Property sale plunged in Hyderabad
The first half of 2014 has seen residential sales volumes in Hyderabad plunge by over 27 percent to 7,300 units, according to real estate consultancy Knight Frank. In a comprehensive analysis of residential and office market performance for January-June 2014, it said that the recent political instability has had an alarming impact on demand during the first six months.
The office market, down by 25 percent year-on-year during the first half, presents a bleak picture about the second half. However, it is projected to see sustained growth in demand in future. The Hyderabad realty market, which has been growing at a compounded annual growth rate of 4.9 percent since 2010, has underperformed significantly as compared to other IT and ITES-sector driven markets.
Notwithstanding the steep drop in absorption numbers during the first half of 2014, the demand is expected to pick-up in the second half of the year as the festive season kicks in.
The rise in the residential sale in the region of Hyderabad is unexpected however this has really helped the realty market personnel. The rise has been seen in the first half of the year.
Source: The Hindu Business Line
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