Hyderabad: Once thriving, Hyderabad’s housing market is now facing a downturn, with sales dropping by 16% in the third quarter of 2024 compared to the previous quarter. This decline resulted in a total of 12,700 units sold, while the rising number of unsold properties is casting a shadow over the city’s skyline, according to the latest report from ANAROCK Property Consultants.
On a year-over-year basis, the city experienced an even steeper decline, with transactions plummeting by 23%, making it the largest sales drop among India’s top seven cities.
The report highlights that West Hyderabad accounted for a significant portion of total sales, capturing 54% of the market. However, demand has weakened even in these prime neighborhoods. In contrast, North, South, and East Hyderabad represented 28%, 13%, and 4% of sales, respectively, with all regions seeing declines ranging from 3% to 26%.
Although Hyderabad secured the third-highest share of new launches among India’s top seven cities, totaling 13,900 units, the overall launch volume decreased by 44% compared to the same period last year.
The report further states, “Demand near IT hubs is anticipated to sustain price increases, while developers are increasingly focusing on green buildings and smart homes to meet evolving buyer preferences.”
Simultaneously, inventory levels have reached record highs, exceeding 101,000 units and marking a 13% increase year-over-year. The uncertainties caused by the Hydra and Musi project demolitions are likely to continue impacting buyer confidence in the market.
