Hyderabad: The real estate market has witnessed a remarkable surge, with housing prices soaring by 19% year-on-year (YoY) in the third quarter of 2023, as per the reports of The Confederation of Real Estate Developers’ Associations of India (CREDAI). This leap in the property market outshines the national average of 10%, and Hyderabad remains at the top across India’s top eight cities in the housing sector.
CREDAI, in collaboration with Colliers and Liases Foras, has reported this significant uptick in their latest Housing Price Tracker Report for Q3 2023. The report highlights Hyderabad’s growth, closely followed by Bengaluru’s with an 18% rise in housing prices with the Periphery and Outer East regions experiencing a substantial 39% annual rise.
| City | Average Price Q3 2023 | QoQ Change | YoY Change | |
| Ahmedabad | 6,613 | 2% | 9% | |
| Bengaluru | 9,471 | 9% | 18% | |
| Chennai | 7,712 | 1% | 7% | |
| Delhi NCR | 8,655 | 0% | 12% | |
| Hyderabad | 11,040 | 5% | 19% | |
| Kolkata | 7,406 | 1% | 12% | |
| MMR | 19,585 | 2% | 1% | |
| Pune | 9,014 | 6% | 12% | |
Boman Irani, President of CREDAI National, attributes this growth to a combination of positive homebuyer sentiments, a stabilised economy, job security, and a conducive buying environment fostered by developers. He said, “On the back of a stabilised economy, job security, and stable lending environment, we project this sales momentum to continue, with sustainable development and Green housing expected to lead the next growth phase in the industry.”
In addition to rising sales, Bengaluru, Hyderabad, Delhi NCR, and the Mumbai Metropolitan Region have seen an influx of new property launches, particularly in the mid and luxury segments. Despite this, there has been a 1% quarterly drop in unsold inventory across these regions, signalling a healthy demand for housing.
Reports suggest that, Delhi National Capital Region (NCR) has experienced a 7% YoY decrease in unsold inventory, indicating a robust sales momentum. MMR, on the other hand, recorded a modest 2% sequential rise in housing prices in Q3 2023, with Navi Mumbai leading the way with an 11% YoY price increase.
