Telangana Hyderabad among top cities with highest housing price rise in 2023
According to the latest Housing Price-Tracker Report jointly produced by CREDAI, Colliers, and Liases Foras, there has been a notable increase in prices in Hyderabad's housing market over the past two years, driven by both solid demand and greater supply.
Buoyed by favorable borrowing rates and an optimistic economic outlook, purchasers' unshakeable optimism caused house demand to skyrocket, driving up prices. According to the survey, there has been a significant rise in the supply of luxury homes, accounting for 10% of the year-over-year increase in housing prices.
Buoyed by favorable borrowing rates and an optimistic economic outlook, purchasers' unshakeable optimism caused house demand to skyrocket, driving up prices. According to the survey, there has been a significant rise in the supply of luxury homes, accounting for 10% of the year-over-year increase in housing prices.
The Southwest sub-market saw the largest increase, at 24 percent year over year, whilst Central hyderabad saw a slowdown in pricing following a sequential increase in the fourth quarter of 2022. According to a further analysis of the study, 1BHK apartments had an increase in prices of 11% year over year, while 4BHK units saw the largest yearly price rise at 14%.
Ninety-five percent of the unsold inventory, according to the research, is presently under development in Hyderabad. A key finding from the research for the fourth quarter of 2023 is that the average cost of a square foot of housing in the city is Rs 11,083. In comparison to the average costs of Rs 8,821 per square foot in 2021 and Rs 10,090 per square foot in 2022, this is a significant increase.
Ninety-five percent of the unsold inventory, according to the research, is presently under development in Hyderabad. A key finding from the research for the fourth quarter of 2023 is that the average cost of a square foot of housing in the city is Rs 11,083. In comparison to the average costs of Rs 8,821 per square foot in 2021 and Rs 10,090 per square foot in 2022, this is a significant increase.
After Bengaluru, delhi NCR, and Kolkata, hyderabad saw the fourth-highest increase in average home costs in 2023 compared to 2021 levels. The survey also notes that throughout 2022 and 2023, major cities would see a spike in the number of new property launches in the mid- and luxury segment. Over the previous two years, hyderabad, Bengaluru, Kolkata, mumbai Metropolitan Region (MMR), and pune had an increase in fresh supply of 2-2.5 times.
Residential price trends (2021-2023) (in Rs/sft):
Hyderabad: Average residential price trends (Rs/sft)
2021: 8,821
2022: 10,090
2023: 11,083
– Price change (2023 vs 2021): 26%
– Price change (2023 vs 2022): 10%
– Price change (Q4 2023 vs Q3 2023): 0%
Average residential price trends (Rs/sft)
Ahmedabad:
2021: 5,721
2022: 6,203
2023: 6,737
Bengaluru:
2021: 7,609
2022: 8,276
2023: 9,976
Chennai:
2021: 7,182
2022: 7,445
2023: 7,701
Delhi NCR:
2021: 6,958
2022: 8,394
2023: 9,170
Kolkata:
2021: 6,081
2022: 7,144
2023: 7,912
Mumbai Metropolitan Region (MMR):
2021: 19,657
2022: 19,287
2023: 20,047
Pune:
2021: 7,398
2022: 8,379
2023: 9,185
Hyderabad: Average residential price trends (Rs/sft)
2021: 8,821
2022: 10,090
2023: 11,083
– Price change (2023 vs 2021): 26%
– Price change (2023 vs 2022): 10%
– Price change (Q4 2023 vs Q3 2023): 0%
Average residential price trends (Rs/sft)
Ahmedabad:
2021: 5,721
2022: 6,203
2023: 6,737
Bengaluru:
2021: 7,609
2022: 8,276
2023: 9,976
Chennai:
2021: 7,182
2022: 7,445
2023: 7,701
Delhi NCR:
2021: 6,958
2022: 8,394
2023: 9,170
Kolkata:
2021: 6,081
2022: 7,144
2023: 7,912
Mumbai Metropolitan Region (MMR):
2021: 19,657
2022: 19,287
2023: 20,047
Pune:
2021: 7,398
2022: 8,379
2023: 9,185