HYDERABAD: With property values in Hyderabad rising by 7% in the first quarter of this year, the average property rate in the state capital is now over Rs 6,000 per square foot, making it the second largest market most expensive in the country.
According to online property company PropTiger.com, of the country’s eight major residential markets, property values are highest in Mumbai at between Rs 9,800 and Rs 10,000 per square foot, followed by Hyderabad (at Rs 6,000). Rs to Rs 6,200 per square foot) and Chennai (Rs 5,700 to Rs 5,900 per square foot).
The report said rising prices in Hyderabad continued amid falling house sales. While new supply increased by 92% during the first quarter of 2022 compared to the same period last year, residential sales in the city saw a decline of 15% during the period covered. On a quarterly basis, however, sales jumped 53%.
A total of 6,556 units were sold in Hyderabad in the first quarter, while 14,572 new homes were launched during the three-month period. excess inventory.
Property developers in Hyderabad would take about 42 months to sell the unsold stock, consisting of 73,651 units. At the same time last year, excess inventory in Hyderabad stood at 25 months.
“Apart from skyrocketing building material costs, price growth in Hyderabad is also being fueled by improving demand for large luxury homes,” said Mr. Vikas Wadhawan, Group Chief Financial Officer, PropTiger.com , Housing.com and Makaan.com.