3 months ago
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In 2023, Hyderabad emerged as the second-largest real estate hub in India, experiencing a 49% year-on-year (YoY) growth in the sale of housing, according to the ‘Real Insight Residential – Annual Round-up 2023 (January–December)‘ report released by PropTiger.com.
The report, which analysed data from eight major cities across India, highlighted Ahmedabad as the leading city with a 51% growth, followed closely by Hyderabad at 49%, Bengaluru at 44%, Pune at 33%, Mumbai at 29%, Kolkata at 16%, Delhi NCR at 11%, and Chennai at 5%. The country’s overall growth in housing sales stood at 33%.
In Hyderabad, the last two quarters of 2023 witnessed over half of the total sales, with Q3 recording 14,191 sales and Q4 registering 20,491 sales. The city experienced a decline in the number of new home launches, with 76,819 launches in 2023, reflecting a 7% decrease compared with the 82,801 homes launched in 2022.
“Despite initial challenges, such as rising interest rates, escalating input costs and surging real estate prices amid global uncertainties, the industry demonstrated exceptional resilience. The pent-up demand following the pandemic served as a key driver, propelling the property market to unprecedented levels. The Reserve Bank of India’s decision to pause rate hikes in April 2023 played a crucial role in boosting buyer confidence,” said Mr. Vikas Wadhawan, Group CFO of Housing.com, Makaan.com and PropTiger.com.
