Hyderabad has emerged as the shining light in India's thriving real estate market in the third quarter of 2023, despite the customary monsoon slowdown. According to the most recent Anarock Research statistics, hyderabad had a 60% yearly rise in the supply of new homes. In Q3 2023, 1,20,280 residential units were sold in India's top seven cities, a stunning increase of 36% annually over the same quarter in 2022. pune was the next-closest city, selling about 22,880 apartments after Mumbai, which had sold over 38,500 units in total. The real standout, though, was hyderabad, which not only had a spectacular 138 percent quarterly rise in new house releases but also an amazing 41 percent increase in property sales year over year. In Q3 2023 compared to Q3 2022, the average residential property prices across the top seven cities increased by 11% annually. Average residential prices increased annually in hyderabad by 18%, Bengaluru by 14%, and hyderabad by 18%.
The Reserve bank of India's choice to maintain a steady repo rate in recent monetary policies might be partly blamed for the ongoing pace in house sales and new launches. This has maintained stable house loan interest rates, boosting the confidence of prospective purchasers. Anuj Puri, Chairman of ANAROCK Group, makes the following outlook statement: "Considering the overall present economic scenario, the momentum in housing sales and new launches across the top 7 cities is expected to continue in the October-December quarter." He continued, "Many of the large and branded developers have a healthy pipeline of new project launches in the upcoming festive quarter across the top seven cities, and with homebuyer demand remaining strongly skewed towards projects by branded developers, these players may see record sales yet again".
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