Hyderabad Real Estate Market: Sales Decline 5% in 2024

Hyderabad residential market sees a downfall in sales during the current year. According to a real estate consultant, a report from Anarock says the city's sales in its residential sector are down by 5% as compared to the previous year with sales of about 58,540 units sold. Sales last year in the city reached about 61,715 units.

The report attributed the decline in sales to several factors, including the general elections and delays in granting construction permits. These factors have impacted the new supply of homes in the city.

National scenario: The top seven cities in India are expected to drop by 4% to buy a house, selling a total of 4.6 lakh units this year but increasing the value of its sale, expecting 16% due to inflation, or rather, increasing price.

According to Anuj Puri, chairman of Anarock, "The Indian housing market saw a mixed bag this year 2024. While elections and delays in construction permits have affected new supply, surging property prices have helped propel the sales value."

New Launches Declined

In its latest report on the Indian housing market, Knight Frank indicated a decrease in new launches in all the seven top cities. The estimated number of new launches of units is projected at 4,12,520, an amount reduced by 7% over last year.

City-wise, sales are expected to go through this:

Sales in Delhi-NCR stand to decline at 6%, with a projection of about 61,900 units;

Sales in the Mumbai Metropolitan Region (MMR) stand to increase by 1%, with about 1,55,335 units.

Bengaluru to witness a 2% sales growth, with sales of around 65,230 units

Pune to witness a 6% sales decline, with sales of around 81,090 units

Kolkata to witness a 20% sales decline, with sales of around 18,335 units

Chennai to witness an 11% sales decline, with sales of around 19,220 units

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