by THO
Hyderabad recorded a five-year high during the first half of 2024 with ₹58,481 crore in total home sales value, according to a joint report by CRE Matrix and Credai Hyderabad. This marked a 257% surge over the value of units sold during H1 2019, or a 29% compound annual growth rate, the report said.
The number of residential units sold during the six-month period grew 148% to 38,643 compared to H1 2019, per the report. Meanwhile the average value of an apartment in the city increased by 44% to ₹1.5 crore during the period under review, from ₹1.1 crore in 2019.
A closer look
During the five-year period, the ₹5-10 crore segment grew 449% while the above ₹10 crore category saw a 63x jump, according to the report. The two brackets accounted for ₹4,727 crore and ₹4,861 crore respectively in home sales value during H1 2024.
Also Read: Hyderabad real estate: High-end housing demand up; ₹1-2 crore units secure over 50% share
The under ₹1 crore segment saw the highest number of units sold during the six-month period (17,997) while the ₹1-2 crore bracket recorded the maximum amount in total sales value at ₹19,534 crore.
Regionally, North-West Hyderabad was the clear winner, accounting for 62% of the total sales amount, or ₹36,276 crore during H1 2024. This market has grown at a compound annual growth rate of 25% in the total value of home sales between H1 2029 to H1 2024, the report highlighted.
Also Read: Hyderabad’s property registrations touch ₹12,000 crore in Q2 2024
Incidentally, the launch of housing units in Hyderabad has steadily declined to approximately 22,000 in H1 2024 from approximately 50,000 in H1 2022, the report highlighted. Simultaneously, the inventory overhang declined to 1,03,316 during the January-June period of 2024, from 1,19,245 in the year-ago period. “Though the unsold stock is more than 1 lakh units in Hyderabad, by the pace the sales are happening this inventory will get absorbed in 16 months,” the report noted.
Also Read: Microsoft buys 48-acre land parcel in Hyderabad in a transaction estimated to be worth ₹267 crore
