Hyderabad: The city of Pearls is the second most expensive city in India in terms of the residential property market in India after Mumbai. The latest survey report from Prop Tiger.com (a Pune-based property portal) has stated that Hyderabad city in the third quarter this year, (i.e. July to September) reported a massive jump in residential property sales.
According to the report, the average residential property price in Hyderabad on September 30, was Rs 5,800 to Rs 6,000 per square feet range as compared to Mumbai Metropolitan Area wherein the prices were Rs 9,600 to Rs 9,800 per square feet range. The average prices per square foot in Hyderabad are higher when compared to other metro cities like Bangalore, Chennai, Pune, and the national capital Delhi.
Regardless of the high price, Hyderabad noticed a big jump in sales compared to the previous year and the previous quarter. According to a Times of India report, 7,812 units were sold in Hyderabad in the third quarter of 2021, which translates 222 per cent rise from the previous quarter and 140 per cent growth from the previous year. Much of the sales took place in localities like Bachupally, Tellapur, Gandipet, Dundigal and Miyapur, among other places.
Hyderabad has the lowest inventory overhand in a period of 25 months among the top eight cities in the country. For the unversed, inventory in real estate refers to the number of unsold units of property. Low inventory is considered the best example of growth. Delhi NCR stood at the last place as it has the highest inventory overhand of 62 months, followed by Mumbai, Ahmedabad, Pune, Bengaluru, and Chennai.
In terms of residential property sales due to high inventory overhand period of 62 months, Delhi was followed followed by Mumbai 58 months, Ahmedabad 42 months, Pune 41 months, Bengaluru 35 months, Chennai & Kolkata 32 months. The inventory overhand indicates the period the properties take to get sold in the market.
The survey stated the sales were high in the quarter because the major companies and the banks are giving loans with less interest and encouraging the consumers to buy properties. Going by the same trend, the residential market might take forward the growth to the next quarter too. Buyers are not shying away from buying properties at higher prices, the survey said.