Hyderabad: Residential prices see 24 percent annual rise

Hyderabad: The real estate market has experienced unprecedented growth, as indicated by the latest research data published by ANAROCK. According to the report, residential prices in the city are expected to see an annual increase of 24 percent in 2023 compared to the previous year, representing the largest increase recorded in recent times. The price trend in the city is from Rs 4,620 per square meter in 2022 to Rs 5,750 per square meter in 2023. Hyderabad’s residential sales figures have reached an impressive figure of 61,715 units in 2023, showing a significant increase with respect to 47,485 units in 2022, showing a significant annual growth of 30 percent. Hyderabad, together with Mumbai, Pune, Bengaluru and Delhi, will contribute an astonishing 91 per cent of the total residential sales in 2023. Additionally, the report states that Hyderabad will add approximately 76,345 new residential units in 2023, which represents a substantial increase of 12 percent with respect to the previous year. Notably, more than 82 per cent of this new supply is found within the estimated range of Rs 40 lakh to Rs 25 lakh. Anuj Puri, Chairman, Grupo Anarock expressed his views on the remarkable performance of India’s real estate sector in 2023. He confirmed: “Despite global headwinds, rising national real estate prices and an early decline in interest rates, 2023 has been an unprecedented year for the Indian real estate sector. By 2024, ANAROCK predicts sustained demand in the real estate sector despite a projected 8 to 10 percent increase in average prices across the seven main cities. The report also estimates that the growth in demand for luxury housing will continue through 2024.