Hyderabad sees 47% rise in new residential units in HI: Report

The city has seen a 47 per cent rise in the launch of new residential units in the first half (H1) of 2019 at 5,430 units as against 3,706 units in the corresponding period last year, according to the 11th edition of Knight Frank India's flagship half-yearly report - India Real Estate. A press release from the global property consultancy, the report presents a comprehensive analysis of the residential and office market performance across eight cities for the period January-June 2019.

Both in terms of new office space completions and transactions, H1 2019 has been one of the best periods that the city has ever witnessed with 129 per cent increase in the number of new office space completions to 3.7 lakh sq m (39.7 lakh sq ft) from 1.6 lakh sq m (17.3 lakh sq ft) in H1 2018, the report said. The volume of office space transacted in the city saw a 43 per cent increase in the first half 2019 to 3.6 lakh sq m (38.5 lakh sq ft) from 2.5 lakh sq m (26.9 lakh sq ft) in H1 2018, the report said.

Sales peaked in H1 2019 in housing projects that neared completion. The demand fundamentals in the market continued to be strong which is reflected in a massive 67 per cent decline in unsold inventory, director (Hyderabad branch) of Knight Frank India Samson Arthur said From the supply standpoint, while there was a YoY rise in new unit launches, there was a definite deficit, mostly due to backlog of statutory and regulatory clearances, he said.

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