During the first half of 2024, Hyderabad homebuyers bought 38,660 properties for Rs. 58,841 crores. The Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad branch has released the report.
According to the report, an average value of a unit priced at 1.5 crores was mostly bought by Hyderabad Homebuyers in H1 2024. Homes in the range of 1 crore to 2 crore, have been the strongest segment.
Locality Wise Share by Hyderabad Homebuyers:
In North West Hyderabad consisting of Serilingampally, Kukatpally, and Patancheru, 25,909 units worth ₹36,276 crores were bought by Hyderabad Homebuyers. 4,796 units sold worth ₹4,731 crore was achieved by North East Hyderabad; namely Malkajgiri, Kapra, and Keesara.
Out of the total Hyderabad Homebuyers, South West Hyderabad region covering Mehdipatnam, Rajendra Nagar and Shamshabad sold 4,957 units accounting for ₹14,342 crore. Sales constituted 2,998 units of 3,494 crore in South East Hyderabad including Dilsukhnagar, LB Nagar, Saroornagar, and Hayathnagar.
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Price Range and Total Value of Units Bought by Hyderabad Homebuyers:
4,899 units were priced between ₹2 crore and ₹5 crore, 1,085 units were priced between ₹5 crore and ₹10 crore, 17,997 units were priced below ₹1 crore, and 14,299 units were priced between ₹1 crore and ₹2 crore.
These units had a value of ₹12,532 crore for those under ₹1 crore, ₹19,534 crores for those between ₹1 crore and ₹2 crores, ₹14,487 crores for those between ₹2 crores and ₹5 crore, ₹7,427 crore for those between ₹5 crores and ₹10 crores, and ₹4,861 crore for those above ₹10 crores.
The report also noted the market share based on price per square foot:
68% of all the sales were of units that cost less than ₹7000 square feet, 27% of units sold were those that cost between ₹7000- ₹9000 per square foot, 11% were those that cost between ₹9000- ₹12000 square feet while 4% of the sales were those of projects that cost above ₹12000 square feet.
By comparing Hyderabad with Bangalore and Gurugram, it is still evident that most of the sales have occurred in the price bracket of less than ₹7,000 per square foot. Further, the city had about 1.05 lakh unsold houses in the first half of the financial year, 2024.
Currently, in the Hyderabad real estate scene, there are more than one lakh unsold units left. However, given the current sales rate, it is anticipated that these units will be sold in less than 16 months by Hyderabad Homebuyers. From over 50,000 in the first half of 2022 to about 22,000 in the first half of 2024, fewer new units were introduced into the market.