Hyd residential sales grew 32% to 32,353 units in FY 23
The city witnessed 22% rise in new launches at 44,577 residential units in FY 2022-23: Knight Frank India report
Hyd residential sales grew 32% to 32,353 units in FY 23
Hyderabad commercial real estate market witnessed transactions measuring 6 million sq ft in FY23 in the commercial real estate market space during FY23. As far as new supply is concerned, the city witnessed the completion of 9.2 million sq ft in FY23
Year - Launches - Sales
| FY23 | 44,577 | 32,353 |
| FY22 | 36,642 | 24,402 |
| Change | 21.65% | 32.58% |
Hyderabad: Hyderabad residential market witnessed 32.58 per cent hike in sales at 32,353 units in FY 2022-23 against 24,402 units in previous fiscal, says a report. This translates into maintaining an average of over 8,088 unit sales per quarter in FY23. The city recorded 19 per cent growth in sales at 8,300 units in January-March (Q1) 2023 over 6,993 units in same quarter last year.
As per data collated by property consultant Knight Frank India, the city witnessed robust activity in terms of new launches. It saw a 21.65 per cent increase in cumulative new launches at 44,577 units in FY23 against 36,642 units in FY22. This translates into maintaining an average of 11,144 units launched every quarter.
The new launches surged up 7 per cent to 10,986 residential units in Q1 of FY 23, over 10,256 units in the corresponding quarter previous year. The demand has remained steady despite rising prices, home loan rates and tight liquidity. The average price in the city in Q1 of FY23 stood at Rs 4,997 per sq ft and has grown at 5 per cent YoY.
The city residential market has a mix of end-users and investors. Like Bengaluru, a good part of the end users are from the IT sector. The steady demand has also translated into a price appreciation of 5 per cent YoY and the average price level now stands at Rs 4,997 per sq ft.
“Remember, the RBI started hiking rates in May 2022, from there hiked rates by 250 bps cumulatively in FY23 alone. Keeping in mind this scenario, the performance for Hyderabad residential real estate market was quite resilient,” the report said.
Hyderabad commercial real estate market witnessed transactions measuring 6 million sq ft in FY23 in the commercial real estate market space during FY23. As far as new supply is concerned, the city witnessed the completion of 9.2 million sq ft in FY23.
