Hyderabad: Residential real estate market sees major dip
The residential real estate market in Hyderabad experiences steepest quarter-on-quarter (QoQ) decline in housing sales, with a 36 per cent drop in second quarter of 2024.
Hyderabad: The residential real estate market in Hyderabad experienced a significant downturn in the second quarter of 2024. The latest report by PropEquity, a real estate data analytics firm, reveals a significant drop in both new launches and sales during the April-June quarter of 2024.
Among the nine major cities – Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai,https://telanganatoday.com/tag/qoq and Thane – Hyderabad experienced the steepest quarter-on-quarter (QoQ) decline in housing sales, with a 36 per cent drop.
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In Q2 2024, 15,016 units were sold, compared to 23,595 units in Q1 2024. New residential launches in Hyderabad also saw a significant decrease, with 11,603 units launched—a 19 per cent decline from the previous quarter (Q1 2024).
Also, compared to same period last year (Q2 2023), Hyderabad experienced a 36 per cent decrease in new residential launches, dropping from 18,232 units launched to 11,603 units in Q2 2024. Regarding sales, Hyderabad saw a 20 per cent year-on-year (YoY) decline, with 18,757 units sold in Q2 2023 compared to 15,016 units in Q2 2024.
In contrast, Delhi, Bengaluru, and Chennai recorded YoY growth rates of 95 per cent, 67 per cent, and 21 per cent respectively in residential launches. Hyderabad’s decline was second only to Pune, which saw a 47 per cent drop. For housing sales, Mumbai and Kolkata showed increases of 27 per cent YoY, while Hyderabad experienced a 20 per cent decrease, followed by Pune at 15 per cent.
“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,” said Samir Jasuja, CEO & MD of PropEquity.
Across nine major cities, 1,19,901 units were sold in Q2 2024, an 18 per cent decline from the previous quarter’s 146,147 units. On a year-on-year basis, housing sales saw a marginal dip of 2 per cent. New housing supply has also witnessed a seven percent decline on a QoQ basis with 97,331 units launched in Q2 2024 as compared to 1,04,391 units in Q1 2024.
