In the second quarter of 2024, Hyderabad’s residential real estate market saw a notable decline. The most recent report from real estate data analytics company PropEquity shows a sharp drop in sales and new launches in the April-June quarter of 2024. 

Hyderabad saw the biggest quarter-on-quarter (QoQ) decline in housing sales, falling by 36 percent, out of the nine major cities: Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai, and Thane. 

Q2 2024 sales were 15, 016 units, up from Q1 2024 sales of 23,595. Hyderabad saw a notable decline in new residential launches, with 11,603 units launched, a 19% decrease from the previous quarter (Q1 2024). 

Hyderabad also saw a 36% decline in new residential launches during the same period last year (Q2 2023), going from 18,232 units launched to 11,603 units in Q2 2024. Hyderabad’s sales dropped by 20% year over year (YoY) in Q2 2023, from 15,016 units in Q2 2024 to 18,757 units in Q2 2023.  

Conversely, YoY growth rates for residential launches were 95%, 67%, and 21% in Delhi, Bengaluru, and Chennai, respectively. The decline in Hyderabad was surpassed only by  Pune’s 47% decline. Mumbai and Kolkata recorded YoY Increases in housing sales, while Hyderabad saw a 20% decline and Pune saw a 15% increase. 

“The election quarter and the normally slow Q2 are the main causes of the slight decline in new launch supply across top Tier 1 cities. The residential real estate market is still strong and in gold and gold health following COVID, as evidenced by the higher absorption than new supply, according to PropEquity CEO & MD Samir Jasuja. 

There was an 18% decrease in sales from 146,147 units sold in the previous quarter to 1,19,901 units sold in nine major cities in Q2 2024. Year-over-year, there was a slight decrease in housing sales of 2%. The number of newly constructed homes decreased by 7% every quarter, from 1,04, 391 units in Q1 2024 to 97,331 units in Q2 2024.