Hyderabad Sees Record-Breaking Home Sales with Rs.58,481 Crore in 2024

Strategic Insights -

The city of Hyderabad recorded a five-year high in home sales value during the first half of 2024, with a total of Rs.58,481 crore in sales, representing a 257% surge over the value of units sold during H1 2019. This growth is attributed to a significant increase in the number of residential units sold, which grew 148% to 38,643 compared to H1 2019. The average value of an apartment in the city also saw a 44% increase to Rs.1.5 crore during the same period.

Key Takeaways:

  • Hyderabad recorded a five-year high in home sales value during the first half of 2024, with a total of Rs.58,481 crore in sales, representing a 257% surge over the value of units sold during H1 2019.
  • The number of residential units sold during the six-month period grew 148% to 38,643 compared to H1 2019.
  • The average value of an apartment in the city increased by 44% to Rs.1.5 crore during the period under review, from Rs.1.1 crore in 2019.
  • The Rs.5-10 crore segment grew 449% during the five-year period, while the above Rs.10 crore category saw a 63x jump, contributing to Rs.4,727 crore and Rs.4,861 crore respectively in home sales value during H1 2024.
  • North-West Hyderabad accounted for 62% of the total sales amount, or Rs.36,276 crore during H1 2024, with a compound annual growth rate of 25% in the total value of home sales between H1 2019 and H1 2024.
  • The launch of new housing units in Hyderabad declined to approximately 22,000 in H1 2024 from approximately 50,000 in H1 2022.
  • The inventory overhang declined to 1,03,316 during the January-June period of 2024, from 1,19,245 in the year-ago period.

Statistics:

  • Total home sales value in Hyderabad during H1 2024: Rs.58,481 crore
  • Growth in residential units sold during H1 2024 compared to H1 2019: 148%
  • Average value of an apartment in Hyderabad during H1 2024: Rs.1.5 crore
  • Growth in average apartment value compared to H1 2019: 44%
  • Rs.5-10 crore segment growth during the five-year period: 449%
  • Above Rs.10 crore category growth during the five-year period: 63x
  • North-West Hyderabad's share of total sales amount during H1 2024: 62%
  • North-West Hyderabad's compound annual growth rate in home sales value: 25%

Sources:

  • CRE Matrix and Credai Hyderabad joint report (no specific date mentioned)
  • Hindustan Times (published with permission)