Hyderabad, Chennai Register Growth In Housing Sales, Launches: PropTiger
The southern cities of Hyderabad and Chennai are among India’s shining real estate pockets, reveal PropTiger.com’s latest report Realty Decoded. The report takes into account growth in new launches, housing sales, changes in price, supply, etc., in the second quarter (Q2) of the financial year 2019 across top nine cities across the country.
These cities include Ahmedabad, Bengaluru, Chennai, Gurgaon (includes Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (includes Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway) and Pune.
Launches and sales
New launches in Hyderabad went up by 159 per cent when compared to the same quarter last financial year while housing sales went up by 49 per cent during the same period. Chennai, on the other hand, saw a 139 per cent rise in launches while housing sales improved by 54 per cent in the same period. This is positive given that even a top-performing real estate market Bengaluru has registered only a 30 per cent increase while sales in the city grew by 27 per cent.
Basic selling price
Basic selling price (BSP) stood at Rs 4,558 per square foot (psf) in Hyderabad and Rs 5,132 psf in Chennai at the end of Q2FY19. While BSP has grown by 11 per cent in Hyderabad, there has been no change registered in Chennai with respect to prices.
At the current sale rate, it would take 22 months to for the unsold stock in sell in Hyderabad while it would take 23 months to do the same in Chennai. When compared to Ahmedabad and the Mumbai region, where it would take 47 months and 43 months, respectively, to sell the existing housing stock, Hyderabad and Chennai are placed more comfortably.