Telangana home sales hit 11-yr high


Hyderabad: The sale of housing units in Hyderabad increased by 23 per cent  — the highest ever growth in the last 11 years — in the January-June period in 2022 compared to the year ago’s figure.

According to a report, India Real Estate, by Knight Frank India, 14,693 housing units were sold in Hyderabad during the first half of 2022 compared to 11,974 in the first half of 2021.

“Of the eight markets under consideration across India, Hyderabad is the only one that has not had a single year of price fall since H1 2013.

Despite the pandemic-related interruptions in 2020, it was also the only market that had price stability, demonstrating the underlying resilience of its home market,” the report said.

The report further said that Hyderabad’s homeowner base, which comprised a strong Information Technology (IT) workforce that largely remained unaffected by pandemic-related interruptions, played a key role in the market stability of the real estate in the city.

“While it is no longer one of the cheapest marketplaces in the country, it remains a desirable destination for consumers and more recently, investors. In the first half of 2022, residential prices climbed 4.2 per cent year over year.”

A bullish information technology (IT) sector also continued to drive office space transactions in Hyderabad, reflecting continued trust in Hyderabad by the business community as a preferred investment destination.

According to the report, Hyderabad has seen a 62 per cent rise in office space transactions, up from 0.8 million square feet in the first half of 2021 to 1.2 million square feet in the first half of 2022.

In terms of office market performance, the half-yearly period from January to June 2022 remained positive for the Hyderabad market with transaction volumes increasing by 101 per cent to 3.2 million square feet from 1.60 million square feet in the first half of 2021. New office completions were recorded at 5.3 million square feet during the same period.

BFSI (Banking, financial services and insurance) sector observed the highest increase in terms of share as its share of total transactions increased from 12% in H1 2021 to 22% in H1 2022.

Rental levels continue to rise in H1 2022, increasing by 3.3% YoY. Suburban Business District (SBD) continued to dominate the market accounting for71% share of total space transacted during the period.



Source link