Hyderabad sees Housing sales fall by 4% in 2013
In a report by the property consultant firm, Knight Frank, it has been seen that housing sales in Hyderabad has seen a 4 per cent drop in 2013 to 16,500 units but volumes are expected to pick up from year-end on hopes that uncertainties will fade away with the decision to form Telangana .
Knight Frank said in a report, “The Hyderabad residential market has remained stagnant in 2013, with a slight drop in absorption. The residential sales volume has dipped by 4 per cent in 2013 compared to 2012. Approximately 16,500 residential units were absorbed in 2013”.
In Hyderabad new launches have also fallen by 15 per cent to 16,200 units in 2013 from 19,000 in 2012.
The report further says, “Like other residential markets in the country, Hyderabad witnessed a further slowdown in 2013. Factors such as slow economic growth, rising interest rates by banks, high inflation and political instability among other factors have added to the uncertainties.”
Knight Frank also says as compared to Chennai and Pune, Hyderabad is much better in sales volume when compared to last year and because of great dip in project launches, the inventory has stabilized.
Knight Frank also added, “Considering the recent decision on formation of a separate state Telangana the prevailing uncertainties will fade away. Clarity on this issue is expected to boost the absorption by the end of the year or early 2015.”
Knight Frank says on housing prices residential market of Hyderabad, people are purchasing the property but still prices are stable in last two years.
The consultant says, “With only a 13 per cent increase in weighted average prices since 2009 the Hyderabad market has been the worst performer among the IT/ITeS driven markets. Bengaluru, Pune and Chennai have witnessed a minimum of 38 per cent increase since the year 2009.”
According to this report Hyderabad is the most affordable market in comparison to cities of NCR, Bengaluru, Chennai, Pune and Kolkata.
Source: The Economic Times
housing price, housing sales in Hyderabad, Hyderabad, Hyderabad residential market, Hyderabad residential units, Knight Frank, new launches, Residential market, Residential sales, Telangan formation, Telangana
