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Hyd Only Next To Mumbai In Expensive Residential Realty Sales!
By: Tupaki Desk | 19 Oct 2021 8:19 AM GMT
The pearl city Hyderabad was picked as the second most expensive city in India in terms of the residential realty market. A Pune-based property portal has conducted the survey where the financial capital Mumbai stood at first place. The portal had cited the constant rise in the demand and prices for the properties in the city.
To trace the growth witnessed by the Telangana capital city Hyderabad, PropTiger.com had studied the property sales in the city in the third quarter this year. Between July to September, Hyderabad reported a massive jump in residential property sales.
The property portal based out of Pune PropTiger.com had titled the report `Real Insight (Residential) July-September (Q3) 2021’. In the report, the portal compared the average prices of square feet in all the major cities like Mumbai, Hyderabad, Bengaluru Chennai, Pune, and Delhi/NCR.
According to the survey, the average prices for square feet in Hyderabad are higher than in other metro cities like Bangalore, Chennai, Pune, and the national capital Delhi. In Hyderabad, the average prices are between 5,800-6,000, only next to Mumbai.
Despite high costs, Hyderabad had managed to witness a big jump in sales compared to the previous years and the previous quarter. More than 7,800 properties were sold in the third quarter that translates to a growth of 140 percent than the previous year.
The survey said that the sales were high in the quarter as the major companies and the banks are giving loans with less interest 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 to buy properties at higher prices, the survey said.
On the other hand, Hyderabad has an inventory overhand period of 25 months which is considered as an example of growth. Delhi and NCR region stood at the last place in terms of residential property sales due to high inventory overhand period of 62 months followed by Mumbai, Ahmedabad, Pune, Bengaluru, and Chennai. For the unversed, inventory overhang indicates the period the properties take to get sold in the market.
To trace the growth witnessed by the Telangana capital city Hyderabad, PropTiger.com had studied the property sales in the city in the third quarter this year. Between July to September, Hyderabad reported a massive jump in residential property sales.
The property portal based out of Pune PropTiger.com had titled the report `Real Insight (Residential) July-September (Q3) 2021’. In the report, the portal compared the average prices of square feet in all the major cities like Mumbai, Hyderabad, Bengaluru Chennai, Pune, and Delhi/NCR.
According to the survey, the average prices for square feet in Hyderabad are higher than in other metro cities like Bangalore, Chennai, Pune, and the national capital Delhi. In Hyderabad, the average prices are between 5,800-6,000, only next to Mumbai.
Despite high costs, Hyderabad had managed to witness a big jump in sales compared to the previous years and the previous quarter. More than 7,800 properties were sold in the third quarter that translates to a growth of 140 percent than the previous year.
The survey said that the sales were high in the quarter as the major companies and the banks are giving loans with less interest 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 to buy properties at higher prices, the survey said.
On the other hand, Hyderabad has an inventory overhand period of 25 months which is considered as an example of growth. Delhi and NCR region stood at the last place in terms of residential property sales due to high inventory overhand period of 62 months followed by Mumbai, Ahmedabad, Pune, Bengaluru, and Chennai. For the unversed, inventory overhang indicates the period the properties take to get sold in the market.
