According to a recent report by online real estate brokerage firm PropTiger, Hyderabad has recorded the highest number of new home sales in South India in 2022. The report indicates that 35,372 units were sold in Hyderabad, followed by Bengaluru with 30,470 units and Chennai with 14,100 units. During the fourth quarter of 2022, the preferred localities among homebuyers were Tellapur, Gundlapochampally, Kollur, Puppalaguda, and Kokapet.
The majority of the units sold (over 50%) were configured as 3BHK, followed by 2BHK (41%). More than 44% of the sold units were in the price bracket of over ₹1 crore, and the prices of new homes grew by 4% year-on-year as of 2022-ending due to a rise in construction costs and a surge in end-user demand. The price range for new homes increased from ₹5,900-6,100 per square feet to ₹6,130-6,330 per square feet.
Vikas Wadhawan, Group CFO of Housing.com, PropTiger.com, and Makaan.com, noted that despite the challenging global environment, Hyderabad’s real estate market has shown remarkable growth, with a 59% year-on-year increase in sales and a 70% year-on-year increase in new home launches. The city’s business-friendly environment and improved infrastructure have led to an increase in office leasing activity and job opportunities, which have a ripple effect on the property market, according to Ankita Sood, Director and Head of Research at Housing.com, PropTiger.com, and Makaan.com.