Hyderabad: The real estate market across India is experiencing a significant decline in property sales, continuing a trend that began earlier this year. According to recent data, property transactions have dropped by 21% in nine major cities, including Hyderabad, Delhi NCR, Mumbai, Bengaluru, Pune, and Kolkata. The total number of properties sold between October and December stood at 1.08 lakh units, a sharp decrease from 1.37 lakh units during the same period last year. However, Delhi NCR is one of the few regions to report an increase in sales during this time.
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Hyderabad’s Struggling Market: A 47% Decrease in Sales
- Hyderabad’s real estate market has been particularly affected by the nationwide downturn.
- Sales in the city have dropped by 47% compared to the previous year.
- Between October and December, only 12,682 units were sold, a sharp decline from 24,044 units during the same period in the previous year.
- This drop aligns with the trend in other cities, such as Bengaluru (13% decrease) and Chennai (9% decrease), indicating the broader impact of the slowdown.
Factors Behind the Market Slowdown
The slowdown in property sales can be attributed to a range of factors, including:
- High Base Rents: With high base rents and increasing property prices, affordability has become a major issue for many potential buyers.
- Increased Property Prices: Rising costs of property have made it difficult for many people to enter the market.
- Economic Uncertainties: Market uncertainties, including inflation and interest rate hikes, have also contributed to the drop in transactions.
Experts suggest, however, that the upcoming festive season may boost sales in the next quarter as buyers take advantage of seasonal discounts and promotions.
Opportunities for Homebuyers Amidst the Decline
Despite the overall drop in sales, the current market conditions provide a unique opportunity for homebuyers:
- Discounted Prices: Builders are offering significant discounts to encourage sales.
- Flexible Payment Plans: To further attract buyers, flexible payment options are being offered, making it easier for buyers to commit to a purchase.
- Ready-to-Move-in Homes: Although ready-to-move-in homes are priced slightly higher than under-construction properties, the market slowdown has led builders to reduce prices, offering more affordable options.
This is an ideal time for homebuyers to consider purchasing a property, as builders are motivated to offer deals and special promotions.
Why Now Is the Right Time to Buy
For potential homebuyers, the current real estate market provides an opportunity to secure properties at more favorable terms: