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Capitalising on positive home buyer sentiment post the COVID-19 pandemic, the city of Hyderabad continues to show good growth in the housing real estate sector, with sales surpassing 2011 figures, regardless of higher interest and bank repo rates. The trend in set to continue into the current year. The rise in sales can also be attributed to the increase in new supply across the city.
The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Developers added 43,847 new apartments to the market by 2022, capitalizing on positive sentiment from homebuyers. 2023 will see many new projects launched by developers in the city. According to a Knight Frank report, the housing market in Hyderabad saw strong growth in the second half of 2022, with sales reaching 16,353 units, up 32% year-on-year in the same period last year. Total sales in the second half of 2022 also increased by 18% year-on-year to 22,491 units.
The majority of new housing units have been launched in West Hyderabad with about 61% of the total units located in this area. Tellapur, Kollur, Gandipet and Narsingi are among the most active locations. The northern regions of Hyderabad also saw a slight increase in total sales from 18% in the second half of 2021 to 19% in the second half of 2022. From a semi-annual perspective, office transactions in Hyderabad fell 20% year-on-year in the second half of 2022, with a total of 3.5 million square feet of leasable space. The decline in activity was explained by the base effect, when transactions peaked during the same period last year. However, new office supply remained strong, up 56% year-on-year, resulting in an additional 6 million square feet in the second half of 2022.
The IT industry was the market dominating sector in the second half of 2022, accounting for 31% of the total processed space this quarter. Large-scale trades are the main driver of an uptrend. Other service sectors, such as e-commerce, education, healthcare and logistics, among others, also contributed significantly to the market, accounting for 52% of the total allocated space transaction.
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