Hyderabad: The residential market in Hyderabad witnessed a significant downturn in 2024. The total sales value of residential properties dropped by 18 per centto Rs1.05 lakh crore, whilethe total sales value of homes sold in 2023 in the city stood at Rs1.28 lakh crore, a report said. The share of Hyderabad in total sales value declined from 21 per cent in 2023 to 16 per cent in 2024. The total sales value of Gurugram, at Rs64,314 crore in 2023, was nearly half of Hyderabad, with the former surpassing the latter in 2024, according to a latest report released by real estate data analytics firm,PropEquity.
“The residential market in the city witnessed a significant slump in 2024, with new launches lowest since 2020, and absorption lowest since 2021. The supply and absorption have declined by 25 per cent and 49 per cent on y-o-y basis, respectively. As a result, the inventory overhang has increased from 17 months in CY23 to 20 months in CY24,” Samir Jasuja, Founder and CEO of PropEquity, said.
Delhi-NCR has surpassed Mumbai and Hyderabad to emerge as the top selling housing market in 2024 due to 66 per cent growth in sales value in Gurugram alone. With this, Delhi-NCR has breached the Rs1 lakh crore sales value threshold.
