Amid a steady rise in average values of property that have now made Hyderabad the most expensive housing market in India after Mumbai, demand and supply metrics also indicate that a complete recovery is imminent for Hyderabad real estate market.
Rajan Sood, Business Head, PropTiger.com said, “Considering housing affordability is at a record high this festive season on the back of 10-year low home loan interest rates and sops offered by some State governments in the form of reduced stamp duties and circle rates, we expect housing markets in top eight cities to show solid stability in the ongoing quarter.”
“Though the overall cost of construction has gone up due to the rise in crucial input material cost, buyers are still being offered discounts temporarily instead of otherwise resulting increase in prices. States can support the recovery process further by either announcing newer incentives for homebuyers or by extending or launching stamp duty and circle rate waivers,” he added.
During the Q3 of 2021, a total of 7,812 units were sold across the city, demonstrating an upswing of 222 per cent quarter-on-quarter and 140 per cent year-on-year. Localities were the majority of the sales were concentrated in this quarter included Bachupally, Tellapur, Gandipet, Dundigal and Miyapur. The healthy demand for properties in Hyderabad has helped the city, also known as the pharmaceutical hub in India, to maintain a good inventory profile. Despite an unsold stock consisting of 50,103 units, it has the lowest inventory overhang of 25 months. Inventory overhang is the estimated period builders would take to sell off the unsold stock in any particular housing markets. New launches also show remarkable improvement in the quarter. The developers launched 12,342 fresh units in the Hyderabad housing market in Q3 2021—an increase of 189 per cent over same quarter last year.