Hyderabad: The positive pull that Hyderabad saw in residential sales in the second half of 2020 continued into the first quarter (January-March) this year. Sales of residential units in the city saw a growth of 4 percent in Q1 2021 to 3,709 units compared to 3,570 units in Q4 2020 and 23 percent compared to 3,027 units in Q1 2020 (before Covid).
Hyderabad recorded a strong amount of quarterly residential launches in the first quarter of 2021, which according to the latest JLL research remains at higher levels than in all the quarters of 2020.
With new launches concentrated in the Kondapur, Miyapur and Nallagandla regions, Western suburbs still accounted for a majority share in new launches. This was followed by Northern Suburbs which contributed 43 per cent to the total launches in the city. The new launches jumped to 8,591 units in the first quarter of 2021 from 2,949 units in the first quarter of 2020 (before Covid).
New launches in the affordable segment (less than Rs 50 lakh) increased significantly, accounting for 48 percent of the total new launches during the quarter.
As the city has a limited supply in the ready-to-move-in category, homebuyers have shown interest in projects recently launched by prominent developers. Kompally and Bachupally in the Northern Suburbs, along with prominent locations next to IT hubs in Western Suburbs, have emerged as new destinations for home buyers due to the improvement of infrastructure and connectivity with the established IT hubs in the city.
“The improvement in the level of demand, together with a low inventory in readiness projects, has kept prices in the city stable. As sales are expected to improve further, the capital value in the Prime Secondary, Eastern and Northern suburbs sub-markets in the city will improve marginally, ”said Sandip Patnaik, Managing Director and Chief Telangana and Andhra Pradesh, JLL.
Source: Telangana Today