Hyd tops in sales of newly launched homes: Report

HYDERABAD: Even as new housing supply accounted for 41% of the nearly 1.14 lakh residential units sold in the first quarter of 2023 in the top seven markets of the country, Hyderabad emerged numero uno with residential units launched during Q1 of 2023 accounting for 46% of the total 14,280 units sold during the quarter, as per realty consultancy firm ANAROCK.

By contrast, fresh launches had accounted for only 28% of the total residential sales of 5,400 units in Q1 of 2019 in Hyderabad. Nationally, in Q1 of 2019, newly launched houses contributed just 26% of the total 78,520 units sold in these seven markets, while this share increased to 36% out of total 99,550 units sold in top cities in Q1 of 2022.
According to ANAROCK, though ready-to-move-in homes are high in demand by buyers, newly launched units too are gaining increasing acceptance thanks to branded developers coming up with new supply that has boosted buyer confidence.
“For the longest time, ready-to-move-in homes remained in highest favour with homebuyers because of previously abysmal project completion track record in many areas of the country. This is now changing. Under-construction homes in new launches are increasingly finding takers, though ready-to-move homes retain the top demand slot,” said ANAROCK Group chairman Anuj Puri.
Pointing out that most of the new supply currently is by well-funded branded developers who comply with RERA regulations and complete projects as per schedule, he said: “In Q1 2023, the branded vs non-branded developer share ratio stood at 59:41 while back in 2015, it was the reverse at 41:59.” He attributed rising demand for newly launched units to return of investors in housing market.