Introduction
Residential sales in 2023 were recorded at 61,715 units. This number will reach 47,485 units in 2022. This analysis indicates a growth of 30 percent per year. Now let us know the details of the residential sale.
Hyderabad Real Estate Market: In 2023, residential sales were recorded at 61,715 units. This figure is 47,485 units in 2022. This analysis indicates 30 percent year-on-year growth. Mumbai, Pune, Bangalore, Delhi, and Hyderabad will dominate the total residential absorption in 2023. Additionally, around 76,345 new residential units will enter the Hyderabad market in 2023. This is a 12 percent increase compared to the previous year.
Residential Property Rates Have Increased
The real estate sector is progressing in Hyderabad. Residential property rates have increased by 24 percent compared to last year. The leading real estate consulting firm ANAROCK released this information. According to figures aligned with last year, Rs. 4,620 to Rs. 5,750 saw a significant increase.
According to Global Headwinds, Steady Growth in Property Rates
82% of recently unveiled residential properties fall within the price range of Rs. 40 lakhs to Rs. 2.5 crores. Anuj Puri, Chairman, ANAROCK, said that the Indian housing sector has achieved a remarkable feat in 2023. “According to Global Headwinds and steady growth in property rates, India’s housing sector is expected to witness significant growth in 2023,” the firm said.
Performance of the Housing Sector
The reports share interesting details about the performance of the housing sector in 2024. They reveal exciting developments and growing interest in this area. In seven major cities in the country, residential property rates increased by 8 to 10 percent last year. ANAROCK predicts steady demand in the housing sector. Such stability indicates a potential increase in luxury housing demand in 2024, as reported.
Conclusion
The real estate sector in Hyderabad is progressing. Residential property rates have increased by 24 percent compared to last year. Despite global headwinds and steady growth in property rates, India’s housing sector is poised to achieve remarkable growth in 2023. For more information, visit our Openplot.
Also read: Hyderabad Real Estate Update: Good News for Buyers