Significant Surge of Property Prices in Hyderabad of 15.8% YoY
Hyderabad, January 24, 2024: Magicbricks, India’s leading real estate platform, released its flagship PropIndex Report (October-December 2023) which observed a significant surge of 15.8% YoY in property prices in Hyderabad.
Click Here To Join Us On WhatsApp
The report also highlighted that the residential supply (listings) reduced by 28.1% YoY while demand (searches) increased 3% YoY during the same period.
At the same time, compared to the previous quarter, the residential demand decreased 17.1% QoQ, prices increased 1.4% QoQ and supply increased 0.4% QoQ. 3BHKs continued to command the highest (48%) share in total demand, while the supply was dominated by 2BHKs (45%) closely followed by 3BHKs (41%). Gachibowli and Kondapur were the most searched localities of Hyderabad.
Click Here To Join Us On WhatsApp
Elaborating on the trends, Abhishek Bhadra, Research Head at Magicbricks, said, “The year 2023 served as a pivotal period for the real estate sector, witnessing an exponential surge in residential demand propelled by robust macroeconomic factors and positive customer sentiment.
However, constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, subsequently declining demand this quarter.
Click Here To Join Us On WhatsApp
Despite these short-term challenges, we foresee a positive trajectory for residential demand in the medium to long term, anticipating a rebound in supply and moderation in residential prices.”
The report further shared that Hyderabad favors properties in the range of Rs 5000-7500 psf, driven by sustained market growth over 8 quarters.
Click Here To Join Us On WhatsApp
The city’s appeal lies in increasing employment opportunities and rapid infrastructure development, boosting residential property rates from Rs 5,910 psf between October-December 2021 to Rs 7,709 psf between October-December 2023.
The report, based on insights from the behavior and preferences of over 2 crore customers within the primary (first time sale) and secondary (resale) residential real estate market on the Magicbricks platform, also unveiled that across 13 key cities, property prices surged 18.8% YoY between with an 18.8% YoY and 3.97% QoQ surge between October and December 2023.
Next Story:
-
Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts
![Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts]()
Hyderabad, Nov 22 (Maxim News): BRS working president KT Rama Rao demanded the Congress government in Telangana to cancel its agreements with the Adani Group, worth Rs 12,400 crore, and return the Rs 100 crore donation made by the group for the Skill University. The demand follows charges of corruption and bribery against industrialist Gautam Adani…
-
Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque
![Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque]()
Hyderabad, Nov 22 (Maxim News): Goshamahal BJP MLA Raja Singh, sparked controversy after advising Ayyappa Swamy devotees not to visit the Vavar mosque of Hazrath Vavarswami Darga and mosque—popularly known as Vavar mosque—when traveling to the Sabarimala Temple in Kerala.
-
Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness
![Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness]()
Hyderabad, Nov 22 (Maxim News): The Drug Control Administration (DCA), Telangana State seized several drugs that were circulating in the market with misleading claims of treating Cardiovascular disorders, blood pressure, Ophthalmic diseases/disorders, fevers, and diabetes, which is in contravention of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, a DCA press release said.
-
Three Arrested For Practicing Allopathy In Telangana
![Three Arrested For Practicing Allopathy In Telangana]()
Hyderabad, Nov 22 (Maxim News): The drug inspectors of Telangana State Drug Control Administration (TSDCA) conducted raids on the premises of three quacks (unqualified medical practitioners), who were practicing allopathy, at different locations in Telangana State and seized substantial stocks of medicines worth Rs. 83,000, stored illegally for sale.
-
Like Praja Palana Forms, Now Caste Survey Applications On Road
![Like Praja Palana Forms, Now Caste Survey Applications On Road]()
Hyderabad, Nov 22 (Maxim News): The caste census survey applications have been found scattered again and this time near Tarnaka Metro station in the city on Friday. This is the second such incident being reported in the State.
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News updates
