Hyderabad: At least 61 per cent properties priced at Rs 1 crore or above were sold in Hyderabad in the first quarter of the year, as per a report titled ‘Real Insight Residential’ by PropTiger.com.
The report highlights a significant shift in the real estate market in Hyderabad, where high value property transactions have increased. About 14,290 housing units were sold in the city in the first three months of the year. Out of these, 17 percent housing units were priced at Rs 75 lakh-1 crore while 18 percent were priced at Rs 45 lakh-75 lakh and just 4 percent were priced at Rs 25 lakh-45 lakh.
The report also highlighted the strong momentum in India’s house marketing with sales rising by 30 percent between Jan and March in eight cities. The report also noted a 41 percent increase in year-on-year sales in residential properties.
PropTiger.com CFO Vikas Wadhwan said, “The demand for premium properties in the first quarter of 2024 proves the resilience of India’s real estate market. The once-luxurious threshold of Rs 1 crore is now becoming increasingly common. The shift towards larger, amenity-rich homes contribute to the uptrend in housing prices.”
Decline in home rent growth in Hyderabad:
Meanwhile, rental real estate market has seen a dip in the second quarter of 2024 with house rent growth slowing down in the city.
The quarterly rent growth declined by 2-4 percent in Q2 of 2024. Average rents in Gachibowli, Hitech city rose by 3 percent each in Q2 in comparison to Q1, a report by real estate services company Anarock said.
The dip in growth is attributed to an increase in supply.
The report highlights a significant shift in the real estate market in Hyderabad, where high value property transactions have increased. Telangana States News India: Top News India, States News, States News Headlines, Online State News India, State Politics news
