Monthly Watch: Hyderabad Sees New Launches Rise 37% In December

Hyderabad real estate kept making news, mostly for good reasons, at a time when other property markets were seen struggling a slowdown. That growth in Hyderabad real estate continues even after Prime Minister Narendra Modi's demonetisation stroke has left major property markets motionless.

According to a PropTiger DataLabs report for December 2016, new project launches in the City of Nawabs increased 37 per cent on a month-on-month basis. The uptick apart, there has been another unlikely trend. "Majority of the new launches were witnessed in the high-end projects around the prominent localities of Kokapet, Gachibowli and Maheshwaram," the report adds.  At a time when the affordable housing has become the key theme across housing markets, this is an unusual development.

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Homes sales have, however, seen a decline of nine per cent in December. On an annual basis, the fall at 42 per cent is much steeper. This did not mean any reduction in prices, though. There has been an uptick as far as prices are concerned. Unlike most other major markets, property rates in Hyderabad have seen an annual appreciation between two and five per cent.

Starting it up

Developers who launched new projects in Hyderabad in the last month of the year 2016 include DSR, MNC Infrastructures, Kavuri Hills Developers, Praneeth and Shanta Sriram. These new offerings are scattered across segments. While units at DSR's The First project at Gachibowli are priced at Rs 6,999 per square foot (sq ft), units at MNC Infrastructures' Sree Taja Infra projects are up for sale for Rs 2,900 per sq ft.

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The biggest contributors

Localities that contributed the highest to monthly homes sales include Manikonda, Kukatpally, Nanakramguda, Kokapet and Kondapur. Average price for properties in these localities range between Rs 5,500 and Rs 8,500 per sq ft.