Hyderabad residential launches touch a high in third quarter

HYDERABAD: Hyderabad has recorded the highest number of new residential launches in the third quarter (Q3) of 2020 and has contributed to 40% of overall launches, across top seven cities in the country, states a report by Jones Lang LaSalle (JLL). 

The American real estate company report says locations like Manikonda, Kondapur, Puppalaguda and Narsingi in the western suburbs submarket saw more attraction. 

Inventory levels were low, especially in ready to move in projects. The total sales touched 2,122 units in Q3, up by 76%. Sales are expected to improve further on return to normalcy. Capital values have remained stable across all submarkets in the city. The city witnessed a 7% growth in new launches in Q3 as compared to Q2 this year. 

“Low inventory levels, especially in ready to move in projects have provided developers with the lever to maintain prices. With sales expected to improve further, capital values have remained stable across all the submarkets,” said Sandip Patnaik,  MD-Hyderabad, JLL India. 

“Sales traction was witnessed more in ready to move in projects or projects likely to be completed in the next two-three quarters. In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which in turn depends on the continued implementation of progressive government policies,” he added.