapt strategies to navigate the evolving real estate landscape in Hyderabad and other major cities.

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