Thursday, July 25, 2024
    HomeRealestateBoom in Hyderabad Real Estate Market in Past 6 Months: Revanth Reddy

    Boom in Hyderabad Real Estate Market in Past 6 Months: Revanth Reddy

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    Hyderabad: Telangana’s Chief Minister, A Revanth Reddy, announced on Thursday, July 4, that Hyderabad’s real estate market has experienced a significant boom over the past six months. He credited the Congress-led state government for this positive trend.

    “Hyderabad has seen a 40% surge in demand for both domestic and global office leasing space in the past six months, driving substantial growth. This is the result of an efficient government focused solely on delivering results. We are committed to reimagining and building Hyderabad for the future, creating opportunities for everyone in this journey,” Reddy stated on social media platform X, referencing a media report highlighting the surge in office space leasing.

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    A recent report by commercial real estate services firm Cushman & Wakefield projects that Hyderabad’s gross leasing volume (GLV) for the first half of 2024 (H1 2024) will reach an impressive 5 million square feet (msf). This marks a nearly 40% increase compared to the 3.6 msf recorded in H1 2023.

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    Jump in Residential Prices
    According to a report by real estate services company ANAROCK, Hyderabad also saw a 39% year-on-year increase in average residential prices, the highest among the top seven cities in India, which recorded average price rises between 13% and 39%.

    In the second quarter of 2024, residential prices in the top cities increased by 4% to 10% compared to the first quarter. However, despite the price increase, sales declined from 19,660 units in Q1 2024 to 15,085 units in Q2 2024.

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    Reddy also hinted at the development of several new projects in Shadnagar and surrounding areas, further contributing to the region’s growth.

    Also read:  Zero Allocations to State in Union Budget: Telangana Criticizes Central Government's 'Apathy'
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    Rajesh M
    Rajesh M
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