Hyderabad is among the two top cities across the country which has shown highest sales growth in housing, with rising demand in this quarter of April to June this year at 21%. The average values of the new and available properties have shown an upward price movement of 7%, said an ‘REA backed PropTiger Report’.
While 74,330 units were sold across the top eight cities in the country this year when compared to 70,620 units sold the previous four months, the sharpest sequential increase in sales was witnessed in end-user driven markets of Hyderabad with 7,910 units purchased this quarter and 6,560 units in the previous quarter.
Ahmedabad occupied the top position at 30% or about 7,249 new houses purchased when compared to 5,550 in the previous quarter, it said. Kolkata took the third position at 13% with 3,220 units purchased this quarter and 2,860 units in the previous quarter.
In the new launches too, Hyderabad was in second position with 16,480 units this quarter when compared to 14,570 units in the last one. Mumbai topped this list with 43,220 units when compared to 30,360 units in the previous quarter. But, it is Kolkota in terms of percentage having the highest growth with 2,010 units this quarter when compared to 990 units in the previous one. All over the country there have been 1.02 lakh units as against 79,530 in the last quarter.
The‘ Real Insight Residential – April-June 2022 report in its quarterly analysis of the country’s top eight residential markets had stated that the recent spike in property prices has had little impact on home-buyer sentiment as outlook towards overall economic scenario and income stability improved in the post-COVID pandemic phase.
The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.
Growth in new supply superseded sales numbers, registering a quarter-on-quarter growth of 28% with 1,02,130 units launched in the second quarter as against 79,530 in the preceding quarter across India’s eight prime residential markets. New supply doubled in Kolkata on a quarterly basis, as per the report
Average values of new and available properties in the top cities registered an upward price movement ranging between 5% to 9% in this period. The price rally for the analysis period was sharpest for Pune and Chennai, at 9% each respectively with Hyderabad clocking 7% and Ahmedabad 8% rise in prices.
“Though RBI increased the repo rate twice during the quarter to bring it to 4.90%, home loans remained largely affordable for the period analysed. The biggest booster to housing demand has been the increased importance of owning a property which has been further backed by the consumer confidence in the overall economic scenario and impending income stability,” said Group CFO, Housing.com, PropTiger.com & Makaan.com, Vikas Wadhawan. REA is a real estate technology platform that owns Housing.com, Makaan.com and PropTiger.com.
