Hyderabad: Hyderabad has witnessed a decline of 9 per cent in the value of units sold for Q4 CY’24 as compared to Q4 CY’23 (fourth quarter of the calendar year 2023).
The Hyderabad real estate market has experienced a growth rate of 17 per cent in terms of average ticket size from Q4 CY’23 to Q4 CY’24, according to the Hyderabad Housing Report – Q4 CY’24 released by the CREDAI Hyderabad Chapter and CRE Matrix.
Units decreased from 22,000 to 11,000 units
Overall, Hyderabad has seen a decline of 22 per cent in sales of units for Q4 CY’24 over Q4 CY’23. The launch of units has steadily declined from 22,000 units (approx.) in Q4 CY’23 to 11,000 units (approx.) in Q4 CY’24. Hyderabad has seen an increase in inventory overhang to 19 months (approx.) in CY 2024.
Bengaluru has seen a sharp decline in inventory overhang in the last four years compared with other cities. Around 64 values of units sold in Q4 CY’24 were from Hyderabad Northwest, with a 1 per cent increment in market share. Hyderabad Southwest has the highest per square foot (PSF) of Rs 11,277 in Q4 CY’24 when compared with other macro markets.
Hyderabad Southwest sees highest growth rate
Hyderabad Southwest has seen the highest growth rate in Q4 CY’24 of 15 per cent followed by Hyderabad Northwest when compared with Q4 CY’23. Hyderabad Northwest has seen a decline of 7 per cent in the value of units sold for Q4 CY’24 as compared to Q4 CY’23. The Hyderabad Northwest Real estate market has experienced a growth rate of 20 per cent in terms of average ticket size from Q4 CY’23 to Q4 CY’24.
Sales in Hyderabad Northwest declined by 23%
Overall, Hyderabad Northwest has witnessed a 23 per cent decline in sales of units for Q4 CY’24 over Q4 CY’23. Hyderabad Northeast has witnessed an increase of 22 per cent in value of units sold for Q4 CY’24 as compared to Q4 CY’23.
The Hyderabad Northeast real estate market has experienced a growth rate of 4 per cent in terms of average ticket size from Q4 CY’23 to Q4 CY’24.
Sales in Hyderabad Southwest down by 38%
Hyderabad Southwest has witnessed a decline of 21 per cent in the value of units sold for Q4 CY’24 as compared to Q4 CY’23. The Hyderabad Southwest real estate market has experienced a growth rate of 28 per cent in terms of average ticket size from Q4 CY’23 to Q4 CY’24. Overall, Hyderabad Southwest has seen a 38 per cent decline in sales of units for Q4 CY’24 over Q4 CY’23.
Hyderabad Southeast has witnessed an increase of 15 per cent in the value of units sold for H1 CY’24 as compared to H1 CY’19. The Hyderabad Southeast real estate market has experienced a growth rate of 25 per cent in terms of average ticket size from Q4 CY’23 to Q4 CY’24. Overall, Hyderabad Southeast has seen a moderate decline of 8 per cent in sales of units for Q4 CY’24 over Q4 CY’23.
Key Highlights of Hyderabad Housing Report – Q4 CY’24:
– The number of homes sold in Hyderabad for Q4 CY’24 was 16,644, marking a 22 per cent decline compared to Q4 CY’23.
– The total value of homes sold in Q4 CY’24 was Rs 30,924 crore, reflecting a 9 per cent decline from Q4 CY’23.
– Only 11,081 new units were launched in Q4 CY’24, representing a 50 per cent decline compared to Q4 CY’23.
– Despite a decline in sales volume, the average ticket size increased by 17 per cent in Q4 CY’24 compared to the same period in Q4 CY’23.
– The unsold inventory declined by 14 per cent in Q4 CY’24, reducing to 1,04,778 units from 1,21,421 units in Q4 CY’23.
– Hyderabad South West witnessed a 15 per cent price growth, making it the highest price appreciation region in Q4 CY’24.
