When it comes to new residential project, West Hyderabad continues to be the largest market accounting for 84% of the new launches in the city, property consultancy firm Knight Frank India said in a report on the residential and office realty market during the six months ended December.
The India Real Estate report, which analysed residential market in eight cities and office market in seven cities across the country, said during the second half of 2018, a total of 7,278 residential units were sold in Hyderabad. This was 15% growth compared to the same period of the previous year.
New unit launches in H2 2018 were around 1,700 units, a growth of 81% over same period in 2017. Total new launches in 2018 was estimated at 5,404 units. About 43% of all launches were in the affordable and mid category with ticket price of up to ₹50 lakh. During the full year (2018), 15,591 units were sold, an increase of 9% over the previous year.
On the commercial market, the report said the second half of 2018 recorded an all-time high leasing volume of 4.3 million sq. ft. The total transaction recorded for the full year was estimated at over 7 million sq. ft, which was a 24% growth over last year. With this significant rise in leasing activities in 2018, Hyderabad has emphatically come closer to larger sized markets such as the National Capital Region and Mumbai, a release said.
Vacancy crept up marginally settling just over 7% mostly on account of large infusion of supply in the second half of 2018, the report said.
Samson Arthur, branch director-Hyderabad of Knight Frank, said, “Hyderabad is definitely punching above its weight and regaining its challenger status to other key markets of India.”